According to a new technical market research report, WIND TURBINES: THE U.S. MARKET from BCC Research, 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 40.0%.
The market is analyzed 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 grounds 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, a CAGR of 19.0%.
Minnesota had very strong growth in 2007 with expenditures of $607.0 million, which will decrease in 2008 to roughly $142.0 million. Nonetheless, they are expected to spend nearly $2.8 billion in 2013.
The State of Washington had significant expenditures in 2006 and 2007, both above $500.0 million. They are expected to spend about half of that amount in 2008 and approximately $2.2 billion in 2013.