The small wind turbine market is expected to register a CAGR of around 1% . Factors, such as rising environmental concerns and high cost of grid expansion, are expected to be major drivers driving the market. Also, advancement in technology leading to wind turbine manufacturing cost reduction and increase in efficiency have been a major factor for the growth of small wind turbine market. However, the increasing adoption of alternate energy sources, such as gas-based power and solar power, are likely to hinder the market growth.
· Vertical axis wind turbine is the fastest growing type of the small wind market, owing to the rising popularity of the same in the residential sector, especially in emerging markets, such as China, Brazil, and India.
· The emerging markets in Africa and South America offer a robust business opportunity for the small wind power business, as countries, including Brazil, South Africa, and Chile, are on the cusp of development, and there is an increased demand for electricity, which is expected to provide market opportunities for small wind turbine in the coming years.
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Vertical Axis Wind Turbine to Grow at the Fastest Rate
· Small Wind turbines offer the benefits of modern electricity services to households that had no access to electricity, reducing electricity costs on islands and in other remote locations that are dependent on oil-fired generation, as well as enabling residents and small businesses to generate their own electricity.
· Vertical axis wind turbines have the main rotor shaft arranged vertically. This gives higher structural stability to the wind turbines, which are generally placed nearby the densely populated area and reduce the risk of accidents.
· Additionally, the vertical axis wind turbines eliminate the requirement of directional positioning system, as compared to the horizontal positioning system.