Vertical Axis Wind Turbine Market - Rising Investments in Renewable Energy to Drive Growth| Technavio
February 19 2018 - 1:03PM
Business Wire
The global vertical axis wind turbine market is expected
to grow at a CAGR of close to 15% during the period
2018-2022, according to a new market research study by
Technavio.
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Technavio has published a new market
research report on the global vertical axis wind turbine market
from 2018-2022. (Graphic: Business Wire)
The report presents a comprehensive research of the global
vertical axis wind turbine market by product (darrieus type
and savonius type) and by end-user (non-residential and
residential). The report also determines the geographic breakdown
of the market in terms of detailed analysis and impact, which
includes key geographies such as APAC, the Americas, and EMEA.
This report is available at a USD 1,000 discount for a
limited time only: View market snapshot before
purchasing
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the third for FREE: View all Technavio’s current
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Market driver: rising investments in renewable energy
A positive consequence of reduced carbon emissions is the growth
in the clean energy technology. The transition from fossil fuels
and conventional sources of energy to renewable sources such as
wind and solar is the key to achieve social, economic, and
environmental development. In 2016, it was estimated that the
global investments in renewable energy were over USD 300 billion.
But, the investment was lower than 2015 due to the reduced cost of
components required for the installation of renewable systems. With
the advances in renewable technology, the overall capital
expenditure required per MW of power generation reduces.
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forecast, drivers, challenges, trends, and more.
Market trend: adoption of hybrid street lighting
system
Street lighting is provided by local power utilities, and a
considerable amount of money is being spent to light up streets and
public places to ensure visibility during the night and keep
pedestrians safe. This has been leading to increased energy bills
for the local municipalities, which use off-grid systems. A
standalone renewable system from a single source of renewable is
insufficient because of the intermittent nature of the energy
source.
According to a senior analyst at Technavio
for power research, “To harness renewable power from the
locally available resources, renewable sources are being used with
fossil fuel generators or other renewables to provide stable,
reliable, and consistent power. Solar-wind hybrid streetlight is a
small scale, intelligent, and off-grid LED street light system. In
a solar-wind street light, the battery would be charged by solar
during the day to provide power during the night, and the wind
power will charge the battery during the night when the solar
energy is not present.”
Market challenge: competition from alternate sources of
energy
Wind energy has been facing competition from other sources of
energy such as fossil fuels, solar, and hydropower. Though the
installation of wind energy systems costs lesser than solar PV
systems, the competition in emerging markets such as Chile and
Mexico is high. Furthermore, in windy places such as Argentina, the
prices of solar PV have reduced significantly enough to compete
with wind energy prices.
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version on businesswire.com: http://www.businesswire.com/news/home/20180219005155/en/
Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
+1 844 364 1100UK: +44 203 893 3200www.technavio.com