Small Wind Turbines Market Examination and Industry Growth Till 2025 Which is Going to Change Industry Future
Seattle, WA -- (SBWIRE) -- 11/08/2019 -- Small wind turbines are connected to grid through the power providers or it can stand alone (off-grid). Its features, such as low cost, low maintenance, ease of installation in a short period and in a little space without the need for any additional infrastructure makes it a better choice for dependable alternative energy sources. The major applications of small wind turbine include rural electrification, small wind farms, roof top installations, and street light power.
The development of smart cities is increasing rapidly, resulting in the rise of the urban population. These lead to the requirement of a detailed plan to use renewable resources efficiently, resulting in the high demand for small wind turbines. As to the capability of small wind turbines to convert wind energy into various other forms of energy, its demand is increasing. Thus, the increasing benefits of using vertical axis wind turbines coupled with the emergence of smart cities is expected to drive market growth.
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The small wind turbine market is largely driven by the advancement of technology and innovations in the global and regional market. The total price of the small wind turbine varies based on many factors such as cost of installation, space availability, and others. Based on technology, the small wind turbine market is classified into HAWT (Horizontal Axis Wind Turbine) and VAWT (Vertical Axis Wind Turbine). The HAWT technology is quite old and available conveniently. The HAWT technology segment hold a significantly larger share of the market than the VAWT technology segment. Moreover, the VWAT technology segment is estimated to expand at a significant growth rate during the forecast period.
Based on type, the small wind turbine market can be segregated into on-grid or off grid mode. Demand for on-grid mode the demand for small wind turbines is varies by government policies and economic and financial benefits offered by the regulators or the grid regulating companies. The off grid mode small wind turbine is utilized as the backup power, now day’s new and advanced technologies are being introduced to the small wind turbine business with an aim to modernize the installed equipment. Off-grid mode and small wind turbines are also helpful to the rural and residential electrification, backup power for telecommunication stations, off-shore generation, and hybrid systems with diesel and solar.
Based on application, the small wind turbine market can be segregated into industrial, commercial and residential. Commercial and residential segments are expected to remain highly attractive during the forecast period. Several residential areas such as apartments, individual house, farmhouses utilize small wind turbines.
Europe is one of the Largest Small Wind Turbine Market
Europe has emerged as one of the largest small wind turbine markets in the recent years. Increasing preference towards the adoption of small wind turbines for generation of electricity and presence of onshore and offshore regions with good wind speeds for installations of small wind turbines in this region is expected to drive the market during the forecast period.
Key companies operating in the global small wind turbine market include ergycon, Kingspan Environmental, Braun wind turbinen, Xzeres Corp., Shangai Ghrepower Green Energy Co. Ltd., EOCYCLE, and Guangzhou HY Energy Technology Limited Corp.
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