Global Wind Turbine Industry
The global wind turbine industry encompasses all manufacturer revenue generated through wind turbine production, which reached almost $37 billion in 2011, following yearly growth of almost 2% for the four preceding years, reports MarketLine. Over the same four-year period, production volumes witnessed almost 22% yearly growth to reach close to 44 GW in 2011. Wind turbine industry growth is expected to rise to a yearly rate of just less than 6% between 2011 and 2016, bringing the industry to $49 billion.
The world wind turbine component market is forecast to record yearly growth in excess of 11% between 2011 and 2015, according to research from TechNavio. Energy demand is the key factor fuelling market growth. While high-capacity wind turbines have been gaining a foothold, their high cost may prove an obstacle to growth. Leading companies currently operating in the global wind turbine component industry include Xinjiang Goldwind Science & Technology, Vestas Wind Systems, GE Energy and Sinovel Wind Group.