Vertical Axis Wind Turbine Market Size, Share, Growth Report 2032

Vertical Axis Wind Turbine Market Insights

According to a report from Zion Market Research, the global Vertical Axis Wind Turbine Market was valued at USD 14.95 Billion in 2023 and is projected to hit USD 22.1 Billion by 2032, with a compound annual growth rate (CAGR) of 4.44% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Vertical Axis Wind Turbine Market industry over the next decade.

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Vertical Axis Wind Turbine Market: Overview

The global vertical axis wind turbine market accounted for USD 11,713.9 Million in 2020 and is expected to reach USD 16,115.9 Million by 2028, growing at a CAGR of 4.2 % from 2021 to 2028.

A global vertical-axis wind turbine (VAWT) market is a wind turbine where the main motor rotates vertically on its shaft and blades around it and the generator and gearbox are placed close to the ground. This arrangement helps take care of the turbine more efficiently and is not hard as compared to Vertical-axis turbines. Vertical-axis wind turbine is installed mainly to use renewable energy.

The demand for environment-friendly energy sources is at an all-time high. The demand for off-grid energy sources is also high as to set up in remote places. Advances made in turbine technology has reduced the cost of setting a vertical axis turbine, which is one of the main reason for the rising demand for vertical axis turbine. Small-scale farms or individual houses host such turbines as an alternative source of energy. The energy market is more concentrated on renewable energy sources such as wind energy, solar energy, etc.

COVID-19 Impact Analysis

The global vertical axis wind turbine Market has witnessed a downturn in sales for the short term owing to the hindered possibilities of not being manufactured in various countries due to lockdown enforcement. The main cause of the decline in demand for vertical axis wind turbines is negative growth in personal or household income. However, the world markets are slowly opening to their full potential, and theirs a surge in demand for vertical axis wind turbines. The market would remain sluggish in the upcoming year but it is expected to gain momentum due to the rise in awareness of renewable energy sources.

Growth Factors

Governments are promoting the use of renewable sources of energy and are giving subsidies to set up any form of renewable energy source. The depleting nonrenewable energy sources are also pushing us towards renewable energy sources. Technological advancements in the field of turbines have made it easy and assessable for the general public to endorse vertical axis wind turbines. The technology before was quite complicated which is continuously being researched to make it as simple for the normal public.

Small-scale use of vertical axis wind turbines such as farms, off-grid electricity, etc. has been growing steadily. Heavy investments made by private firms to set up vertical axis wind turbine energy Farms for small-scale commercial and industrial use is also in trend. Manufacturers are trying to lure more and more customers to them, therefore creating a competitive market that is good for any market. The current generation is more aware of the usefulness of renewable energy sources and is accepting more ways to generate such energy.

Vertical Axis Wind Turbine Market: Report Scope

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Application Segment Analysis Preview

The residential segment held a share of around 7.40% in 2020. This is attributable to the growing awareness of the importance of renewable energy sources. This vertical axis wind turbine is comparatively small in size compared to a horizontal axis wind turbine and is less complicated. Residents which are not close to any power grid can use wind turbines as their main source of generating electricity. Island nations that cannot produce electricity are adapting to a renewable energy source such as vertical axis wind turbines.

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The commercial segment will grow at a CAGR of over 4.4% from 2021 to 2028. This is attributable to the adaptation of renewable energy sources such as vertical axis wind turbines. Small-scale regional industries are setting up wind farms for their use which is profitable in the long run and governments are providing subsidies for setting up such farms. Vertical Axis Wind Turbine does not require wind directional position, which reduces the complex instruments and overall utilization and installing charges.

Hybrid systems can draw power from the wind as well as water and are more energy efficient than traditional vertical axis turbines. This is mostly in farms and rural areas. Vertical Axis Wind Turbine is used to run pumps in a rural areas for irrigation purposes. Some coastal area uses it for Desalination of salt water for general use as there is not much fresh water available.

Regional Analysis Preview

The North American region held a share of vertical axis wind turbines at 31.73% in 2020. This is attributable to the presence of top companies such as Helix Wind, Sycamore Energy, Kliux Energies, and Astralux among others. Moreover, the increasing usage of renewable energy sources is expected to generate huge demand for the vertical axis wind turbine market in this region. Technological advances and applications are one of the many reasons for growth in this region.

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The Asia Pacific region is projected to grow at a CAGR of 5.2% over the forecast period. This surge is due to the adaptation of vertical axis wind turbines in China, India, and Australia. This region has a vast area and windy terrain which helps in generating more power. Governments are promoting the use of renewable energy sources and giving subsidies to set up wind turbines.

Key Market Players & Competitive Landscape

Some of the key players in vertical axis wind turbine market are UGE, Helix Wind, Sycamore Energy, Kliux Energies, Astralux, Wind Harvest, Eastern Wind Power, Windspire Energy, Envergate Energy, V-Air Wind Technologies, SAWT, Aeolos, among others.

AeroMINE, a new type of wind turbine which is researched is said to draw wind from a larger area than its blade by itself.

The global vertical axis wind turbine market is segmented as follows:

By Type

• Darrieus
• Savonius
• Giromill

By Application

• Residential
• Industrial
• Commercial
  • Hybrid Systems
  • Fishery
  • Farms
  • Pumping
  • Desalination and Purification

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa