The global market for on-site wind power is predicted to grow to $1.89 billion by 2019, according to new analysis.
A report from consultancy Research and Markets, Small Wind (Horizontal Axis Wind Turbine, Vertical Axis Wind Turbine) Market 2015 - Global Trends and Forecast to 2019, projects the segment’s steady growth at a CAGR of 19.5% during the forecast period.
Market drivers include increasing concern with environmental issues leading to growing adoption of renewable power technologies, and reactions to volatile power prices.
R&D investment by small wind firms is significant, the report said, and is aimed at reducing the size of turbine rotors and improving the properties of blades in order to achieve higher efficiency and noise reduction.
Key players in the small wind market include Northern Power Systems in the US; Bergey Wind Power, also US-based; the Netherlands’ Kingspan, Shanghai Ghrepower Green Energy in China, Endurance Wind Power in Canada, ZKEnergy Technology Co (China), and the UK’s Xzeres Wind Corp.