Small wind turbines effectively harness renewable wind energy to generate pollution-free electricity. They are increasingly being used as decentralized power sources by commercial as well as residential establishments to meet their energy needs. The global EMEA Small Wind Turbines Market is estimated to be valued at US$ 420 million in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of renewable energy sources across the EMEA region has been a major driver propelling the growth of the Global EMEA Small Wind Turbines Market Size. Many countries in Europe and the Middle East have outlined aggressive targets to increase the share of renewable sources in their overall energy mix over the next decade. For example, the European Union aims to source 32% of its total energy needs from renewables by 2030. Small wind turbines provide a viable and cost-effective means to tap the wind energy potential in both on-grid and off-grid applications. Several government incentives and subsidy schemes for small wind power projects are encouraging more individuals and businesses to install small wind turbines and contribute towards the clean energy goals of the region. This rising preference for indigenous renewable power generation is expected to significantly boost the demand for small wind turbines during the forecast period.
SWOT Analysis
Strength: Small wind turbines have lower upfront costs compared to larger turbines. They are also easier to install and maintain.
Weakness: Small wind turbines have low energy efficiency and are not suited for large power needs. They also face issues related to reliability under varying wind conditions.
Opportunity: Growing focus on decentralized renewable energy sources at rural and community levels offers opportunities for small wind turbines. Adoption in off-grid areas without access to power grids can also boost market growth.
Threats: Fluctuating commodity prices and supply chain disruptions can increase production costs. Slow electrification in some regions may limit the addressable market size for small wind turbines.
Key Takeaways
The EMEA small wind turbines market is expected to witness high growth.
The market is dominated by countries in Northern and Western Europe with strong policy support for renewable energy adoption. Germany accounted for the largest share in 2021 supported by net metering incentives and competitive tariffs for wind power producers. Going forward, countries in Eastern Europe and the Middle East & Africa are expected to emerge as high growth regional markets.
Key players operating in the small wind turbines market include Northern Power Systems, Ghrepower Green Energy, Xzeres Wind, Bergey Windpower, and Kingspan Group. These players are focusing on product innovations to improve energy output through optimized turbine designs. They are also strengthening distribution networks in newer markets to capitalize on the demand from off-grid communities. Research on battery integration and control systems can further help small wind turbines compete effectively against conventional diesel gensets in providing off-grid electricity.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it