Market Is Estimated To Witness High Growth Owing To Growing...

Market Is Estimated To Witness High Growth Owing To Growing Renewable Energy Targets & Falling Technology Costs

Posté 2023-10-25 13:21:38

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The EMEA Small Wind Turbines Market is estimated to be valued at US$ 45,424.6 Th in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period from 2023 to 2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Small wind turbines are the electric generators used for converting kinetic energy of wind into electricity. These are designed for residential or commercial usage producing between 1 kW to 100 kW of electricity. They primarily operate independently or as hybrid systems in areas with limited access to electric grids.

Market Dynamics:
The EMEA small wind turbines market is driven by growing renewable energy targets set by various governments in the region and falling technology costs. European Union has mandated that 32% of total energy production in the region needs to come from renewable sources by 2030. This is increasing investments and demand for small wind turbine installations. Moreover, improvements in manufacturing processes have led to 25-30% reduction in per unit production costs between 2010 to 2020. Average installation costs for small wind turbines have declined from $6,000/kW to $4,000/kW in last decade. Lower costs are making them affordable renewable energy option for both rural homes and small commercial establishments in the region. Additionally, growing demand for reliable off-grid power solutions especially in remote areas across Africa is also supporting market expansion.