The renewable energy market competes with fossil fuels, and of late, the global economic downturn. Incentives and awareness must be enforced, and technology costs reduced, to enable continued progress, as well as more rapid expansion, of renewable (clean and green) energy consumption.
States and governments have typically offered incentives, tax breaks, and rebates for using, or converting to, renewable energy. The electric power sector continues to be the biggest user of renewable energy, and hydropower and biomass are the leading sources.
More wind farms sprung up between 2008 and 2009 primarily due to high-demand and low-supply market dynamics. According to Clean Edge, record-breaking 2008 wind revenues expanded by $50 billion. Projected growth by 2018 is expected to be $139 billion. U.S. installations accounted for more than 40% of total new electricity generating capacity brought online in 2008. As a result, the U.S. surpassed Germany as “the world’s leading generator of wind energy.” Tightened and reduced credit has forced energy companies to table or cancel projects. However, there is optimism that new government spending, regulation, and policies will help bridge the high cost of renewable technology and current economic crisis.
Global biofuel production (and wholesale pricing of ethanol and biodiesel) reached $34.8 billion in 2008, and is projected to grow to $105 billion by 2018 (Clean Edge). Brazil is the ethanol leader, and for the first time in 2008, it acquired more than 50 percent of its total national automobile transportation fuels from bioethanol. For the
first time in any major market, petroleum use was surpassed!
Solar PV cells, including modules, system components, and installation, are anticipated to grow from a $29.6 billion industry in 2008 to $80.6 billion by 2018 (Clean Edge).
Wind, biofuel, and solar technologies projects are forecast to collectively grow to $325.1 billion within a decade (Clean Edge). Private investors are becoming increasingly interested in renewables as an industry as well. VCs investing in PV cell development and manufacturing is especially apparent in Japan, Europe, and the “Silicon Valley.”
on behalf of the
BascoTec Internet Limited
Technologie Park 13
Recommend or share this page: