Small Wind Turbine Market Size

Small Wind Turbine Market

Small Wind Turbine Market was valued at USD 3.3 billion in 2023 and is anticipated to grow at a CAGR of over 13.1% between 2024 to 2032. Rising efforts to reduce greenhouse gas emissions along with growing inclination toward the adoption of renewables will drive the business scenario. For instance, in March 2024, the EU targets to reduce 55% greenhouse gas emissions by 2030 compared to 1990 levels. Furthermore, accelerated electrification across the developing economies along with shifting consumer focus to reduce the dependency on conventional power sources will positively influence the market statistics.

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Ongoing developments to improve systems offering lower component costs and enhanced suitability for adverse environments will sway the business trends. Substitution of high-cost materials with low-cost materials, such as nickel and aluminum along with incentivization of the economies of scale will augment the market landscape. Moreover, surging demand to provide enhanced energy security has led to increased investments in wind power plants, thereby strengthening the product demand.