Wind Turbine Market Estimated To Reach $60.9 Billion by 2013

High oil prices, together with the rapid economic development in the emerging economies of Brazil, Russia, India and (particularly) China, are driving and intensifying the search for alternative energies. Diversification of our energy resources should create the necessary conditions to alleviate supply pressures on a national and global level.

Interesting market research conducted by bccresearch on wind turbine systems provides data for the US markets for such products, forecasting trends and sales in these markets through 2013..

The top ten spenders, nationally, on wind turbine technology, notes EETimes – are : Texas, California, Iowa, Minnesota, Washington, Oregon, Colorado, New York, Kansas and Illinois. The study finds Texas with the largest statewide expenditure, exceeding $2.4 billion in 2007 and a projected $3.0 billion in 2008. Colorado, came in second. It spent over $1.2 billion on wind turbines during 2007 and plans to install approximately $3.7 billion worth of wind turbines in 2013.

California also has anticipated spending over $676.0 million on wind turbines in 2008 and is expected to spend as much as $17.1 billion in 2013. The U.S. market for wind turbine components and systems will be worth $60.9 billion by 2013, up from $7.9 billion in 2007 for a CAGR of 91.0%.

Wind Power

Wind power for utility-scale applications is considered to be commercially available under most conditions. The technology is considered to be mature, and there are several system suppliers. In U.S there are approx. 58 companies that manufacture, or plan to manufacture, small wind turbines. Of the few manufacturers that have entered the U.S. market, most are based in the U.K., Canada, or Germany.

Texas-oil-baron T. Boone Pickens in May placed an order with General Electric (GE) to purchase 667 wind turbines capable of generating 1,000 megawatts of electricity, enough to power more than 300,000 average U.S. homes. The Department of Energy through a report has optimistically predicted America’s ability to satisfy 20% of its electricity needs with wind power by 2030.

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About Ron Haruni 1068 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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