INDUSTRY MARKET RESEARCH FOR BUSINESS LEADERS, STRATEGISTS, DECISION MAKERS CLICK TO VIEW

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Wind Turbine Systems

US Industry Study with Forecasts for 2018 & 2023

Study #3139 | March 2014 | $5100 | 285 pages

The Freedonia Group 767 Beta Drive www.freedoniagroup.com Cleveland, OH • 44143-2326 • USA Toll Free US Tel: 800.927.5900 or +1 440.684.9600 Fax: +1 440.646.0484 E-mail: [email protected] Study #3139 March 2014 Systems $5100 285 Pages US Industry Study with Forecasts for 2018 & 2023

Table of Contents APPLICATIONS INDUSTRY STRUCTURE General ...... 85 General ...... 195 Executive Summary Electric Power Generation by Utilities...... 86 Market Share...... 198 Owners...... 87 Competitive Strategies...... 202 Market EnvironmenT Independent Power Producers...... 89 Research & Development...... 203 General ...... 4 Investor-Owned Utilities...... 91 Marketing ...... 205 Macroeconomic Trends...... 4 Public Utilities...... 94 Distribution...... 207 Consumer Spending Trends...... 8 Cooperative Groups...... 97 Acquisitions & Divestitures...... 208 Demographic Trends...... 11 Location...... 99 Cooperative Agreements...... 211 Manufacturers’ Shipments...... 15 Onshore...... 99 Construction...... 19 Offshore...... 100 Company Profiles Building Construction...... 21 Distributed Electric Power Generation...... 103 ABB Limited...... 214 Nonbuilding Construction...... 23 On-Grid...... 107 Acciona SA...... 216 Electric Power Generation...... 25 Off-Grid...... 111 American Superconductor...... 217 Energy Consumption...... 28 Ark Alloy ...... 219 Environmental & Other REGIONAL MARKETS Bergey WindPower...... 220 Regulatory Considerations...... 30 General ...... 114 Cascade Engineering...... 221 Government Incentives...... 33 Regional Demographic & Economic Trends...... 115 China Guodian...... 222 State & Municipal...... 34 Population Patterns...... 115 ...... 223 Federal...... 35 Economic Outlook...... 118 Daewoo Shipbuilding & Marine Engineering.... 224 Construction Activity...... 121 Eaton Corporation...... 225 WORLD MARKET Housing Trends...... 123 Elyria Foundry...... 227 General ...... 37 Regional Demand for Wind Turbine Systems.... 126 Gamesa Corporación Tecnológica...... 228 Wind Turbine Systems by Region...... 38 Northeast...... 130 General Electric...... 230 Western Europe...... 40 New England...... 133 GreenEnergy Technologies...... 232 North America...... 41 Subregional Installed Capacity...... 134 LM ...... 233 Asia/Pacific...... 42 Renewable Portfolio Standards...... 136 Mitsubishi Heavy Industries...... 234 Rest of World...... 44 Middle Atlantic...... 139 Molded Fiber Glass...... 236 Wind Turbine Demand by Leading Countries...... 46 Subregional Installed Capacity...... 141 SE...... 237 Renewable Portfolio Standards...... 143 NTN Corporation...... 238 Midwest...... 145 Otter Tail ...... 240 WIND TURBINE SYSTEMS East North Central...... 149 PPG Industries...... 241 General ...... 48 Subregional Installed Capacity...... 151 SANY Group...... 244 Wind Power Systems...... 50 Renewable Portfolio Standards...... 153 Schaeffler Group...... 245 Types of Wind Power Systems...... 55 West North Central...... 155 SGL Carbon...... 247 Horizontal Axis...... 56 Subregional Installed Capacity...... 157 Siemens AG...... 249 Vertical Axis...... 58 Renewable Portfolio Standards...... 158 SKF AB...... 252 Wind Turbine System Components...... 61 South...... 161 Energy...... 255 ...... 64 South Atlantic...... 164 ThyssenKrupp AG...... 257 Generator & Power Electronics...... 65 Subregional Installed Capacity...... 166 Timken Company...... 259 Gearbox & Drivetrain...... 67 Renewable Portfolio Standards...... 167 TPI Composites...... 262 Frame & Cover...... 69 East South Central...... 169 Trinity Industries...... 264 Other...... 70 West South Central...... 172 UpWind Solutions...... 265 Rotor System...... 72 Subregional Installed Capacity...... 174 Valmont Industries...... 266 Blades...... 73 Renewable Portfolio Standards...... 176 Wind Systems...... 267 Hub Assemblies...... 77 West...... 177 Xinjiang Science & Technology...... 269 Pitch Mechanisms & Bearings...... 77 Mountain...... 180 XZERES Corporation...... 270 Nose Cones...... 78 Subregional Installed Capacity...... 182 Other Companies Mentioned Towers...... 79 Renewable Portfolio Standards...... 184 in the Study...... 272-285 Monopole...... 80 Pacific...... 188 Lattice...... 82 Subregional Installed Capacity...... 190 Balance of System Components...... 83 Renewable Portfolio Standards...... 192

