LONDON, UK – Global cumulative installed capacity of small wind turbines will increase more than fivefold within a decade. From 912.6 megawatts (MW) in 2014 to 4.8 gigawatts (GW) by 2025 at an impressive Compound Annual Growth Rate (CAGR) of 16.4% according to research and consulting firm GlobalData.
The company’s latest report delves into the projected growth of small wind power across the globe. But, what exactly is small wind power? According to the report, it’s wind turbines with capacities lower than 100 kilowatts (kW).
Small wind turbines power individual homes, farms and small businesses. They are mounted on freestanding towers and installed on properties with as little as one acre of land. Advantageously, small wind turbines don’t require huge project financing.
Harshavardhan Reddy Nagatham, GlobalData’s Analyst covering Power comments, “small wind turbines are indispensable and independent of state-sponsored promotions. The end-user cost is the most crucial factor affecting market growth in both developed and developing countries.”
“As energy concerns rise, the small wind turbines will emerge as a cheap and convenient solution to growing anxieties over power supply, and will therefore be in substantial demand.”
European Countries expected to grow in the small wind power market include Germany, Spain, Poland, Sweden, and Ukraine. While India and Japan lead growth in Asia.
Nagatham explains the shift in market share. “Although the future for small wind looks promising in the US, the market faces particular challenges. Especially in the form of the politics, zoning and permitting. Moreover low public awareness, lack of a federal net-metering program, and certification issues.”
“However, market challenges include the economic crisis, zoning and permitting issues, low public awareness, lack of a federal net-metering program, and certification issues,” says Nagatham.”