LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global small wind turbine market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global small wind turbine market will grow at a CAGR of over 12% during the forecast period. The increasing investments in renewable energy is a major factor driving the market’s growth.
A significant reduction of carbon emissions is the growth in clean energy technology. The adoption of renewable sources, such as wind and solar from fossil fuels and conventional sources of energy, is the key to achieving social, economic, and environmental development. There will be an overall reduction in capital expenditure required per MW of power generation owing to the advances in renewable technology.
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In this report, Technavio highlights the adoption of hybrid street lighting systems as one of the key emerging trends driving the global small wind turbine market:
Adoption of hybrid street lighting systems
Street lighting is provided by local power utilities where a substantial amount of money is being spent to light up streets and public places to ensure visibility during the night and keep pedestrians safe. This increases costs for local municipalities that use off-grid systems. A standalone renewable system from a single source of renewable is insufficient due to the intermittent nature of the energy source. To use renewable power from locally available resources, renewable sources are being used with fossil fuel generators or other renewables to provide stable, reliable, and consistent power. Solar-wind hybrid streetlight is a small-scale, intelligent, off-grid LED street light system.
“The usage of renewables in a hybrid form can counterpart each other during seasonal power generation. In a solar-wind street light, the battery gets charged during the day to provide power during the night, while the battery is charged by wind power during the night during the absence of solar energy,” says a senior analyst at Technavio for research on power.
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Global small wind turbine market segmentation
This market research report segments the global small wind turbine market into the following product type (horizontal axis wind turbines and vertical axis wind turbines) and key regions (the Americas, APAC, and EMEA).
The horizontal axis wind turbines segment held the largest market share in 2017, accounting for nearly 85% of the market. However, the market share for this product type is expected to decrease nearly 2% by 2022. The fastest growing product type is vertical axis wind turbines, which will account for 17% of the total market share by 2022.
APAC was the leading region for the global small wind turbine market in 2017, accounting for a market share of 43%. By 2022, APAC is expected to witness a growth of nearly 2%. However, EMEA and the Americas are expected to see a decline in their market shares.
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