FORT WORTH, Texas, June 4, 2015 /PRNewswire/ --
The global small wind power market was valued at $776.8 million in 2014 and is estimated to reach $1,895.0 million by 2019, at a CAGR of 19.5% during the period under consideration.
Browse through the TOC of the Small Wind Power Market report to get an idea of the in-depth analysis provided. It also provides a glimpse of the segmentations in the market, and is supported by various tables and figures.
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Small wind turbines produce clean energy, emission-free power farms for homes and small businesses. Small wind turbines with capacities less than 100 kW have major applications for off-grid setups such as telecommunication towers and domestic uses.
Cost has been one of the major obstacles to the growth of renewable energy. But, the gradual shift towards reducing fossil fuels consumption for electricity generation has aided cost reduction for wind technology. Rapid progress in technologies for turbine efficiency improvement has enhanced the returns from wind technology, thereby reducing its long-term costs. Moreover, the increasing competition in this highly potent market would ensure that economies of scale assist further decrease in capital costs of this technology.
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North America held the largest market share of 44% of the global small wind power market in 2014, followed by the European region with a market share of 37%.
The main types of small wind turbines considered in the market report are horizontal axis wind turbines and vertical axis wind turbines. The market has been analyzed in terms of the major regions in the small wind power market, such as North America, Europe, and Asia-Pacific. Northern Power Systems (U.S.), Bergey Wind Power (U.S.), and Xzeres Wind Corp. (U.S.), among others, are some of the key players of the global small wind power market.
Wind Energy Market is likely to see substantial growth owing to changing national policies that are emphasizing the need to adopt alternative energy sources. With the use of wind turbines that use wind to generate electricity, we can finally look at a renewable energy source that can assuage rising concerns over fast-depleting fossil fuels.
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