Small Scale Single and Multi-rotor Wind Turbine Market: Introduction
Transparency Market Research delivers key insights on the global small scale single and multi-rotor wind turbine market. In terms of revenue, the global small scale single and multi-rotor wind turbine market is estimated to expand at a CAGR of 5.1% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global small scale single and multi-rotor wind turbine market.
The global small scale single and multi-rotor wind turbine market is broadly affected by several factors, including significant expansion of the wind power industry, growth in awareness about green energy, and rapid decrease in the cost of renewable energy.
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Small Scale Single and Multi-rotor Wind Turbine Market: Dynamics
The cost of wind energy has decreased significantly due to the expansion of economies; presence of competitive supply chains; and technological advancements in the wind power sector such as airborne wind energy, wind-induced energy harvesting devices, and innovative blades. This has led to the acceleration of the deployment of renewables since 2010. Among all renewable energy technologies, wind power and hydropower have been dominating the renewables industry since several years. Rapid growth in investments in wind energy is a key factor that is expected to further boost the global wind power installation over the next few decades.
The onshore wind is anticipated to drive the overall growth of renewables in several regions over the next decade, owing to the ample availability of resources, large market potential, and cost competitiveness. China and the U.S. remain the largest onshore wind markets in the world. Together, these countries accounted for more than 60% share of new capacity in 2019.
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Small scale wind turbines are prominent alternatives for providing clean renewable energy to rural homes, islands, and farms. These wind turbines can be used as off-grid power stations in areas such as farms and islands where connecting to electrical system could be expensive and complex. This is anticipated to drive the demand for small scale single and multi-rotor wind turbines in the forecast period.
The COVID-19 pandemic has had a significant impact on the development of wind projects. It has led to a major delay in manufacturing, transportation, and installation activities of projects due to implementation of lockdown measures across the globe. However, the wind industry has been witnessing significant investment from all the regions. Governments of various countries have announced economic stimulus packages for the renewable sector. This coupled with the corresponding rise in private investments is estimated to boost the global small scale single and multi-rotor wind turbine market in the near future.
In terms of end user, the farm segment dominated the global small scale single and multi-rotor wind turbine market in 2020. The farm segment of the global small scale single and multi-rotor wind turbine market is anticipated to expand at a CAGR of 5.40% between 2021 and 2031.
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Small Scale Single and Multi-rotor Wind Turbine Market: Prominent Regions
Asia Pacific dominated the global small scale single and multi-rotor wind turbine market with 49.13% share in 2020. Its dominance is anticipated to continue during the forecast period. The region is expected to capture 50.1% share of the global small scale single and multi-rotor wind turbine market by 2031. It is projected to create an incremental opportunity of US$ 1,887 Mn by 2031. Rise in production of wind energy in countries such as China, Japan, India, and South Korea is a key factor driving the small scale single and multi-rotor wind turbine market in Asia Pacific.
North America is also projected to be an attractive region of the global small scale single and multi-rotor wind turbine market during the forecast period. The region held 22.87% share of the global small scale single and multi-rotor wind turbine market in 2020. Shift in focus of producing power from conventional energy toward renewable energy is a major factor driving the small scale single and multi-rotor wind turbine market in North America.
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Small Scale Single and Multi-rotor Wind Turbine Market: Key Players
Prominent players operating in the global small scale single and multi-rotor wind turbine market are Vestas, Airgenesis LLC, UNITRON Energy Systems Pvt. Ltd., Avant Garde Innovations Pvt. Ltd., ATB Holding S.p.A., Bergey Windpower Co., Eocycle, Vergnet UK Limited, Fortis Wind, Aria srl, and Kestrel Renewable Energy.
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