ALBANY, N.Y., Oct. 20, 2021 /PRNewswire/ --Due to technological advancements and competitive supply chains in the wind power sector, the cost of wind energy production has dropped dramatically. Cost reduction has been made possible by breakthroughs such as innovations in blades, wind-induced energy harvesting devices, and airborne wind energy. As a result, there has been increasing use of renewable energy, including wind energy since 2010.
In terms of renewable energy technologies, wind power and hydropower have dominated the industry for years. The increased spending on wind energy is an important element that is projected to drive wind power production in the upcoming years.
Key Findings of Small Scale Single and Multi-rotor Wind Turbine Market Report
Manufacturers Increase Focus on R&D Activities to Develop Sophisticated Equipment
Manufacturers in the global small scale single and multi-rotor wind turbine market are expanding their research in aviation technology to develop sophisticated equipment. In the renewable energy sector, the AeroMINE (Motionless, INtegrated Extraction) motionless wind turbines have garnered considerable traction. They work in the same way as solar panels and distribute electricity across the roof.
Furthermore, the continuous progress in the construction of small-scale wind turbines address challenges such as equipment inefficiency and poor power output. As a result, businesses in the small scale single and multi-rotor wind turbine market are investing in research and development to produce turbines that may be used in both urban and rural settings.
Rise in Use of Rooftop Wind Turbines in Residential Off-Grid Applications
Manufacturers in the global small scale single and multi-rotor wind turbine market are witnessing revenue prospects in the rooftop wind energy. Companies are beefing up their R&D efforts to produce lightweight and compact equipment, as small-scale photovoltaic (PV) panels make large wind turbines less attractive for renewable energy producers.
Manufacturers are also expanding the availability of wind turbines that can operate throughout the day, seven days a week. Solar panels, however, only work when the sun is shining. Wind, on the other hand, blows both during the day and at night, giving manufacturers of wind turbines an edge. Firms are ramping up manufacturing of rooftop turbines that can operate independently off the grid. These turbines may be used by individuals and small businesses without depending on the power supply from the main grid.
Small Scale Single and Multi-rotor Wind Turbine Market: Growth Drivers
Rapidly decreasing cost of electricity generation from renewable energy technologies has been a key driver for investments in small scale single and multi-rotor wind turbine market. In the case of wind energy generation, this is especially due to falling wind turbine costs over the past few years.
Small scale wind turbines are a popular source of clean renewable energy for rural farms, islands, and houses. These wind turbines can be utilized as off-grid power plants in places such as islands and farms where connection to the electrical grid is costly and complicated. During the forecast period, this is expected to drive the global small scale single and multi-rotor wind turbine market.
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