Global wind energy capacity accounted for approximately 197 GW in 2010 and will rise to 1,750 GW by 2030, finds a new report from Transparency Market Research.
In addition, the market for wind turbines is expected to reach $93.1 billion by 2016, the report notes. The horizontal-axis wind turbine (HAWT) and vertical-axis wind turbine together form the two major segments of the wind turbine market globally. However, HAWTs generate the major portion of revenue for the turbine market, capturing about a 90% share.
Presently, onshore wind technology has about a 95% share of the market. The U.S. was the largest onshore wind energy market in 2010, followed by Germany and China. However, China is expected to surpass the U.S. and Germany to become the market leader by 2016, according to the report.