Global Small Wind Power Market Scenario
The global small wind power market is forecasted to witness a humongous growth during 2016-2023, with a growth rate of more than 18%. The small wind power is segmented into by type, horizontal axis wind turbine and vertical axis wind turbine, also it is segmented by application as, on-grid and off-grid. The global small wind power market has perceived remarkable opportunities across the world, owing to increase in awareness among consumers about the use of renewable energy sources.
Moreover, increase in demand for renewable sources for energy generation coupled with rapid industrialization boost the growth of the global small wind power market. It is expected that the market is going to witness a significant growth of the global small wind power market, due to rise in demand for energy and increase in concerns about the environmental impacts of power generation using fossil fuels. Also, the growing attention of government agencies through high investments to improve electricity generation by integrating renewable sources of energy, such as wind energy, has boosted the global small wind power market growth.
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Segmental Analysis
The small wind power market research is segmented on the basis of grid connectivity and axis. On the basis of grid connectivity, the market has been divided into off-grid and on-grid. The off-grid is responsible for the major market portion of 63.84% in 2016, with a market value of USD 2,224.9 million and is expected to develop at the highest CAGR of 14.06% through the forecast period. On the basis of axis, the small wind power market has been divided into horizontal axis and vertical axis. The horizontal axis is responsible for the major market share of 65.07% in 2016, with a market value of USD 2,267.9 million and is likely to grow at a CAGR of 13.03% through the forecast period.
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North-American small wind power market is expected to grow at the highest CAGR.
The small wind power market in the North-American region is currently leading and is followed by Asia-Pacific and Europe market. It is expected that North-America will grow at the highest CAGR, owing to the growing attention of the consumers and government agencies initiative to promote small wind power in countries such as U.S and Canada, where there has been a substantial investment towards the growth of non-conventional electricity generation. These factors will drive the market for small wind power market in North American region during the forecast period.
Leading Players
The key players of global small wind power market are Northern Power Systems Inc. (U.S), Kingspan Group PLC (Ireland), Xzeres Wind Corporation (U.S), Wind Energy Solutions (Netherlands), Bergey Windpower Co. Inc. (U.S), Guangzhou HY Energy Technology Limited Corp. (China), Eocycle Technologies Inc. (Canada), Endurance Wind Power Inc. (Canada), Shanghai Ghrepower Green Energy Co., Ltd. (China) and ZKEnergy Science & Technology Co., Ltd. (China).
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