The ABB technology group, which is based in Zurich, says it expects its share of business in alternative energy solutions to reach US$1 billion within the next five years.
ABB outlined its strategy at a news conference Thursday in London.
"We have developed technologies that make wind power and other renewable and alternative energies economically attractive for the first time - both small-scale and large-scale solutions," said Göran Lindahl, ABB's chief executive officer.
"Especially important is the information technology and communication features that we've built into the systems, making them easier to operate and maintain and much more cost-effective than conventional approaches," he added.
Lindahl said that with deregulation in the power market, global efforts to cut pollution, and government initiatives to boost electricity production from alternative energy - especially in Europe - ABB believed the market was poised for "tremendous growth".
"With our technologies and global scope, we intend to be a leader in this market worldwide," he said.
As part of the strategy to develop this growth market rapidly, ABB unveiled its new wind power technology called the Windformer. This will enable the economical development of wind farms with outputs up to 300 megawatts or more - equivalent to a medium-sized fossil-fuel power plant.
swissinfo with agencies