Vertical Axis Wind Turbine Market Size, Share & Industry Analysis, By Type(Darrieus, Savonius), By Application (Residential, Commercial & Industrial, Fishery & Recreational Boats, Hybrid Boats, Others)Others and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Having its major components at the base of the turbine, a vertical axis wind turbine has its main rotor shaft in the transverse direction to the wind. This design helps in easy repairs and maintenance schedules for the generator and gearbox located close to the ground. Looking at their advantages, vertical axis wind turbines remove the need for wind sensing and orientation mechanisms and also perform better than horizontal axis wind turbines in gusty and turbulent winds. With the inclination towards renewable sources of energy in recent years, the global market is expected to rise in every region.
On the basis of its types, the global vertical axis wind turbine market can be segmented into darrieus and savonius model. Based on the preference given by companies darieus types of wind turbines are expected to dominate the market in the given forecast period. Based on its application the global vertical axis wind turbine market can be segmented into residential, commercial & industrial, fishery and recreational boats, hybrid boats and others. Majorly being deployed for power generation residential, and commercial & industrial segments are anticipated to have a healthy growth rate in the coming years.
Key Market Driver -
Growing adoption of renewables for power generation
Key Market Restraint -
Adoption of other renewables sources can hinder the market growth
The growing need to curb carbon emissions has compelled nations around the globe to switch to cleaner sources for power generation. This ever-increasing adoption of renewables will fuel the growth of vertical axis wind turbines in the coming years. Also, the other advantages of vertical axis wind turbines like low cost of wind energy, low turbine center of gravity, reduced machine complexity, and better scalability to substantial sizes will add up to its growth.
Key market restraint for the global vertical axis wind turbine market is the increased preference given to other renewable sources of energy such as solar. Also, the vast capital required can act as a barrier and can hinder the market growth of vertical axis wind turbines.
Key Players Covered:
Key players operating in the global vertical axis wind turbine market are Helix Wind, UGE, Bergey Windpower Co. Inc., Wind Harvest International, Astralux Ltd, Kliux Energies, Ropatec, ArborWind, Windspire Energy, Aeolos Wind Energy Ltd, Eastern Wind Power, Inc., Northern Power Systems, Shanghai GHREPOWER Green Energy Co., Ltd., and XZERES Wind Corp.
Regional Analysis:
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The global vertical axis wind turbine market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific currently dominates the market with a huge number of projects being carried out. China and India are among the leading nations in the region, with supportive policies from governments for wind power installations. North America and Europe also hold a significant market share owing to the technological advancements and increasing green energy targets being looked upon by countries to be achieved in the coming years. The Middle East and Africa also have witnessed some major rollouts for wind power in recent years that act as an opportunity for market growth. Latin America will also witness a healthy growth in the market with Brazil, Mexico being the major contributors.
Segmentation
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Key Industry Developments
- In September 2019, SeaTwirl initiated the S2 floating wind turbine project that is secured from the European Commission at Euro 2.48 Million. SeaTwril is a vertical axis wind turbine having a tower placed on an underwater structure, which consists of a buoyancy component and a keel at its lowest point. Having been started off the project will now run for two years.
- In January 2020, A new project implemented by two Turkish universities namely Karadeniz Technical University (KTÜ) in Trabzon and Kahramanmaraş Sütçü İmam University (KSÜ) will allow mosques to generate their energy with the use of wind turbines. Vertical axis wind turbines would be placed on mosques' minarets and roofs that would generate electricity.
- Ongoing
- 2023
- 2019-2022
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