Vertical Axis Wind Turbine Market Growth and Forecast 2015 – 2023
A recent market research report by Transparency Market Research on the global vertical axis wind turbine market studies the various factors affecting the growth of the market during the period between 2015 and 2023. The report, titled “Vertical Axis Wind Turbine Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2015 – 2023,” studies the size and valuation of the global vertical axis wind turbine market by the end of 2023. The report further studies the three primary designs for vertical axis wind turbines. The growth of the global vertical axis wind turbine market has been analyzed across some of the key geographical segments.
Growing awareness about renewable energy has propelled the growth of the global vertical axis wind turbine market. Though currently most of the commercial scale wind turbines employ horizontal axes, development of new technologies will boost the demand for vertical axis wind turbines in the near future. The primary difference between a vertical axis wind turbine and a horizontal axis one is that the primary rotor shaft is set vertically in a vertical axis wind turbine while all the major generation components are placed at the turbine base.
On the basis of design, the global vertical axis wind turbine market has been categorized into the Darrieus model, the Savonius model, and the Giromill model. Recent developments in the various models of vertical axis wind turbines have led to increased efficiency of these turbines over conventional horizontal axis turbines. One of the key benefits of the vertical axis wind turbine is that it does not require any wind sensing or orientation mechanisms to generate electricity. This reduces the cost of manufacturing the turbine significantly. Further, the maintenance and repair of such turbines are easier and convenient compared to horizontal axis turbines. During the forecast horizon, the majority of vertical axis wind turbine installations are expected to be for decentralized applications and small pilot projects.
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The report studies the vertical axis wind turbine market across five key regions: Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. Europe and North America are expected to drive technological innovations in the market during the forecast horizon. Large-scale installations are likely to be observed in these regions as well. However, in the U.S., the retraction of the production tax credit scheme is expected to negatively impact the extent of investments in the development of vertical axis wind turbines. In Asia Pacific, installations of vertical axis wind turbines are likely to increase with positive test results and significant technological developments in the market across Europe and North America.
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