EMEA SMALL WIND TURBINES MARKET ANALYSIS

Emea Small Wind Turbines MarketSize and Trends

The EMEA small wind turbines market is expected to witness significant growth during the forecast period (2021–2028) due to rise in demand for energy and increased concerns about the environmental impact

The demand for energy has rapidly increased in the recent past due to growth in the population and economic activity. According to the U.S. Energy Information Administration, a U.S.-based government agency, the global energy demand is expected to increase around 50% by 2050. Thus, rapidly growing population and industrialization is expected to positively impact the Europe, Middle East, and Africa small wind turbines market during the forecast period.

Furthermore, growing environment concern about the use of fossil fuel is promoting the use of renewable energy sources such as wind and solar energy. For instance, according to Natural Resources Defense Council, Inc., a U.S.-based nonprofit organization, the energy generated using fossil fuel produces large amount of carbon dioxide and other greenhouse gases which increase atmospheric temperature. According to the CMI’ analysis, in 2019, the use of fossil fuel in Europe for power and transportation sectors contributes for about three-quarters of carbon emissions. Thus, demand for renewable energy has significantly increased in the Europe region, especially for power generation. For instance, according to the European Environment Agency, a European government agency, the share of renewable energy has witnessed rapid growth compared to fossil fuel. In 2015, the share of renewable energy was 7.2% and by 2017 it has almost doubled to reach 14.8% of total energy consumption in Europe. According to same source, in the European Union (EU) the share for renewable energy would grow 70% by 2050.

The EMEA small wind turbines market was valued at US$ 45,424.6 Th in 2020 and is expected to reach US$ 71,341.2 Th by 2028 at a CAGR of 6.6% between 2021 and 2028.