Rising Investments in Renewable Energy will Accelerate the Small Wind Turbine Market in the APAC Region!
APAC registered the highest market share in the Small Wind Turbine market and is expected to witness an influential CAGR in the forecasted period. It is mainly owing to many Small Wind Turbine projects taking place in China, India, Australia, South Korea, and Japan. Moreover, favorable government policies, regulations, and investments in achieving renewable energy targets set by various countries are driving the market. China has become a major player in the Small Wind Turbine market due to massive investments from the State Grid in the North and China Southern Power Grid in the South. The Chinese government has set targets for the share of non-hydro renewables of up to 25.9% in 2030 and 36.0% in 2035, expanding its total installed capacity of wind and solar power to over 1 200 GW by 2030. Subsidies and incentives promoting wind energy will act as a catalyst in the growth of the APAC Small Wind Turbine Market during the forecast period.
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Small wind electric systems can lower electricity bills by 50%–90%. It is typically deployed in rural areas as it provides electricity and avoids the high costs of having utility power lines extended to a remote location. Small wind electric systems can also be used for a variety of other applications, including water pumping on farms and ranches.
The majority of Small Wind Turbines manufactured today are horizontal-axis, upwind machines with two or three blades. These blades are typically made of composite materials, such as fiberglass. Various nations are promoting renewable energy and have introduced subsidies, programmes, initiatives, and favorable policies in order to increase clean energy. The shift towards renewable energy from conventional energy is acting as a catalyst in the growth of the Small Wind Turbine market during the forecast period. For instance – In December 2022, The National Renewable Energy Laboratory through the U.S. Department of Energy’s Competitiveness Improvement Project (CIP) announced plans to award $2.9 million to 11 manufacturers of small- and medium-scale wind turbine technology through CIP. These awards are given to manufacturers of wind turbines less than 1 megawatt in capacity. Bergey Windpower Company was one of the key companies nominated for this project.
APAC Small Wind Turbine Market Revenue (2020-2030)- USD Bn
· Based on Axis Type, The Small Wind Turbine market is divided into Horizontal Axis and Vertical Axis Wind Turbine segments. The Horizontal Axis Wind Turbine segment acquired a majority share in the Small Wind Turbine market and is expected to showcase a substantial growth rate during the forecast period. In a Horizontal Axis Wind Turbine, the main rotor shaft and generator are located at the top of a tower and can be directed into or away from the prevailing wind by a simple wind vane. While most small vertical axis wind turbines have been built in the last decade, the horizontal axis wind turbine has been in production for over 30 years. Small-scale horizontal axis turbines are gaining momentum due to the associated techno-economic advantages. Small horizontal axis wind turbines with high wind speeds enable wind power generation at low cost, do not require skilled labor and are easy to maintain. The vertical axis wind turbine is growing majorly due to the residential sector as they are the main deployment region of these turbines.
· Based on Application, the Small Wind Turbine market is segmented into On-Grid and Off-Grid segments. The Off-Grid segment acquired a majority share in the Small Wind Turbine market and is expected to showcase a substantial growth rate during the forecast period. Off-grid small wind energy plays an important role in remote areas of underdeveloped and developing countries. Off-grid applications include rural residential electrification, telecommunication stations, offshore power generation, etc. These small wind turbines for off-grid applications can be connected to batteries for energy storage. As the cost of energy storage batteries has dropped in recent years, small wind power systems and storage batteries have become more economically viable for use in off-grid communities. These wind turbines are suited for areas where the transmission and distribution infrastructure is aging and areas with harsh weather conditions that are prone to power shortages.
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Global Small Wind Turbine Market Segmentation
Market Insight, by Axis Type
· Horizontal Axis Wind Turbine
· Vertical Axis Wind Turbine
Market Insight, by Application
· On-Grid
· Off-Grid
Market Insight, by Region
· North America
o U.S.A.
o Canada
o Rest of North America
· Europe
o Germany
o Italy
o United Kingdom
o France
o Spain
o Rest of Europe
· APAC
o China
o Japan
o Australia
o India
o Rest of APAC
· Rest of the World
Top Company Profiles
· Bergey Windpower Co.
· SD Wind Energy
· Aeolos Wind Energy Ltd.
· Ryse Energy
· Northern Power Systems Inc.
· City Windmills Holdings PLC
· Wind Energy Solutions
· UNITRON Energy Systems Pvt. Ltd
· Shanghai Ghrepower Green Energy Co. Ltd
· TUGE Energia OU