BOULDER, Colo.--(BUSINESS WIRE)--A recent report from Navigant Research analyzes the global market for small and medium wind turbines (SMWTs), including global market forecasts for capacity and revenue through 2023.
Fueled by the spread of innovative financing programs centered around the leasing model, growth in the installation of small and medium wind power systems is accelerating. In the long term, however, the overall outlook for the small and medium wind market in each country will be determined by whether the industry can reduce costs and survive in the face of declining or disappearing government subsidies. Click to tweet: According to a recent report from Navigant Research, worldwide revenue from SMWTs will grow from $1 billion in 2015 to nearly $2.4 billion in 2023.
“Growth in small wind power, to date, has been tied to state and federal incentives in the United Kingdom, Italy, and the United States,” says Dexter Gauntlett, senior research analyst with Navigant Research. “Now the sector is maturing, with momentum building around the wind lease model–which has enabled strong growth not only in the U.S. solar photovoltaic market, but also among microgrids, islands, and developing countries where incentives are less important.”
While the U.S. market for SMWTs has a few bright spots, according to the report, it is generally trying to regain momentum after rebates and other key incentive programs in leading states stalled, decreased, or expired in the past 4 years. Revenue from small wind systems in the United States is expected to reach $216 million by 2023—well behind leading markets such as the U.K., China, and Italy.
The report, “Small and Medium Wind Power,” analyzes the global market for SMWTs, defined as any turbine up to 500 kilowatts in capacity. The study provides an analysis of the market issues, including growth drivers and implementation challenges, associated with SMWTs. Global market forecasts for capacity and revenue, broken out by region, extend through 2023. The report also examines the key technologies related to SMWTs, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals provide services that extend from expert and advisory work through implementation and outsourcing. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, “Small and Medium Wind Power,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.