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List of Tables 3 Utility-Scale Wind Turbine System 22 Mountain Wind Energy Installed Demand by Owner...... 88 Capacity by State, 2003-2013...... 184 Executive Summary 4 Independent Power Producer Demand 23 Mountain Portfolio for Wind Turbine Systems...... 91 Standards by State, 2013-2025...... 187 1 Summary Table...... 3 5 Investor-Owned Utility Demand 24 Pacific Wind Energy Installed Capacity for Wind Turbine Systems...... 94 by State, 2003-2013...... 191 Market EnvironmenT 6 Public Utility Demand for 25 Pacific Renewable Energy Portfolio Wind Turbine Systems...... 96 Standards by State, 2013-2025...... 194 1 Macroeconomic Indicators...... 8 7 Cooperative Group Demand for 2 Personal Consumption Expenditures...... 11 Wind Turbine Systems...... 99 INDUSTRY STRUCTURE 3 Population & Households...... 15 8 Distributed Electric Power Generation 4 Manufacturers’ Shipments...... 19 (Small Wind) Demand for 1 Wind Turbine System Sales 5 Construction Expenditures...... 21 Wind Turbine Systems...... 107 by Company, 2013...... 198 6 Building Construction Expenditures...... 23 9 On-Grid Distributed Power Wind Energy 2 Selected Acquisitions & Divestitures...... 210 7 Nonbuilding Construction Expenditures.....25 (Small Wind) System Demand...... 110 3 Selected Cooperative Agreements...... 212 8 Electric Power Generation...... 28 10 Off-Grid Distributed Power Wind Energy 9 Energy Consumption...... 29 (Small Wind) System Demand...... 113 List of Charts WORLD MARKET REGIONAL MARKETS 1 World Wind Turbine System 1 Population by Region...... 118 WORLD MARKET Demand by Region...... 39 2 Gross Domestic Product by Region...... 121 2 World Wind Turbine Demand 3 Construction Expenditures by Region...... 123 1 World Wind Turbine System by Leading Countries...... 46 4 Regional Housing Indicators...... 126 Demand by Region, 2013...... 40 5 Wind Turbine System Demand by Region. 129 2 World Wind Turbine Demand by WIND TURBINE SYSTEMS 6 Northeast Wind Turbine System Demand. 133 Leading Countries, 2003-2023...... 47 7 New England Wind Energy Installed 1 Wind Turbine System Market, 2003-2013...49 Capacity by State, 2003-2013...... 136 WIND TURBINE SYSTEMS 2 Wind Turbine System Demand...... 54 8 New England Renewable Portfolio 3 Wind Turbine System Demand by Type...... 56 Standards by State, 2013-2025...... 139 1 Wind Turbine System Market, 2003-2013...50 4 Horizontal Axis Wind Turbine 9 Middle Atlantic Wind Energy Installed 2 Relationship Between New Installed System Demand...... 58 Capacity by State, 2003-2013...... 142 Wind Capacity & Cumulative 5 Vertical Axis Wind Turbine 10 Middle Atlantic Renewable Portfolio Installed Wind Capacity, 2003-2013...... 55 System Demand...... 61 Standards by State, 2013-2025...... 145 3 Wind Turbine System Demand 6 Wind Turbine System Demand 11 Midwest Wind Turbine System Demand.... 149 by Component, 2013...... 64 by Component...... 63 12 East North Central Wind Energy Installed 7 Wind Turbine Nacelle Demand Capacity by State, 2003-2013...... 153 APPLICATIONS by Component...... 65 13 East North Central Renewable Portfolio 8 Generator & Power Electronics Demand.....67 Standards by State, 2013-2025...... 155 1 Utility-Scale Wind Turbine System 9 Gearbox & Drivetrain System Demand...... 69 14 West North Central Wind Energy Installed Demand by Owner, 2013...... 89 10 Nacelle Frame & Cover Demand...... 70 Capacity by State, 2003-2013...... 158 11 Other Nacelle Components Demand...... 72 15 West North Central Renewable Portfolio REGIONAL MARKETS 12 Wind Turbine Rotor System Standards by State, 2013-2025...... 161 Demand by Component...... 73 16 South Wind Turbine System Demand...... 164 1 Wind Turbine System Demand 13 Wind Turbine System Tower Demand...... 80 17 South Atlantic Wind Energy Installed by Region, 2013...... 130 14 Wind Turbine Balance of System Capacity by State, 2003-2013...... 167 Components Demand...... 84 18 South Atlantic Renewable Portfolio INDUSTRY STRUCTURE Standards by State, 2013-2025...... 169 APPLICATIONS 19 East South Central Wind Energy Installed 1 Wind Turbine System Capacity by State, 2003-2013...... 171 Market Share, 2013...... 200 1 Wind Turbine System Demand 20 West South Central Wind Energy Installed by Application...... 86 Capacity by State, 2003-2013...... 176 2 Utility-Scale Wind Turbine 21 West Wind Turbine System Demand...... 180 System Demand...... 87

