Ozone Market Reports projects that the Small Wind market size will grow from USD 1.13 Billion in 2017 to USD 3.42 Billion by 2023, at an estimated CAGR of 20.2%. The base year considered for the study is 2017, and the market size is projected from 2018 to 2023.
The market is expected to grow as a result of the increasing demand for electricity worldwide. This increasing demand is attributed to the growing industrialization and increasingly deeper penetration of electricity in unconnected areas. Increasing concerns regarding the adverse environmental effects, price volatilities, and economic costs brought about by the usage of fossil fuels has compelled nations into adopting renewable sources for electricity generation over the past decade.The market players of small wind continually invest in R&D to reduce the size of the wind turbine’s rotor and to introduce high-quality blades with modified and improved properties. This will reduce the noise generated from the turbines and increase its efficiency. They also invest in expansion of their production facilities in different countries to strengthen their global reach.
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By Market Players:
Northern Power Systems Inc. , Kingspan Group PLC , Xzeres Wind Corporation , Wind Energy Solutions , Bergey Windpower Co. Inc. , HY Energy Co. Ltd (China) , Eocycle Technologies Inc. , Endurance Wind Power Inc. (Canada) , Shanghai Ghrepower Green Energy Co., Ltd. , Zkenergy Technology Co., Ltd., , , , , , , , , ,
Horizontal Axis Wind Turbine, Vertical Axis Wind Turbine, , ,
On-Grid, Off-Grid, , ,
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