News / Global small wind market to grow 20% by 2022
Date: 2017-03-27
Global small wind market to grow 20% by 2022
Northern Power Systems manufacturers this 60 kW unit. The company is one focus of the report.
Research and Markets has announced the addition of the “Global Small Wind Market Insights, Opportunity, Analysis, Market Shares And Forecast 2017 – 2023” report to their offering.
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 to 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. The price of small wind varies widely due to numerous factors such as installation, space and many other. 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.
Companies Mentioned
Bergey Windpower
City Windmills
Dibu Wind
Endurance Wind Power
Envergate
Eocycle
Ghrepower
Hy Energy
Kingspan Wind
Kliux Energies
Northern Power Systems
Sumec Hardware & Tools Co. Ltd
Superwind
Wind Energy Solutions
Xzeres Wind Corporation
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