Worldwide Small & Medium Wind Power Installations Are Expected to Total More Than 3.2 Gigawatts from 2014 Through 2023, According to Navigant Research
U.S. small and medium wind sector remains stalled due to reduced government incentives, report finds
BOULDER, Colo.--(BUSINESS WIRE)--A new 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.
The market for modern SMWTs has existed for 30 years, though growth has been tied to state and federal incentives in the United Kingdom, Italy, and the United States. The sector has recently matured, with growing numbers of manufacturers located around the world and expanding dealer networks, and momentum is building around the lease model that has enabled the distributed solar PV market to expand rapidly in the United States. Click to tweet: According to a new report from Navigant Research, new capacity installations of small and medium wind power are expected to total more than 3.2 gigawatts from 2014 through 2023.
"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 outside of government subsidies," says Dexter Gauntlett, senior research analyst with Navigant Research. "While agriculture remains the primary customer type for small and medium wind power, several providers have found success displacing diesel in remote locations, sometimes in conjunction with solar PV systems as part of microgrids."
The leading market for small and medium wind power, according to the report, is the United Kingdom, where feed-in tariff policies have helped create a boom over the last three years. The U.S. market is still struggling due to reduced state incentives and competition from solar PV systems that have dramatically declined in price.
The report, "Small and Medium Wind Power," analyzes the global market for SMWTs, defined as any turbine less than 500 kW 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.