Vertical Axis Wind Turbine Market – Rising Investments in Renewable Energy to Drive Growth| Technavio

LONDON–(BUSINESS WIRE)–#Energy–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.

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.

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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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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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