Vertical Axis Wind Turbine Market Size Projected to Garner USD 17.7 Billion by 2032 growing at 3.2% CAGR - Exclusive Report by Acumen Research and Consulting
The Global Vertical Axis Wind Turbine Market Size is predicted to reach USD 17.7 Billion by 2032 from USD 12.9 Billion in 2022, at a CAGR of 3.2% between 2023 and 2032, as per the Acumen Research and Consulting
The vertical axis wind turbine (VAWT) market has been growing steadily in recent years, driven by the increasing demand for renewable energy sources and the advantages of VAWTs over traditional wind turbines. A VAWT is a type of wind turbine that has blades that rotate around a vertical axis, rather than a horizontal axis like traditional wind turbines. VAWTs have several advantages, including their ability to generate power from the wind coming from any direction, their lower noise levels, and their smaller footprint, which makes them more suitable for urban and suburban areas. VAWTs can also operate at lower wind speeds than horizontal axis wind turbines, making them ideal for areas with lower wind speeds.
The growth of the VAWT market is being driven by several factors, including the increasing adoption of renewable energy sources, government initiatives to promote clean energy, and the decreasing cost of VAWTs. Moreover, advancements in technology and materials are expected to improve the efficiency and reliability of VAWTs, making them an even more attractive option for power generation. The increasing focus on off-grid and decentralized power generation is also expected to drive the vertical axis wind turbine market growth, as VAWTs offer an opportunity to generate electricity in remote areas where the grid is not available.
Vertical Axis Wind Turbine Market Statistics
- Global vertical axis wind turbine market value was worth USD 12.9 Billion in 2022, with a 3.2% CAGR from 2023 to 2032
- Asia-Pacific vertical axis wind turbine market share occupied around 37% in 2022
- According to the US Department of Energy (DOE), VAWTs have the ability to generate up to 10% of the nation's electricity demands.
- According to a National Renewable Energy Laboratory (NREL) study, VAWTs have the potential to cut the cost of wind energy by up to 50% in low-wind-speed locations when compared to HAWTs.
- Growing demand for off-grid and distributed energy solutions, propel the vertical axis wind turbine market revenue
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Vertical Axis Wind Turbine Market Trends
The vertical axis wind turbine (VAWT) market is currently experiencing an evolving era, driven by advancements in technology and materials, increasing government initiatives, and changing consumer preferences. One of the key trends in the VAWT market is the development of new materials and technology that are improving the efficiency and reliability of VAWTs. For example, the use of composite materials in VAWTs is helping to reduce weight and improve durability, while advancements in control systems are improving the efficiency of power generation.
Another trend in the VAWT market is the increasing government initiatives to promote clean energy. Governments around the world are setting ambitious targets for renewable energy generation, which is driving investment in the sector. Additionally, many governments are providing incentives for the adoption of renewable energy sources, including VAWTs, through subsidies, tax credits, and other programs.
Moreover, changing consumer preferences are also driving the evolving era for the VAWT market. Consumers are becoming more environmentally conscious and are increasingly seeking out clean energy sources. The adoption of VAWTs in residential properties is on the rise, as homeowners look for ways to generate their own electricity and reduce their reliance on the grid. Additionally, the rising popularity of off-grid and decentralized power generation is creating new opportunities for VAWTs, particularly in remote areas where the grid is not available.
Vertical Axis Wind Turbine Market Segmentation
Acumen Research and Consulting has segmented the global vertical axis wind turbine market by type, application, and region.
- By type, the industry is categorized into darrieus, garomill, and savonious.
- By application, the market is divided into residential, commercial, industrial, and others.
- By region, the market is classified into Asia-Pacific, North America, Europe, Latin America, and the MEA.
Vertical Axis Wind Turbine Market Regional Overview
According to the vertical axis wind turbine industry analysis, North America is the fastest-growing region in the market due to several factors, including the increasing demand for renewable energy, favorable government policies, and technological advancements. The region has a well-developed renewable energy sector, and the adoption of VAWTs is increasing rapidly. Moreover, the favorable government policies in the region are also driving the growth of the VAWT market. The governments in North America are implementing several initiatives and providing incentives to promote the adoption of renewable energy sources, including VAWTs. For instance, the United States has a Production Tax Credit (PTC) program that offers tax credits to wind power generators. The Canadian government has also set ambitious targets for renewable energy generation and has launched several programs to encourage the adoption of clean energy.
Vertical Axis Wind Turbine Market Players
Some of the prominent vertical axis wind turbine market companies are Urban Green Energy (UGE), Northern Power Systems, Aerovironment, Envergate Energy AG, Vortex Bladeless, Arborwind, Windspire Energy, SAWT Energy, Magenn Power, Quietrevolution, Helix Wind, and Oy Windside Production Ltd.
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