The global small wind market is estimated to register robust growth in 2016- 2022 and is expected to grow at CAGR of 20.2% during 2016-2022. The small wind market is segmented on the basis of type, type of grid, application and geography. The type segment is segmented into horizontal axis wind turbines and vertical axis wind turbines. The application segment is segmented into residential, commercial, government, industrial, and agriculture.
The cost effectiveness of the wind energy and growing technological advancements are the major factor which is increasing huge growth in the global small wind market. Various key players such as Bergey Windpower, Ghrepower, HY Energy, Kingspan Wind, and Xzeres Wind Corporation in the small wind market are investing huge amount for the development of new technology which assist in the development of new applications of the small wind market. Southwest Wind power is one of the largest manufacturer of small wind turbine, the company sold around 13000 KW of wind power globally. The cost effectiveness is one of the major factor which is increasing huge growth in the global market. The price of small wind varies widely due to numerous factors such as installation, space and many other. Moreover, generally the price of small wind ranges from $3 to $6 per watt. Due to such lower cost of small wind turbine the consumers are shifting their focus towards the green energy sources. Thus, the price is one of the major factor which is increasing the growth in the small wind turbine market.
The small wind market is majorly driven by the cost effectiveness of the wind energy and growing technological development. Moreover, there are various factor which are hampering the growth of global small wind market. In consistency in the wind speed and dependency of manufacturers on developers are the major factor which are hampering the growth of the global small wind market. Though, there are few factors such as growing supportive government regulations and growing emerging markets are creating huge growth prospectus in the global small wind market.
On the basis of geography North America, Europe, Asia Pacific and ROW are the major segments. The North America hold the largest market share and dominate in the global market followed by Europe, Asia Pacific and ROW in the global small wind market. The growth in North America market is majorly driven by increasing technological innovations done by the big players such as Bergey Windpower, City Windmills and many others. The increasing strategic moves of such companies are increasing the growth in the global small wind market, the companies are doing innovation in technology and mergers and acquisition which are increasing the market share of the key players. Moreover, the US is one of the largest producers of green and renewable energy, in 2015, around 230000 KW of small wind capacity installed in US only which is expected to cross 450000 KW by the end of 2020. Thus, the growing concern for green energy is driving the growth in US small wind market.