Global Trends and Opportunities in the Small Wind Power Market

 Market Overview

The Small Wind Power Market is estimated to grow at a Compound Annual Growth Rate ( CAGR ) of 14.33% over the forecast period. The global small wind power market value is expected to be worth USD 21,688.06 Million by the end of the forecast period in 2032.

The increasing investments in renewable energy sources are the major factor driving the growth of the global wind power market. The rise in awareness regarding the importance of clean energy sources is set to bring positive results for the market. Moreover, the use of small wind power for off-grid applications is also increasing, creating a positive impact on the market. Small wind power is a low-cost, low-maintenance setup that is more popular than other sources of renewable energy. 

Small wind turbines are renewable sources of electricity for remote areas having no other feasible means of electricity supply. These small turbines have a maximum blade diameter of 15 meters to convert the physical force of the wind into electrical energy. Energy generated from these turbines is utilized for meeting domestic needs as well as some community needs or to run a small-scale industry. Small wind power is also used to reduce electricity costs in wind abundance areas.

Covid-19 pandemic had a mixed impact on the global small wind power market. As the electricity demand fell due to the closure of industries and production units, the demand for on-grid electricity also fell, impacting the market growth. Moreover, the production of components of wind turbines has been affected by covid restrictions which will affect the market. Furthermore, the labor shortage and financial constraints during the pandemic have also emerged as a major hindrance. However, there has been a rise in awareness regarding the importance of clean energy sources which will help in the expansion of the small wind power market.

Market Segmentation

  • Segmentation, by grid connectivity

On-Grid and Off-Grid

  • Segmentation, By Axis

Horizontal Axis and Vertical Axis

Regional Analysis

The Global small wind power market is segmented into five major regions namely: Asia-Pacific, North America, Europe, Latin America, and the Rest of the World including the Middle East & Africa. Among different regions, Europe holds the largest market share. The favorable government policies towards the development of renewable energy sources are helping in market growth. Moreover, greater awareness among people regarding the use of clean energy is likely to bring favorable market prospects. North America is the second-largest regional market of small wind power. The high potential for the development of wind energy sources in this region is helping in market expansion here. Asia-Pacific and Latin America markets are also expected to grow at a significant period during the forecast period.  

Industry News

The major manufacturers of small wind turbines are focusing on making products more efficient, cost-friendly, and user-friendly. There is stiff competition between wind turbines and other clean energy generators like solar energy.

  • In January 2019, Semtive Energy, a leading manufacturer of small-scale wind turbines, announced the launch of its innovative Nemoi wind turbine. This structure is capable of supplying power to a household with wind speeds of 10 to 13 miles per hour.

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