Global Vertical Axis Wind Turbine Market Size By Rotor Type, By Application, By Rotor Size, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Vertical Axis Wind Turbine Market Size By Rotor Type, By Application, By Rotor Size, By Geographic Scope And Forecast
Vertical Axis Wind Turbine Market Size And Forecast
Vertical Axis Wind Turbine Market size was valued at USD 15,034 Million in 2023 and is projected to reach USD20,256 Million by 2030, growing at a CAGR of4.3% during the forecast period 2024-2030.
Global Vertical Axis Wind Turbine Market Drivers
The market drivers for the Vertical Axis Wind Turbine Market can be influenced by various factors. These may include
Urbanization and Land ConstraintsVAWTs are generally preferred in metropolitan areas or regions with limited space because of their compact form and ability to capture wind from any direction. The need for VAWTs may rise as urbanization continues and the amount of land available for conventional horizontal axis wind turbines (HAWTs) decreases.
Enhanced Performance and Efficiency Developments in the fields of aerodynamics, materials science, and design have brought about enhanced performance and efficiency in VAWT technology. VAWTs are becoming more and more appealing for both onshore and offshore applications as their efficiency in capturing wind energy increases.
Lower Wind Speed RequirementsVAWTs are appropriate for regions with lower average wind speeds since they are frequently made to function more effectively at lower wind speeds than HAWTs. This opens up previously unsuitable places to the potential market for wind energy generation.
Reduced Environmental ImpactVAWTs generally have a reduced environmental impact compared to regular HAWTs. They frequently present less of a risk to wildlife and are quieter and less obtrusive visually. VAWT adoption may rise as long as consumer preferences and energy policy are shaped by environmental concerns.
Government Policies and IncentivesThe VAWT market may be considerably impacted by government policies, subsidies, and incentives that favor the development of renewable energy. Investment in VAWT plants can be stimulated by feed-in tariffs, tax credits, renewable energy targets, and carbon pricing schemes.
Offshore Wind DevelopmentVAWTs may be used in offshore wind farms because they are more easily maintained and installed than HAWTs, among other benefits. With the ongoing global expansion of offshore wind development, VAWTs may be crucial to achieving renewable energy targets.
Energy Security and DiversificationAdoption of renewable energy is mostly driven by the need to diversify the energy mix and lessen dependency on fossil fuels. By offering a different method of producing clean energy, decreasing reliance on limited fuel supplies, and improving energy security, VAWTs support this diversification.
Technological Innovation and Cost ReductionContinued innovation in VAWT design, materials, and manufacturing processes has the potential to drive down costs and enhance the competitiveness of VAWTs compared to other kinds of energy generation. The market for VAWTs can grow as expenses go down.
Global Vertical Axis Wind Turbine Market Restraints
Several factors can act as restraints or challenges for the Vertical Axis Wind Turbine Market. These may include
Technical DifficultiesVertical axis wind turbines frequently encounter technical difficulties, including poorer efficiency in comparison to horizontal axis wind turbines (HAWTs), scaling up for commercial use being difficult, and operational problems with reliability and maintenance.
Increased Installation and Maintenance CostsVAWTs are generally more expensive to install and maintain than HAWTs, which may make them less practical for some projects.
Limited Performance in Certain ConditionsIn wind situations with low wind speeds or high turbulence, VAWTs may not function as well as HAWTs, which may restrict their use in some areas.
Regulatory and Permitting ChallengesBecause of worries about noise, visual impact, and possible effects on animals, getting permits for VAWT installations can be difficult. Zoning regulations and other obstacles may also make it difficult to implement VAWT projects.
Limited Market Awareness and AcceptanceBecause vertical axis wind turbines are less popular and well-known than horizontal axis turbines, investors, developers, and legislators may not be as aware of them or as accepting of them.
Competition from alternative Renewable Energy SourcesTraditional HAWTs and solar energy are two alternative renewable energy sources that compete with VAWTs. These sources may offer better established technologies or more affordable prices in some markets.
Supply Chain RestrictionsThe market’s expansion may be hampered by the lack of specialized parts and materials for VAWTs, which may also drive up expenses for producers and developers.
Financing DifficultiesObtaining funding for VAWT projects might be difficult because of the technology’s perceived hazards as well as unknowns surrounding government incentives and the dynamics of the energy market.
Global Vertical Axis Wind Turbine Market Segmentation Analysis
The Global Vertical Axis Wind Turbine Market is Segmented on the basis of Rotor Type, Application, Rotor Size, and Geography.
Vertical Axis Wind Turbine Market, By Rotor Type
DarrieusThese turbines have a vertical axis and utilize airfoil blades.
SavoniusCharacterized by its curved, scoop-like blades, often used in low wind speed areas.
Vertical Axis Wind Turbine Market, By Application
ResidentialWind turbines designed for individual homes or small communities.
Commercial/IndustrialLarger turbines used to generate power for businesses or large-scale projects.
Off-gridTurbines used in remote areas not connected to a centralized power grid.
Vertical Axis Wind Turbine Market, By Rotor Size
Small-ScaleTurbines with lower power output suitable for individual or small-scale use.
Medium-ScaleTurbines with moderate power output, often used in commercial applications.
Large-ScaleTurbines with high power output for industrial-scale power generation.
Vertical Axis Wind Turbine Market, By Geography
North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
EuropeAnalysis of the Vertical Axis Wind Turbine Market in European countries.
Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
Middle East and AfricaExamining market dynamics in the Middle East and African regions.
Latin AmericaCovering market trends and developments in countries across Latin America.
Key Players
The major players in the Vertical Axis Wind Turbine Market are
By Rotor Type, By Application, By Rotor Size, and By Geography.
CUSTOMIZATION SCOPE
Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.
Top Trending Reports
Research Methodology of Market Research
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support
Customization of the Report
• In case of any please connect with our sales team, who will ensure that your requirements are met.
Table of Content
To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )
List Tables Figures
To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )
For a single, multi and corporate client license, the report will be available in PDF format.
Sample report would be given you in excel format. For more questions please contact:
