MARKET OVERVIEW - VERTICAL AXIS WIND TURBINE MARKET
In contrast to the more generally used horizontal axis wind turbine (HAWT), which has its main rotor shaft oriented horizontally, the term "vertical axis wind turbine" (VAWT) refers to the market for wind turbines with a primary rotor shaft that is situated vertically. VAWTs have a few advantages over HAWTs, including as the capacity to function at lower wind speeds, quieter operation, and being better suited for urban or residential sites. They are also more aesthetically beautiful and easier to integrate into the building architecture. The market for VAWTs, which includes a range of turbine types like the Darrieus, Savonius, and Giromill, is the biggest market to consumer demand for renewable energy sources, growing concerns about greenhouse gas emissions and climate change, and supportive government policies and incentives. A variety of applications, including utility-scale power production as well as residential, commercial, and industrial, are catered to by the market, which includes both onshore and offshore installations.
MARKET DRIVERS
As the world is moving increasingly towards clean and sustainable forms of energy, the demand for renewable energy sources like wind power has surged rapidly. VAWTs are becoming a more common option for wind energy generation due to its low noise, little vibration, and efficient operation. In order to promote the use of renewable energy sources like wind energy, numerous governments all over the world are providing subsidies and other incentives. Because of this, VAWT technology is now more accessible and affordable for both businesses and consumers. With the creation of novel and complex VAWT designs, such as helical and straight-bladed designs, their efficiency and performance have grown. Due to this, the industry has grown more competitive with respect to traditional horizontal axis wind turbines (HAWTs). Wind energy is now more competitive with other energy sources thanks to considerable cost reductions over time. In comparison to HAWTs, VAWTs are less expensive to construct and maintain, which further lowers the cost of wind energy and stimulates market expansion. Increasing need for off-grid power solutions: VAWTs are a practical choice for generating electricity in remote and off-grid regions where conventional power sources may not be accessible or practical. The market for VAWTs is being driven by the rising need for off-grid power options.
MARKET OPPORTUNITIES
There is a rising need for sources of renewable energy as worries about climate change and environmental sustainability continue to grow. In urban and suburban areas, VAWTs may be a desirable choice for small-scale wind power generation. VAWT designs are getting more effective and economical as technology advances. VAWTs are becoming more dependable and productive as a result of advancements in materials, control systems, and blade design. There is a growing need for small-scale wind power generation options that can be installed in urban and suburban locations as populations continue to rise and cities get denser. VAWTs may offer a way to supply these areas with renewable energy. Due to the advancement of increasingly effective and cost-effective energy storage technology, such as batteries, wind energy may now be stored for later use. Along with VAWTs, energy storage devices can provide a dependable and adaptable source of renewable energy. VAWTs can be used in remote and off-grid regions where grid electricity is unavailable or unreliable. This includes areas such as outlying industrial sites, islands, and rural communities. In order to enhance their access to energy and reduce their carbon footprint, developing countries can use VAWTs to generate electricity at a reasonable cost.
MARKET RESTRAINTS
Compared to horizontal axis wind turbines (HAWTs), VAWTs generally have lower power output and lower efficiency, which could limit their adoption in certain applications. The design of VAWTs can make them more difficult to maintain and repair than HAWTs, particularly if they are installed in hard-to-reach locations.VAWTs may require specific wind conditions and topography to operate effectively, which could limit the number of suitable locations for installation.
MARKET GROWTH CHALLENGES
VAWTs' potential commercial applications are more constrained than those of their horizontal axis counterparts due to their traditionally lower efficiency. As a result, it has been difficult for VAWT manufacturers to compete with more established wind turbine technologies. It has been more expensive to manufacture VAWTs than conventional wind turbines, making it challenging for VAWT manufacturers to compete on price. This has limited the market's ability to embrace VAWTs. Owing to their design, VAWTs are more sensitive to wear and tear, which can shorten their lifespan and raise maintenance expenses. This has restricted the usage of VAWTs in commercial applications. Because VAWTs and their potential benefits are still not completely understood, their market acceptance may suffer.
CUMULATIVE GROWTH ANALYSIS
In the upcoming years, the market for vertical axis wind turbines (VAWT) is anticipated to expand rapidly. According to cumulative growth study, the market would continue to grow steadily between 2023and 2029, with a CAGR of about 8.4%. Many causes, such as rising demand for renewable energy sources, government funding for wind power projects, and improvements in wind turbine design technology, are responsible for this growth. Given the significant investments made in wind generation infrastructure by nations like China and India, the Asia-Pacific area is anticipated to be a particularly lucrative market for VAWTs. Overall, the VAWT market has a promising future since it is essential to the global transition to sustainable energy.
