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

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.

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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%.