Renewables market seen leaping by 70% by 2008
London, 17 November: The global market for renewable energy technology is expected to soar by 70% over the next three years, according to a new report by McIlvaine. The US-based specialist industry analysis company estimates the market is currently worth $27 billion and expects this to reach $46 billion in 2008.
Low or non-existent fuel costs, pressure to reduce greenhouse gas emissions and concerns over energy security are all driving the market, the authors note. In addition, they say that there have been significant improvements in efficiency for the main renewable technologies at the same time as oil and gas prices have been rising sharply.
Wind energy is the leading technology, followed by solar and biomass, they say. Germany has the largest installed wind capacity, followed by the US, Spain and Denmark.
Germany and Japan are the biggest markets for grid-connected solar systems and, overall, solar energy use has been growing at a rate of 30%/year, the report says.
In addition to established biomass combustion systems using steam turbines, several new methods for generating power from biomass are being developed. High-efficiency integrated gasification combined cycle units are at an early stage of commercialisation, it says, and co-firing of coal plants with biomass is another promising technology.
The report is available for purchase at www.mcilvainecompany.com.
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