PR – BCC Research, the veteran market research firm, has published “Wind Turbines: The US Market”, written by Hillpoint Energy’s Ben Spitz. The 228-page report takes a detailed look at the US wind turbine market and projects market conditions to 2013 on a statewide basis, for both complete wind turbine systems as well as components.
The report can be purchased at http://www.bccresearch.com/report/EGY058A.html.
“Wind power is a key clean energy source that is poised to make significant inroads into mainstream electrical power production,” said Ben Spitz, CEO of Hillpoint Energy. “Worldwide electrical demand is unprecedented, the economics of wind energy are becoming more attractive and the technical obstacles including transmission and storage are being worked on aggressively. The results of greater penetration of wind powered electrical generation will be lower electrical costs, especially after the capital investments have been recouped, as well as significantly lower environmental impact as compared to other electrical generation technologies.”
The report is available for purchase in its entirety, or by chapter. For those that do not require extensive research details the “Overview” chapter is particularly recommended.
The comprehensive report forecasts that the domestic US market size for wind turbine components and systems will reach $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 40.0%.
The report analyzes the market by state and includes the top ten 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 38.0% 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 Colorado will install approximately $3.7 billion worth of wind turbines in 2013.
California has often been the testing ground for new wind turbine developments and technologies, and is expected to surge ahead in the coming years. From anticipated spending of over $676.0 million on wind turbines in 2008, California is expected to spend as much as $17.1 billion in 2013, a CAGR of 91.0%.
Iowa is expected to spend over $1.3 billion in 2008 and over $3.1 billion in 2013, giving a CAGR of 19.0%.