According to a new technical market research report from BCC Research, titled ‘Wind Turbines: The U.S. Market,’ the domestic market for wind turbine components and systems will be worth $60.9 billion in 2013. This represents an increase from the 2007 market value of $7.9 billion and the estimated 2008 market value of $11.2 billion. The compound annual growth rate (CAGR) between 2008 and 2013 is expected to be 40%.
The market is analyzed by state and includes the top 10 spenders on wind turbine technology: Texas, California, Iowa, Minnesota, Washington, Oregon, Colorado, New York, Kansas and Illinois. Texas has the largest statewide expenditure, exceeding $2.4 billion in 2007 and an estimated $3.0 billion in 2008. This should grow at a CAGR of 38% to reach $15.2 billion in 2013.
In 2007, Colorado spent over $1.2 billion on wind turbines, second only to Texas. Colorado has not recorded any wind turbine installations for 2008. The projection is that the state will install approximately $3.7 billion worth of wind turbines in 2013.
California has often been the testing grounds for new wind turbine developments and technologies and is expected to surge ahead in the coming years, according to the report. From anticipated spending of over $676 million on wind turbines in 2008, the state is expected to spend as much as $17.1 billion in 2013 – a CAGR of 91%.
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SOURCE: BCC Research