Small Wind Market: Winds of Fortune Forecast $3.23 Billion by 2033...

Small Wind Market: Winds of Fortune Forecast $3.23 Billion by 2033

Posted 2024-04-29 19:16:18

Fact.MR, a company that offers competitive intelligence and market research, estimates that the global Small Wind Market will be worth $1.21 billion by 2023. From 2023 to 2033, sales of small wind systems are expected to increase globally at a CAGR of 10.3%.

A power system, another name for a tiny wind electric system, is made to be connected to an electrical grid. It is a well-liked option, particularly in remote locations without access to the electrical grid. These systems use a tower and a turbine, among other parts, to capture wind energy and produce electricity for local consumption.

Key Segments of Small Wind Industry Research Report

The global energy crisis and concerns about the depletion of non-renewable resources for electricity generation are propelling the demand for small wind systems. Governments of several countries around the world are implementing stringent regulations to reduce carbon footprints, which is the main factor driving market expansion.

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Key Takeaways from Market Study

The global small wind market was valued at US$ 1.11 billion in 2022.
The market is estimated to be valued at US$ 1.21 billion in 2023.
Worldwide demand for small wind systems is projected to rise at a substantial CAGR of 10.3% through 2033.
The industry is set to reach a valuation of US$ 3.23 billion by the end of 2033.
Demand for horizontal small wind systems is forecasted to increase at a CAGR of 9.4% and reach a market valuation of US$ 1.7 billion by 2033-end.

“Increasing shift towards renewable energy sources for electricity generation are proving lucrative for suppliers of small wind systems,” says a Fact.MR analyst.

Growing Adoption of Small Wind Systems in Developing Countries

Small wind electric systems are well-liked as cost-effective renewable energy solutions for homes. They are environmentally friendly, emitting zero pollution. Developed countries are increasingly embracing these systems to potentially reduce electricity bills by 50% to 90% and address the need for costly utility power lines in remote areas.

Small wind systems provide uninterrupted power during extended utility outages, ensuring a reliable electricity supply. They find use in various other applications, such as pumping water in ranches and farms.

Growing Energy Consumption in United States

Demand for small wind systems is valued at US$ 164 million in the United States in 2023. Demand for these systems is rising significantly due to the growing energy consumption.

According to a report by the United States Energy Information Administration in 2021, wind energy is utilized to generate approximately 9.21% of utility-scale electricity annually in the United States.

Increased Utilization of Wind-based Power in Commercial Sector

Residential, commercial, and utilities are some end-use sectors that are contributing to increased demand for small wind systems. Among these, the commercial sector is anticipated to contribute a substantial share.

In recent years, the significant expansion of infrastructure worldwide has led to increased energy requirements, further boosting the demand for small wind systems. Rapid industrialization has resulted in increased production across various industries, leading to higher energy consumption and a subsequent rise in demand for small wind systems.

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Key Market Players

Prominent companies manufacturing small wind systems include Intertek Group PLC, Fortis Wind BV, Jacobs Wind Electric Company, Orchid International, Kliux Energies International Inc., Nerfey WindPower Company, Marlec Engineering Co., Ltd., Leviathan Energy LLC, Foshan Ouyad Electronic Co., Ltd., Energy Technology Centre Ltd., Guangzhou HY Energy Technology Limited Corp., Northern Power Systems, Inc., MOWEA GmbH, Halo Energy, and Braun Windturbinen GmbH.

Wind Energy Expansion in the UK and Germany Fuels European Market Growth

The United Kingdom and Germany are anticipated to maintain a substantial presence in the European market throughout the forecast period. These countries have secured substantial government funding to bolster their wind energy production infrastructure, thereby fostering growth opportunities in the market. Prominent industry players are strategically leveraging these prospects by setting up regional offices and manufacturing facilities in the region.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the small wind market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.

The study divulges essential insights into the market based on axis type (horizontal, vertical), installation (off-grid, on-grid), and application (commercial, residential, utilities), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the MEA).