PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1290507
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1290507
Global Small Wind Market is valued approximately USD 3.2 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 19.5% over the forecast period 2023-2030. Small wind refers to wind turbines made for generating power for household, farm, and commercial uses that aren't large-scale. Small wind turbines are made to be placed on roofs or small towers and generally have a power output of under 100 kW. Small wind turbines provide a renewable energy source that produces no greenhouse gas emissions. In recent years, the worldwide market for small wind power has been increasing at an incredible rate as rise in demand for efficient electricity in unconnected areas and cohesive government policies for renewable energy. The market's performance is attributed to the usage of small wind energy in rural areas, increased investments in clean energy generation, and supportive government projects and policies.
Moreover, the governments around the world are increasingly investing in renewable energy sources, such as wind energy, as a way to reduce greenhouse gas emissions and mitigate climate change. This investment in renewable energy is leading to the growth of the small wind market, as small wind turbines are widely used in residential and small-scale commercial applications. For instance, in Sept. 2021, U.S. Department of Agriculture revealed that the Department is planning to invest USD 464 million to build or improve renewable energy infrastructure and to assist rural communities, agricultural producers and companies' lower energy costs in 48 states and Puerto Rico. Also, USD 129 million of these projects have been funded by the USDA under the Rural Electricity for America Program. Further, in September 2022 the Andhra Pradesh State Investment Promotion Board (SIPB), India offered investment possibilities for several businesses to increase green energy The SIPB gave Greenko permission to spend USD 246 billion in projects utilizing 4,230 MW of total renewable energy potential. Additionally, rising investment in research & development and technological advancements in small wind turbines are anticipated to create lucrative opportunities for the market during the forecast period. However, the growing acceptance and implementation of alternative solutions, as well as high capital costs, might hinder the expansion of the small wind power business.
The key regions considered for the Global Small Wind Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Europe dominated the market in 2022 owing to the substantial financing that U.K and Germany both nations have together received maximum share and to take advantage of the present industry growth and use their positions to become market leaders, several firms have established regional offices and manufacturing facilities in these nations. Asia Pacific is expected to grow significantly during the forecast period, as the region has emerged as one of the leading generators of wind energy, especially small wind energy also wind power generation in the region has grown significantly and this is anticipated to register significant gains over the forecast period.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
List of tables and figures are dummy in nature, final lists may vary in the final deliverable
List of figures
List of tables and figures are dummy in nature, final lists may vary in the final deliverable