Companies involved in the manufacturing and distribution of products related to wind energy are anticipating a banner year for 2009 as a new base of customers inherit the wind as their primary source of energy. But some manufacturers with an eye towards expanding market presence in the U.S. are waiting with bated breath. President Barack Obama will be consumed with healing the nation from an economy in shambles. His actions could have a ripple effect on the spending intentions of businesses and consumers who are considering converting to renewable energy sources as a means to cut energy costs and help promote environmental reduction of greenhouse gas emissions. Obama said he would invest $15 billion a year in renewable energy sources to create five million new energy jobs through 2018. He also stated that he would emphasize a program to spend $150 billion over 10 years to develop renewable energy sources, like wind, and to encourage energy conservation.
SBI estimates that the total wind energy market in the U.S. is valued at $151.3 billion. The U.S. wind industry expanded rapidly in 2008 fueled by three key market drivers:
- Skyrocketing fossil fuel and oil prices for commercial and home heating
- Long-term demand for renewable energy sources domestically
- Improvements in technology that streamlines the manufacturing of wind turbines, especially for larger machines required for offshore wind farm initiatives
- Positive employment outlook in turbine manufacturing sector
