Small wind market worth $1.89 billion by 2019

According to a report published by MarketsandMarkets, Pune, India, the small wind power market is projected to grow at a CAGR of 19.5 percent from 2014 to 2019 to reach $1.89 billion by 2019.

"Small Wind Market by Type (Horizontal Axis Wind Turbine, Vertical Axis Wind Turbine), by Application (On-Grid, Off-Grid), by Geography (Asia-Pacific, North America, Europe)—Global Trends and Forecast to 2019" defines and segments the global small wind power market with analysis and forecasting of the global revenues for small wind power. It also identifies the driving and restraining factors of the market with analysis of trends, opportunities, and challenges.

Small wind turbines with a capacity rating of less than or equal to 100 kW are designed to produce clean-energy, emission-free power farms for homes and small businesses. They are used in off-grid setups such as telecommunication towers and for domestic uses. Small wind power is expected to become an important source of renewable energy to reduce reliance on fossil fuels.

Growing environmental concerns, coupled with economic advantages, have led governments across the world to support the renewable energy industry, thereby expanding the small wind power market. The North American region accounted for the largest market share in the small wind power market in 2014 because of the high demand for on-grid applications of small wind, especially in developed nations such as the U.S. In the European region, the demand for small wind for off-grid applications, from most of the western European countries, is expected to grow at a high rate in coming years.