Small wind turbine that use energy of wind to produce clean source of energy. Small wind turbine blades are usually 1.5 meter to 3.5 metres in diameter and produce 1-10 kW of electricity at their optimal wind speed. Small wind turbine requires minimum wind speed of four meter per second to generate electricity. Mainly small wind turbine can be installed on a rooftop.
Major factor driving growth of the global small wind turbine market is increasing adoption of renewable energy sources across the globe. Additionally, low cost, and increasing government funding to improve power generation by utilization of wind energy in developed and developing countries are other factors anticipated to boost growth of the target market over the forecast period.
Variations in wind speed is a key factor hampering growth of the global small wind turbine market. Also, increasing use of solar energy as a substitute to small wind turbine and easily availability of solar equipments component is another factor expected to restrict growth of the target market over the forecast period. Furthermore, small wind turbines can cause noise pollution, this factor is also expected to impede growth of the target market.
The global small wind turbine market is segmented on the basis of type, application, and region. On the basis of region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Europe market accounted for highest market share in terms of revenue in the global market, as compared to markets in other regions. This can be attributed to increasing demand for small wind turbines for energy generation, and increasing electricity prices in countries in the region. Owing to high demand for on-grid applications of small wind power to produce clean source of energy in the region, the market in North America is projected to register second-highest revenue share contribution in the target market. The market in Asia Pacific is expected to witness considerable growth and is expected to register highest CAGR of XX.X% over the forecast period.
Prominent players in the global small wind turbine market include Northern Power Systems, Inc., Bergey Windpower Co. Inc., Kingspan Group plc., Shanghai Ghrepower Green Energy Co.,Ltd., Endurance Wind Power Inc., ZKEnergy Science & Technology Co., Ltd., XZERES Corp., City Windmills Holdings PLC, Kliux Energies, and Bergey Windpower Co. Inc.