The worldwide market for wind turbines is poised to achieve significant growth as wind generation reaches cost parity with fossil fuels and demand for more electricity generation increases with the growing use of electric vehicles, according to Wintergreen Research's new report, ‘Utility Scale Wind Turbines Market Shares, Strategies, and Forecasts, Worldwide, 2010 to 2016.’ The report was published for MarketResearch.com.
The utility-scale wind turbine market reached $35.6 billion in 2009 and is anticipated to grow to $130 billion by 2016, according to the report. The size of the existing market gives a significant market thrust going forward, because the major vendors and their customers have access to capital markets.
‘New technologies have increased the efficiency of wind-based electricity generation and of systems installations both onshore and offshore,’ according to Susan Eustis, the lead author of the study. ‘The evolution of hydrogen campus fuel-cell systems will introduce electricity storage that makes the wind generation systems even more cost-efficient.’
The availability of hydrogen storage and electricity generation in the form of stationary fuel cells that work in campus and substation environments will impact wind-generated electricity, according to the report. The report also says that electric vehicles provide a significant market catalyst for wind-generated electricity.