The global market for solar energy is expected to increase to $13.1 billion in 2014, rising at a CAGR of 9.5% from the 2009 value of $8.3 billion.
According to “Advanced Materials and Devices for Renewable Energy (EGY053B),” a new technical market research report from BCC Research, the global market for advanced materials and devices is expected to increase to $16.9 billion in 2014, for a five-year compound annual growth rate (CAGR) of 7.8%. The 2009 global market was estimated to be worth $11.6 billion.
Representing the largest segment of the market, solar energy (photovoltaics and thermal) is expected to increase to $13.1 billion in 2014 after rising at a CAGR of 9.5% from the 2009 value of $8.3 billion. Wind energy, the second-largest segment, is estimated to be worth $3.3 billion in 2009 and is projected to increase at a CAGR of 1.7% to reach $3.6 billion in 2014. The geothermal energy segment is expected to reach $14 million in 2014 after rising at a CAGR of 19.3% from the 2009 value of $5.8 million.
At a CAGR of 193.6%, the largest amount of growth in the next five years is expected to occur in the small hydro and ocean energy sector. A value of $1.1 million in 2009 is projected to grow to $240.1 million in 2014.
The report focuses on the global market for advanced materials (e.g., polymers, elastomers, composites, high-temperature alloys, powder metals, thin films and others) and devices (sensors and controllers, optics, etc.) used in the fabrication of solar photovoltaic, solar thermal, mini- and micro-hydro, wind, geothermal, and ocean renewable-energy devices and systems. For additional information, visit www.bccresearch.com