Global Small Wind Market to Reach US$2.4 Billion by 2030

The global market for Small Wind estimated at US$1.2 Billion in the year 2023, is expected to reach US$2.4 Billion by 2030, growing at a CAGR of 10.3% over the analysis period 2023-2030. Horizontal, one of the segments analyzed in the report, is expected to record a 9.4% CAGR and reach US$1.6 Billion by the end of the analysis period. Growth in the Vertical segment is estimated at 12.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$175.3 Million While China is Forecast to Grow at 14.2% CAGR

The Small Wind market in the U.S. is estimated at US$175.3 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$776.5 Million by the year 2030 trailing a CAGR of 14.2% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 5.2% and 8.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.8% CAGR.

Global Small Wind Market - Key Trends & Drivers Summarized

Small wind energy systems, typically defined as wind turbines with capacities of up to 100 kW, are becoming an increasingly important component of the renewable energy landscape. These systems are designed for localized power generation, serving residential, agricultural, commercial, and small industrial applications. Small wind turbines can be installed on-grid or off-grid, providing a versatile solution for reducing electricity costs and carbon footprints. They are particularly beneficial in rural and remote areas where the power grid may be unreliable or nonexistent. Advances in turbine technology, including improved aerodynamics, materials, and control systems, have significantly enhanced the efficiency and reliability of small wind systems.

The market for small wind energy is expanding due to a combination of technological advancements and supportive regulatory environments. Governments worldwide are implementing incentives, such as tax credits, feed-in tariffs, and grants, to promote the adoption of small wind systems. These incentives, coupled with rising electricity prices and increasing awareness of environmental issues, are driving the demand for renewable energy solutions. The cost of small wind turbines has also decreased over time, making them a more economically viable option for a broader range of users. Furthermore, innovations in hybrid systems that combine wind, solar, and battery storage are enhancing the appeal and functionality of small wind installations.

The growth in the small wind market is driven by several factors. Firstly, the increasing demand for decentralized energy solutions, especially in off-grid and rural areas, is boosting the adoption of small wind systems. Secondly, advancements in turbine technology, including more efficient blades and better energy capture at lower wind speeds, are improving the performance and cost-effectiveness of these systems. Thirdly, government policies and incentives aimed at promoting renewable energy are providing financial support and regulatory frameworks conducive to small wind projects. Lastly, the growing emphasis on sustainability and the reduction of carbon emissions are encouraging individuals and businesses to invest in renewable energy sources like small wind. These factors collectively contribute to the robust growth of the small wind market.