VERTICAL AXIS WIND TURBINE MARKET SEGMENTAL OVERVIEW
Vertical Axis Wind Turbine market comprises of different market segments like Type, end-users and geography.
VERTICAL AXIS WIND TURBINE MARKET BY TYPE
By grade, vertical axis wind turbine market includes segments like
• Savonius Model
• Darrieus Model
Vertical axis wind turbines (VAWTs) come in a variety of forms and each has special benefits and features that set it apart from the others. Among the most typical types of VAWTs are: Savonius VAWT: This kind of turbine has a straightforward design and works well in light winds. It has two or three curved blades that move in a circular motion around a vertical axis. The Savonius VAWT is effective in light winds and is frequently used in populated regions. Darrieus VAWT: This type of turbine features a vertical rotor with curved blades that resemble an eggbeater and a more intricate design. It can produce more electricity than a Savonius VAWT and is appropriate for medium to high wind speeds.
VERTICAL AXIS WIND TURBINE MARKET BY END-USER
Vertical Axis Wind Market finds key end-users like
- Agricultural
- Commercial
- Residential
- Industrial
- Others
VAWTs are used in agriculture for things like irrigation and water pumping. These turbines can provide a steady source of energy in remote places without access to the grid. The commercial sector includes companies, institutions, and organizations that use VAWTs to meet their energy needs. Some examples of this usage include the operation of lighting systems, HVAC systems, and other power requirements. In this region, single-family homes and apartment buildings can both be powered by VAWTs. These turbines can be a fantastic source of clean, renewable energy for households who want to reduce their reliance on the grid. Factories, manufacturing facilities, and other heavy sectors that require a lot of power to run are included in the industrial segment. In these applications, VAWTs can be utilized to complement or replace grid electricity, lowering operational costs and environmental effects. Applications for VAWT that fall under neither of the aforementioned categories are included in the "others" category. These may include specialized military uses, off-site mining operations, and other uses.
VERTICAL AXIS WIND TURBINE MARKET BY REGION
The vertical axis wind turbine market is studied for the following regions
- North America
- Europe
- Asia Pacific
- Rest of World
North America has been a significant market for VAWTs because of the number of VAWT producers in the area and the expanding need for renewable energy. One of the leading countries in North America for VAWT is currently the United States, and it is projected that it will continue to dominate the market over the projection period. Due to favorable government regulations supporting the generation of wind energy and the increased emphasis on renewable energy sources, Europe is a big market for VAWTs and is expected to see significant expansion over the next few years. The main European nations driving the VAWT market are Germany, Spain, France, and the United Kingdom. Because of the increasing need for renewable energy in developing nations like China and India, the Asia-Pacific region is anticipated to experience the fastest rate of growth for VAWT sales. The demand for energy in these countries is being driven by the rising population and brisk urbanization, and VAWTs are seen as an efficient way to generate renewable energy.
COVID-19 IMPACT ANALYSIS ON THE VERTICAL AXIS WIND TURBINE MARKET
The global vertical axis wind turbine (VAWT) market has been affected by the COVID-19 epidemic in a variety of ways. The epidemic has temporarily slowed down wind turbine installation and construction, and disrupted supply chains, but it has also increased interest in renewable energy sources and brought attention to the value of a robust energy infrastructure. Due to the pandemic, the VAWT market has seen some obstacles, including delays in the delivery of parts and components from international vendors and disruptions in logistics and shipping. Also, because of the epidemic, projects have been postponed and cancelled as businesses prioritize short-term financial security over long-term investment in renewable energy. Governments all across the world have put in place stimulus measures to mitigate the consequences of the pandemic and promote economic growth. The VAWT market may eventually benefit from the features in many of these packages that address reducing climate change and utilizing renewable energy sources.
COMPETITIVE LANDSCAPE ANALYSIS
The leading companies in the VAWT sector include Bergey Windpower, Northern Power Systems, Aeolos Wind Energy, Kingspan Group, and UGE International. These companies are well-known in the field and offer a large assortment of VAWTs for various applications. Bergey Windpower, Northern Power Systems, and Aeolos Wind Energy are the market leaders for VAWT. Kingspan Group and UGE International both own a sizable piece of the market. Businesses in the VAWT market offer a variety of goods, including small turbines for residential and commercial usage and big turbines for utility-scale uses. Dimensions, capacities, and efficiency of the goods vary. Most of the key VAWT market participants are present globally.
The key players studied in market are
- Helix Wind
- Wind Harvest International
- Eastern Wind Power. Inc
- LUV Side
- Ropatec
- Astralux Ltd
- Arborwind
- Windspire Energy
- Sea Twirl
- Aeolos Wind Energy Ltd
- Kliux Energies