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Growth factors include state and federal government incentives, emerging offshore applications and the increasing popularity of systems that are taller, more powerful and more expensive.

US Demand to jump 55% annually through 2018 US Wind Turbine System Demand Nacelle US demand for wind turbine systems is by Component, 2018 forecast to reach $18.9 billion in 2018, a ($18.9 billion) nearly nine-fold increase over severely depressed 2013 levels. The market for wind turbines tends to be highly volatile due to its reliance on government incentives. The outlook for wind turbine Rotor Systems sales is somewhat muddied by the current lack of major federal incentives, as production tax credits were allowed to expire at the end of 2013. However, sales are still expected to rebound significantly as there are other incentives Tower in play, including feed-in tariff payments and various grants from the Department of Energy. In addition, growth will Other continue to be driven by the need to meet state-level renewable portfolio standards. Other factors supporting a lot of available land with strong wind Average price per unit to growth include emerging offshore resources for development. In applications and the increasing popular- 2013, Texas had the most installed wind continue rising dramatically ity of systems that are taller, more energy capacity, more than double the The construction of larger, more powerful powerful, and also more expensive. amount of California and Iowa, the utility-scale wind turbine systems has second and third largest state markets, caused the average price per unit of Texas, California & Iowa respectively. Growth in wind capacity these systems to rise dramatically over to remain growth markets has been particularly strong in these the past decade, a trend that is expected states due to favorable regulatory to continue for the foreseeable future. The Northeast had the lowest installed environments and strong wind speeds. These larger systems are built to take wind energy capacity in the US in 2013, In addition, Texas also benefits from advantage of stronger, more consistent due primarily to a lack of available land having most of its electricity run through winds at higher altitudes, so they require for installations. However, through 2018 an intrastate electric grid, which is taller towers and longer blades. Addition- growth is expected to benefit from the generally easier to update than interstate ally, because longer blades add a installation of the nation’s first offshore grids that are subject to more federal significant amount of weight to the entire wind farms. In addition, electricity costs controls. The ongoing trend of construct- system, there is rising interest in con- in the Northeast are among the highest ing wind farms in rural areas and deliver- structing blades from higher value in the country, which heightens interest ing the electricity to population centers materials, such as carbon fiber, which in renewable energy sources. In con- will provide further impetus for growth. further boosts value gains. trast, the South, in particular Texas, has Copyright 2014 The Freedonia Group, Inc.

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Sample Text, TABLE VI-11

Table & Chart MIDWEST WIND TURBINE SYSTEM DEMAND (million dollars)

