(MENAFN- Market Press) 'Significant rise in funding for wind energy projects enabling to boost the global small wind turbine market'
According to OMR analysis, the global small wind turbine market is estimated to grow significantly during the forecast period 2018-2023. The crucial factors lead to propel the growth of the market includes rising small wind turbine installations and a decline in wind energy costs. Moreover, a significant rise in funding for wind energy projects is also primarily contributing to the growth of the market.
Furthermore, the global small wind turbine market is segmented on the basis of type, end-user, grid-type and regional outlook. The report provides detailed & insightful chapters which include market overview, key findings, strategic recommendations, market estimations, market determinants, key company analysis, market insights, company profiling, market segmentation, geographical analysis, analyst insights and predictive analysis of the market.
A significant rise in funding for wind energy projects is supporting to boost the growth of the market. The government agencies have been playing a vital role to fund wind energy projects. For instance, in October 2017, in the US, the Energy Department declared six new contracts amounted to $1.49 million. The contract is awarded by the National Renewable Energy Laboratory under the Department of Energy (DOE) funded Distributed Wind Competitiveness Improvement Project (CIP). For small & medium size wind turbines, the CIP funded 22 contracts to 12 different component suppliers and manufacturers, since 2013. With five rounds of CIP, DOE invested over $5 million. Moreover, with the awardee cost share, the CIP enables technology R&D investment valued more than $8 million. These investments enable to offer remarkable opportunities for improvements in cost and efficiency, such as new small wind turbine designs and more efficient rotors.
Moreover, CIP Round 5 contracts were funded to the US distributed wind energy manufacturers and component suppliers, such as Bergey Windpower Company, Xzeres Wind Corp., Star Wind Turbines, LLC and so on. Through this funding, Bergey Windpower Company, located in Norman, Oklahoma will improve its electronics and cable design that will allow reducing the cost of installation of Bergey Excel 15 wind turbine system. In addition, the company is attempting to decrease its small wind turbine's levelized cost of energy (LCOE) by 11%. Such funding shows a significant focus of government towards wind energy sources to meet the demand for energy generation and reducing the cost of energy, which in turn, is primarily contributing to the growth of the market.
The report covers
Comprehensive research methodology of global small wind turbine market.
This report also includes a detailed and extensive market overview with key analyst insights.
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the global small wind turbine market.
Insights about market determinants which are stimulating the global small wind turbine market
About Orion Market Research
Orion Market Research (OMR) is an Indian research company known for its crisp and concise reports. The company is equipped with an experienced team and young brigade of analysts. The company provides quality syndicated research reports, customized research reports, company profiling, consulting and other research-based services. OMR provide global and regional market reports of various domains such as healthcare, energy, IT, chemicals, and automobiles. OMR provide a 360-degree view of the market with parametric analysis, key market insights, key findings, statistical forecasts, competitive landscape, extensive segmentation, key trends, strategic recommendations and detailed company profiles.
For more information, visit: https://www.omrglobal.com/industry-reports/small-wind-turbine-market/
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