- Published: 28 November 2013 28 November 2013
The small-wind power market is expected to increase massively, from US$ 609 million in 2012 to US$ 3 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 22%, says research and consulting firm GlobalData.
According to the company’s latest report, the global small-wind turbine cumulative installed capacity is also expected to witness a significant increase from 728.3MW in 2012 to 4,644.7MW by 2020, at a CAGR of 26.1%. China, the US and UK contributed to more than 80% of the global small-wind power installed capacity in 2012, with 266MW, 216MW and 118MW, respectively. Although the future for small wind looks promising, the market could face some obstacles in the form of economic slowdown, along with zoning and permitting challenges. Further hindrance could be caused by low public awareness, lack of net-metering programs and certification issues.