Global Market for Renewable Energy Materials and Devices to Reach $31 Billion
The global market for renewable energy devices and advanced materials was valued at nearly $22.3 billion for 2011, according to “Advanced Materials and Devices for Renewable Energy: Global Markets” from BCC Research. That number is projected to increase at a compound annual growth rate (CAGR) of 7.4% between 2011 and 2016, reaching nearly $31.8 billion in 2016.
The global market for advanced materials and devices for renewable energy systems can be broken down into four segments: solar energy, wind energy, small hydro and ocean energy, and geothermal energy. The solar energy segment was valued at nearly $18.3 billion in 2011 and is expected to increase at a CAGR of 3.4% to reach $21.6 billion in 2016. The wind energy segment, worth $3.9 billion in 2011, is expected to be worth nearly $9.1 billion in 2016, a CAGR of 18.3%. The segment for small hydro and ocean energy was valued at $28.9 million in 2011 and, after increasing at a 102% CAGR, should be worth $972.7 million in 2016. The geothermal energy segment, worth $31.4 million in 2011, is projected to be worth $101 million in 2016, a CAGR of 26.3%.
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