According to a new IHS Emerging Energy Research study, investment in wind turbine equipment is expected to grow from $30 billion in 2010 to more than $68 billion in 2025.
Worldwide installed wind capacity will also rise in the same period expected to grow from 188 gigawatts to more than 940 gigawatts.
Manufacturers are more willing to produce more wind turbines because average prices for wind turbines remain low.
“Pricing in the global wind turbine market has undergone rapid shifts in the last two-and-a-half years,” said Marc Mühlenbach, service analyst for IHS. “The recession hitting the market in 2009 moved the industry from a seller’s to a buyer’s market and it remains that way.”
For those interested in learning more about the growing wind power industry, the Energy Collective recorded a recent webinar that covered a wind range of topics in the wind industry.
According to the website, experts in the wind industry discussed the workforce needed to grow the wind industry, hot spots of projected growth, onshore and offshore wind farms and the potential dangers of approving certain wind farms.