Energy & Power
Navigant Research takes deeper look at global small wind power market
March 10, 2015 By Renée Francoeur
March 10, 2015 – A recent report from Navigant Research that analysed the global market for small and medium wind turbines (SMWTs) found worldwide revenue from SMWTs is expected to reach nearly $2.4 billion by 2023.
The growth in the installation of SMWTs is accelerating, said Navigant, “fuelled by the spread of innovative financing programs centered around the leasing model.” But it noted the overall outlook for the market in the long term in each country will be determined by whether the industry can reduce costs and survive declining or disappearing government subsidies.
“Growth in small wind power, to date, has been tied to state and federal incentives in the United Kingdom, Italy, and the United States,” said 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.”
The report, “Small and Medium Wind Power,” revealed the United States’ SMWT market is lagging after rebates and other key incentive programs stalled, decreased, or expired in the past 4 years. Revenue from small wind systems in the U.S. is expected to reach $216 million by 2023—well behind the U.K., China, and Italy, stated the report.
SMWTs are defined as any turbine up to 500 kilowatts in capacity.
Print this page