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The agricultural wind turbine market size is forecast to increase by USD 1.09 billion and is estimated to grow at a CAGR of 3.55% between 2023 and 2027. The report includes historic market data from 2017 - 2021. The growth of the market depends on several factors such as the advantages of wind turbines in agricultural farms, the presence of regulations that encourage power generation from renewable sources, and the increasing installation of wind turbines on agricultural lands.
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Reduction in the cost of wind projects is the primary trend shaping the growth of the market. The cost of wind energy technology has fallen rapidly over the past two decades. The main factors that determine the cost of electricity from wind energy are capital costs, operating costs, and capacity factors. Capital expenditures (CAPEX), operating expenditures (OPEX), project design, and turbine output financing costs are the main drivers of wind energy cost reduction.
Furthermore, higher tower heights and larger rotor diameters, coupled with larger turbines, are important factors for wind projects and enhance the overall functionality of the wind turbine. This is driving the wind energy market around the world. As a result, these factors will grow the demand for agricultural wind turbines, thereby driving the growth of the market during the forecast period.
The horizontal segment is estimated to witness significant growth during the forecast period. Horizontal wind turbines have a rotor whose axis of rotation is parallel to the direction of the wind. To assemble a horizontal wind turbine, needs a corresponding tower. Most wind turbines are horizontal axis models. They have to look directly into the wind. They have a tail that continuously guides them into the wind.
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The rotor blades of a horizontal agricultural wind turbine are connected to a horizontal shaft. Such agricultural wind turbines are mainly used for commercial applications, including farms. Furthermore, the main advantages of horizontal agricultural wind turbines are high power generation capacity, variable pitch blade capability, increased efficiency, and tall towers that capture large amounts of wind energy. Therefore, such factors will propel the growth of the market segment during the forecast period.
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APAC is estimated to contribute 56% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Energy demand in APAC is increasing and there is increasing focus on renewable energy for power generation in various sectors such as agriculture. In countries like India, farmers save or significantly reduce energy costs by installing wind turbines on their farms to generate energy year-round. This has made it possible to mitigate the annual rise in electricity prices and allows agricultural asset owners to take their energy supply into their own hands. Therefore, increasing the use of agricultural wind turbines in farms will drive the growth of the regional market during the forecast period.
The outbreak of COVID-19 in 2020 had a negative impact on the agricultural wind turbine market in the APAC region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities of the market players. Therefore, the regional market is anticipated to see an accelerated growth rate during the forecast period.
The advantages of wind turbines in agricultural farms is the key factor driving the growth of the market. Farmers and ranchers can generate their own electricity from wind. With outputs ranging from 400 watts to over 40 kilowatts, small wind generators can power entire farms or be customized for specific applications. Compared to outdated windmills with fan blades that pump water, electric wind generators are much more efficient and reliable. It's also cheaper than installing new power lines, more practical, and potentially cheaper than diesel generators.
Furthermore, net metering allows farmers to get the most out of their wind turbines. If the turbine produces less energy than it consumes in operation, the counter rotates normally in the positive direction. At the end of the month or year, the farmer or electricity supplier pays the net production or net consumption. Therefore, such advantages of agricultural wind turbines will drive the growth of the market during the forecast period.
Land lease agreements are a challenge that affects the growth of the market. Installing wind turbines on agricultural land requires a fair and favorable land lease, which is an important step. Farmers need to negotiate terms that guarantee a stable income and consider the possibility of expanding or repurposing the property. It may be wise to seek legal and financial advice during negotiations, but this will result in additional costs for the farmer.
Moreover, for farmers, coordinating leases and revenue sharing is an advantageous option to achieve the increased value of wind energy in the future. However, wind turbine developers almost always object to this approach. Therefore, land lease agreements between wind turbine developers and farmers will have a negative impact on the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Agricultural Wind Turbine Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ansaldo Energia Spa: The company offers agricultural wind turbine such as AE-T100 microturbine composed by a high-speed generator, a compressor and turbine wheels.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The agricultural wind turbine market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Agricultural Wind Turbine Market Scope |
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Report Coverage |
Details |
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Page number |
157 |
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Base year |
2022 |
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Historic period |
2017 - 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.55% |
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Market growth 2023-2027 |
USD 1.09 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
3.24 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 56% |
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Key countries |
US, China, India, Germany, and Spain |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aeolos Wind Energy Ltd., Ansaldo Energia Spa, Avant Garde Innovations Pvt. Ltd., Balaji Systems Pvt. Ltd., Bergey Wind Power Co., Earthmill Maintenance Ltd., Eco EnerG Solutions Renewables Ltd., EOCYCLE, Eveready Pty Ltd., Kliux Energies International Inc., Marlec Engineering Co. Ltd., Northern Power Systems Srl, Polaris America LLC, Renewtech LLC, Ryse Energy, and SD Wind Energy Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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