Market Size of Small Wind Turbine Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 1.29 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia-Pacific |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Small Wind Turbine Market Analysis
The small wind turbine market size is expected to grow from USD 297.20 million by next year to USD 316.87 million by the next five years, at a CAGR of 1.29% during the forecast period.
- Over the medium term, lower environmental impact due to the smaller size and land footprint and lower CAPEX and OPEX requirements are also expected to drive the market's growth.
- On the other hand, competition from alternative distributed generation sources such as rooftop solar photovoltaic (PV) may negatively impact the market's growth and is one of the major restraints for the market.
- Nevertheless, commercialization of building-integrated wind turbines and the development of bladeless wind turbines are expected to provide growth opportunities in the forecast period.
- The Asia-Pacific region dominates the market and will likely witness the highest CAGR during the forecast period. The growth is mainly driven by the existing framework of policies supporting the adoption of small scale wind power developments.