The report, Global Small Wind Turbine Market 2014-2018, from Sandlerresearch.org forecasts that small wind turbine market will grow at a CAGR of 18.7 percent over the period 2013-2018.
Key market driving factor for small wind turbines is said to be the advances in technology in recent years. High initial investment is considered to be the key market challenge faced by many investors. Opportunity to sell excess power to main grid is a key market trend identified by the report.
On the other hand, many commercial projects use small wind turbines for power production and by selling excess generated power to the main grid, they earn additional revenue. For additional power production, many operators install high wind turbines.
Moreover, vendors are investing in R&D for features like reducing the size of the wind turbine’s rotor in order to increase turbine efficiency as well as for noise reduction.
Global Small Wind Turbines are categorized into two segments: Horizontal Axis Wind Turbines (HAWT) and Vertical Axis Wind Turbines (VAWT).
Meanwhile global wind turbine rotor blade market is expected to grow at a CAGR of 14.5 percent over the period 2013-2018.
Government support for wind energy projects are an important driver for the growth of the Global Wind Turbine Rotor Blade market.
Key market challenge faced by wind turbine rotor blade market is high installation cost of offshore wind towers and the key market trend displayed is increasing investment in R &D.
Global companies keep on developing innovative products in the wind energy industry that guarantees maximum efficiency output. The research said.
Comparing to the development stages of the Wind Energy industry in 1991, the government are providing maximum support to wind energy sector in the form of policies, incentives, and subsidies nowadays.