Item 2003 2008 2013 2018 2023

Midwest InstalleWind Energy Cap (MW)1377 8292 21940 39880 57150 watts capacity/person 21 125 325 580 818 applications Midwest Population (millions) 65.3 66.5 67.5 68.7 69.9 Cooperative Groups $ systems/person 7.3 115.5 15.7 104.1 104.4 Cooperative groups are also known as cooperative electric utilities, rural electric cooperatives, and community-owned projects. SuchNet groups Midwest New Wind Energy Cap (MW) 434 4010sa m545ple 3485 3403 are owned by their members and established to offer electricity to those$ systems/watt 1.1 1.9 2.0 2.1 2.1 members. In most cases, cooperative groups operate in rural areas with table low concentrations of consumers, areas which have historically beenMidwest Wind Turbine System Demand 479 7680 1063 7150 7300 viewed as uneconomical for larger utilities. Electric cooperatives acEast- North Central 59 1687 343 2500 2800 count for only about 12 percent of total US electric generating capacity, West North Central 420 5993 720 4650 4500 but operate in almost all states. These groups are incorporated under state laws and are usually led by an elected board of directors. Approximately % Midwest 26.0 47.3 50.3 37.8 36.1 20 states regulate cooperatives at a state level. The rest defer controlWind to Turbine System Demand 1845 16250 2115 18900 20200 the members of the cooperative. Electric cooperatives have access to debt financing from groups such as the Rural Utilities Service, a unit of the US Department of Agriculture; the National Rural Utilities Coopera- tive Finance Corporation; the Federal Financing Bank; and CoBank.

Demand for wind turbine systems among cooperative utility groups is projected to grow more than eight fold through 2018 to $345 million. Gains will be stimulated by ongoing development of wind farms in rural areas, which are the main sections of thesa USm whereple cooperative utilities operate. In addition, although many states have less stringent standards in their renewable portfolio standard, cooperatives are still required to have at least a moderate amount of electricityte comext from renewable resources. Advances will also be driven by the fact that the memberships of cooperatives are increasingly demanding that their utilities invest in clean energy technologies such as wind energy. Because of this interest, cooperatives may be in a better position to move more quickly on wind than larger organizations that have more levels of bureaucracy. CHART VII-1

Further gains will be restrained by the fact that some states either WIND TURBINE SYSTEM MARKET SHARE, 2013 have lower renewable portfolio standards for cooperative utilities or they ($2.1 billion)

Copyright 2014 The Freedonia Group, Inc. 97

23.6% GE

M a rke t O th e rs L e a dsa e rs mple 12.8% Vestas 4 0 .0 % 6 0 .0 %chart 12.3% Siem en s

6.1% G am esa 5.2% Su zlo n

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Sample Profile, TABLE IV-7 Table & Forecast WIND TURBINE NACELLE DEMAND BY COMPONENT (million dollars)

Item 2003 2008 2013 2018 2023

New Wind Energy Capacity (MW) 1668 8484 1085 9220 9400 000$ nacelle/MW new capacity 660 1086 954 944 953

Nacelle Demand 1100 9215 1035 8705 8955 Generator & Power Electronics 495 4120sa m445ple 3820 4000 Gearbox & Drivetrain System 330 2730 300 2505 2550 Frame & Cover 200 1720ta b215le 1760 1780 Other 75 645 75 620 625

% nacelle 59.6 56.7 48.9 46.1 44.3 COMPANY PROFILES Wind Turbine System Demand 1845 16250 2115 18900 20200

Bergey WindPower Company 2200 Industrial Boulevard Norman, OK 73069 405-364-4212 http://www.bergey.com Annual Sales: under $10 millionsa m(verifiedple by company, 2/14) Employment: approximately 30 (verified by company, 2/14) profile Key Products: small wind turbines and towers STUDY Bergey WindPower is a privately held manufacturer of small wind COVERAGE turbines and related components. The Company also offers design, supply, and installation services for hybrid power systems comprising Wind Turbine Systems is a 285- wind turbines, diesel generators, and photovoltaic arrays. page Freedonia study that offers historical data (2003, 2008, 2013) The Company’s small wind turbines are upwind, three bladed types for use in residential and business power generation applica- plus forecasts for 2018 and 2023 tions. These small wind turbines can be utilized in conjunction with for demand by type, component solar electric systems. Bergey WindPower’s wind turbines include and application, as well as by re- types for off grid and grid tied end uses. Off grid wind turbines include BERGEY EXCEL 1 1-kilowatt (kW) and BERGEY EXCEL R 7.5-kW gion of the US. In addition, this models. The Company’s grid tied wind turbines are suitable for use in study details key market environ- large rural homes, farms, and small businesses. Bergey WindPower’s ment factors, evaluates company grid tied wind turbines include 10- and 5-kW types. For example, the Company’s 10-kW turbines have fixed pitch blade controls and direct market share and profiles 36 com- drive gearboxes. Bergey WindPower also manufactures towers for petitors in the US industry. wind turbines. These towers are available in heights up to 160 feet and in such styles as guyed lattice, tilt up guyed tubular, monopole, tilt up lattice, and self supporting lattice.

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