Research firm Emerging Growth Research LLP expects capacity expansion this year will contract for the US wind energy market although it will still be robust despite significant price reductions for oil and natural gas. Some of the firm’s predictions for the sector include continued wind turbine price reductions and improved availability, continued expansion of community owned wind farms, federal government implementation of an aggressive cap-and-trade program and long term extension of the production tax credit (PTC) both of which will significantly benefit the domestic wind power industry.
According to a recent report from SBI (Specialists in Business Information), the market value of wind energy likely won’t appreciate to the full potential until early 2012. SBI estimates that the total wind energy market in the U.S. last year was valued at $151 billion.
By 2013, SBI projects that the total U.S. market value for wind energy will reach an estimated $180 billion, representing a compounded annual growth rate of 3% for the five-year period starting in 2009.
That’s a little bit lower than previously projected but everybody in the wind sector is hoping the Obama administration will have a strong renewable energy policy support that will boost growth larger than the estimated 3%/year rate.