Consumer demand for distributed renewable energy generation is driving growth in the small-wind power market, thanks to increased government incentives, the desire for customer and community ownership of power generation, and the recognition that investment in small wind turbines can be an enduring source of economic development for rural locations, according to a new report from Pike Research.
The cleantech market intelligence firm forecasts that global revenues for small wind systems will more than double between 2010 and 2015, rising from $255 million to $634 million during that period.
‘Despite the rapid drop in solar photovoltaics prices over the last three years, small wind turbines are still a more cost-effective source for distributed renewable energy in many parts of the world,’ says senior analyst Peter Asmus.
"Communities are recognizing the benefits of renewable distributed generation for local economies, particularly in rural areas or underdeveloped regions with abundant local resources. Developing those resources benefits local economies by keeping the dollars spent on energy in the community and creating jobs and possible export revenue," he adds.