Residential Wind Power System Market Target Audience , Outlook, Share and Forecast TO 2029

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Residential Wind Power System

• Installation of wind turbines has increased significantly over the last few years. Wind turbines provide cleaner and cheaper energy vis-à-vis fossil fuel. As a result, demand for wind turbines has been rising across the globe.
• Residential wind power systems are ideal for on-site energy generation in households, communities, farms, and small businesses. Demand for residential wind turbines has been rising at a rapid pace since the last decade.
• Residential wind power systems consist of horizontal axis and vertical axis wind turbines. Horizontal axis wind turbines are used in houses and farms that are far away from the downtown area. On the other hand, vertical axis wind turbines are popular in urban areas and rooftops of buildings.

Key Drivers of Global Residential Wind Power System Market

• Rise in industrialization and urbanization is boosting the demand for energy across the globe. Investments in renewable energy sources have also been rising at a rapid pace across the globe. This is driving the global residential wind power system market.
• Rise in government initiatives to promote wind energy in rural areas is also anticipated to propel the demand for residential wind power systems in the near future

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COVID-19 Impact Analysis

• The COVID-19 pandemic has disrupted planned installation of residential wind turbines. It has hampered the supply of raw materials and labor in the market. Ongoing renewable projects are at a standstill due to unavailability of labor, while new projects are being delayed. Most manufacturers are focused on the adoption of new strategies to reform their business models.

Key Development

• In July 2019, BORNAY AEROGENERADORES, SL. introduced its latest WIND+ range of small wind turbines. The new Wind+ range is equipped with permanent magnet neodymium alternator to a single output voltage of 220 Vac for any application, thus providing maximum efficiency equipment. The company also introduced a new machine control system, which incorporates voltage control and rpm, ensuring ideal machine control, while substantially improving the efficiency of the wind turbine.

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 Asia Pacific to Hold Major Share of Global Residential Wind Power System Market

• Based on region, the global residential wind power system market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• Europe dominated the global residential wind power system market in 2020, owing to high investment in the renewable energy sector. Countries in the region are focused on generation of energy via renewable sources in order to achieve the renewable energy target. Investments in offshore wind energy are also rising in Europe.
• North America is likely to account for vital share of the global residential wind power system market during the forecast period. The region is investing significantly in various sources of renewable energy. After China, the U.S. has the largest installed base of wind energy in the world.
• Asia Pacific is anticipated to be a highly attractive region of the market during the forecast period, owing to significant investment in the wind energy in the region. Investments in the renewable energy sector are increasing at a rapid pace in countries such as China, India, and Japan in Asia Pacific. This is anticipated to drive the market in the region. China has the highest installed base of wind power in the world.
• The market in Middle East & Africa is expected to expand at a healthy pace during the forecast period. The region is focusing on development of the renewable energy sector.
• The market in Latin America is likely to be expand at a sluggish pace during the forecast period owing to low investments in the renewable sector in the region.