Small Wind Power Market Is Expected to Reach $17.1 Billion by 2030: Says AMR

Rise in demand for efficient electricity in unconnected areas and favorable government policies drive the growth of the global small wind power market. Based on type, the horizontal axis wind turbine segment contributed to the major share in 2020. Based on region, on the other hand, the market across North America would cite the fastest CAGR by 2030.

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Portland, OR, June 27, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global small wind power market was estimated at $7.4 billion in 2020 and is expected to hit $17.1 billion by 2030, registering a CAGR of 8.8% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.

Rise in demand for efficient electricity in unconnected areas and favorable government policies drive the growth of the global small wind power market. On the other hand, high initial costs restrain the growth to some extent. However, high-end technological advancements in the small wind power industry are expected to create lucrative opportunities for the key players.

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Covid-19 Scenario-

  • The outbreak of the pandemic gave way to disruptions in the manufacturing of wind turbines, which impacted the global small wind power market negatively, especially during the initial phase.
  • Also, the majority of companies witnessed halted operations due to lack of skilled workforce, which declined the demand for small wind turbines. However, the market has already started recovering at a steady pace.

The global small wind power market is analyzed across type, installation type, application, and region. Based on type, the horizontal axis wind turbine segment contributed to more than four-fifths of the total market revenue in 2020, and is projected to lead the trail by 2030. The same segment would also exhibit the fastest CAGR of 8.9% during the forecast period.

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Based on installation type, the on-grid segment contributed to more than two-thirds of the total market revenue in 2020, and is projected to lead the trail by 2030. The same segment would also manifest the fastest CAGR of 9.0% during the forecast period.

Based on region, the market across Asia-Pacific held the major share in 2020, garnering nearly two-fifths of the global market. North America, simultaneously, would cite the fastest CAGR of 9.0% throughout the forecast period.

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The key market players analyzed in the global small wind power market report include Bergey Wind Power Co., City Windmills, Aeolos Wind Energy Ltd, Wind Energy Solutions, Eocycle Technologies Inc., Northern Power Systems, SD Wind Energy Limited, Shanghai Ghrepower Green Energy Co. Ltd., Ryse Energy, and UNITRON Energy Systems Pvt. Ltd. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.

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