expects to double its market share in its key Chinese market to 50 percent within two years, as its key customers including Sinovel Wind are set for a growth jump.
"Our customers continue to grow and take market share in China, which itself is a very big growth market for the wind industry ... our share is going to increase," Chief Executive Greg Yurek told Reuters.
China accounts for 94 percent of AMSC's total revenue, with Sinovel Wind Group Co Ltd contributing about 75 percent.
China has been doubling its installed capacity for wind turbines every year for the past several years, and it is expected to spend about $740 billion over the next decade to develop and deploy clean energy solutions in the country.
Dongfang Electric<600875.SS>, XJ Group, Shenyang Blower Works and CSR-ZELRI are some of the other key Chinese players among AMSC's customers.
AMSC, one of the world's largest makers of electrical systems used in wind power generation, on Thursday posted strong first-quarter results and raised its 2010 revenue outlook, helped by strength in China market.
In two years, the CEO expects the United States to become AMSC's second-largest market, after China, with India following closely behind.
"It depends on how fast Sinovel and Hyundai penetrate the market ... on the other hand, Ghodawat and Inox Wind are going to ramp up next year," he said.
Sinovel and South Korea-based Hyundai Heavy Industries<009540.KS>, another AMSC customer, expects to erect their first wind turbines in the United States by end 2010.
Ghodawat Energy Pvt Ltd and Inox Wind are its Indian customers.
Yurek said the company is also betting big on the emerging offshore wind market and is exploring Europe as one of the key growth geographies.
"We have our eye on the offshore wind market in Europe, primarily in the UK -- the North Sea area, that is really going to grow very rapidly in the next few years."
Global offshore wind capacity grew by 690 megawatts (MW) in 2009 to 2,100 MW, with the UK leading the pack with an installed capacity of 894 MW.
AMSC in June had said it signed a contract with Hyundai to jointly develop 5 MW wind turbines, which primarily target the growing offshore wind industry.
(Reporting by Bijoy Koyitty in Bangalore;Editing by Aradhana Aravindan)
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