Wellesley, Mass. The U.S. market for wind turbine components and systems will be worth $60.9 billion in 2013, up from $7.9 billion in 2007 and an estimated $11.2 billion in 2008, according to BCC Research. The compound annual growth rate (CAGR) between 2008 and 2013 is expected to be 40.0%.
The technical market research report, Wind Turbines: The U.S. Market, 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. The study reveals that 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, according to BCC Research. 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, for a CAGR of 91.0%.