Jan 8, 2018

Wind turbine market to grow at a compound annual rate of 6.7% from 2017 to 2022

Sophie Chapman
1 min
The ‘Wind Turbines: Technologies, Applications and Global Markets’ predicts the future for the wind turbine market
The global market for wind turbine is expected to grow from US$51.5bn in 2017 to $71.2bn five years later. According to th...

The global market for wind turbine is expected to grow from US$51.5bn in 2017 to $71.2bn five years later.

According to the ‘Wind Turbines: Technologies, Applications and Global Markets’, the compound annual growth rate (CAGR) of the turbine market between 2017 and 2022 will reach 6.7%.

The report also breaks down how the market will grow within specific regions.


In North America, it is expected that turbines will reach $10.5bn in 2017, expanding to $15.3bn in 2022, with its CAGR hitting 7.8%.

The Asia-Pacific market should hit $19.6bn in 2017, and continue to grow to $26.1bn over the next five years, growing at a CAGR of 5.9%.

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May 18, 2021

Toyota unveils electric van and Volvo opens fuel cell lab

Dominic Ellis
2 min
Toyota's Proace Electric medium-duty panel van is being launched across Europe as Volvo opens its first fuel cell test lab

Toyota is launching its first zero emission battery electric vehicle, the Proace Electric medium-duty panel van, across Europe.

The model, which offers a choice of 50 or 75kWh lithium-ion batteries with range of up to 205 miles, is being rolled out in the UK, Denmark, Finland, France, Germany, Italy, Spain and Sweden.

At present, alternative fuel vehicles (AFVs, including battery electric vehicles) account for only a fraction – around 1.8 per cent – of new light commercial van sales in the UK, but a number of factors are accelerating demand for practical alternatives to vans with conventional internal combustion engines.

Low and zero emission zones are coming into force to reduce local pollution and improve air quality in urban centres, at the same time as rapid growth in ecommerce is generating more day-to-day delivery traffic.

Meanwhile the opening of Volvo's first dedicated fuel cell test lab in Volvo Group, marks a significant milestone in the manufacturer’s ambition to be fossil-free by 2040.

Fuel cells work by combining hydrogen with oxygen, with the resulting chemical reaction producing electricity. The process is completely emission-free, with water vapour being the only by-product.

Toni Hagelberg, Head of Sustainable Power at Volvo CE, says fuel cell technology is a key enabler of sustainable solutions for heavier construction machines, and this investment provides another vital tool in its work to reach targets.

"The lab will also serve Volvo Group globally, as it’s the first to offer this kind of advanced testing," he said.

The Fuel Cell Test Lab is a demonstration of the same dedication to hydrogen fuel cell technology, as the recent launch of cell centric, a joint venture by Volvo Group and Daimler Truck to accelerate the development, production and commercialization of fuel cell solutions within long-haul trucking and beyond. Both form a key part of the Group’s overall ambition to be 100% fossil free by 2040.

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