Home > Press > Global Advanced Materials and Devices for Renewable Energy Worth $7.5 Billion by 2011, According to BCC Research
Abstract:
According to a new and updated technical market research report, Advanced Materials and Devices for Renewable Energy Systems - EGY053A from BCC RESEARCH (www.bccresearch.com), the total global market for advanced materials and devices for renewable energy systems was worth almost $2.4 billion by the end of 2006. At a compound annual growth rate (CAGR) of 25.8%, the market will be worth almost $7.5 billion by 2011.
Worldwide production of electricity from wind energy has more than tripled since 2000. Use of solar cells for electricity has increased more than six times in the same period, making solar one of the fastest growing industries in the world. In 2005, capital investments in renewable energy (excluding large-scale hydropower) reached $38 billion, a figure that could approach $70 billion according to some sources.
This dynamism is driving down costs and accelerating technological advances. These technological advances include a range of new material and devices that increase the cost efficiency of renewable energy, helping to expand the market further.
Solar photovoltaic devices, worth $1.2 billion in 2006, hold the highest share of the market throughout the forecast period,—55.1% of the total global market. By the end of 2011 they will be worth more than $4.9 billion, a CAGR of 28.1% and their share of the market will increase to 56.3%. Ocean energy had the highest growth rate through the forecast period, reaching $360 million in 2011, a CAGR of 66.5%.
Crystalline silicon, which is used in solar PV arrays, has the largest consumption of any type of advanced material, followed at a distance by thin films. Composites had the third -largest consumption in 2005-2006, but nanomaterials will surpass composites by 2011.
TABLE
GLOBAL MARKET FORECAST FOR ADVANCED MATERIALS AND DEVICES ($ Millions) |
||||
2005 | 2006 | 2011 | CAGR, 2006-2011 | |
Solar photovoltaics |
1,211.3 |
1,214.9 | 4,190.7 | 28.1 |
Solar thermal power | 6.1 | 12.0 | 167.1 | 69.3 |
Small hydropower | 0.4 | 0.6 | 5.1 | 53.9 |
Wind energy | 949.0 | 1,105.5 | 2,714.0 | 19.7 |
Geothermal energy | 5.2 | 5.4 | 13.2 | -- |
Ocean energy | 28.1 | 28.1 | 360.0 | 44.2 |
Total | 2,200.1 | 2,366.5 | 7,450.1 | 25.8 |
Source: BCC Research
Published: February 2007 Price: $4250
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research ( http://www.bccresearch.com ), 40 Washington Street, Wellesley, MA 02481, Telephone: 866-285-7217; Email: publisher@bccresearch.com as the source and publisher, along with report number, which can be found in the first paragraph of this release. Thank you.
####
For more information, please click here
Contacts:
BCC Research
Dawn Peters, 781-489-7303
Fax: 781-489-7308
Additional Releases:
http://www.bccresearch.com/press
Copyright © Business Wire
If you have a comment, please Contact us.Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
Related News Press |
Announcements
NRL charters Navy’s quantum inertial navigation path to reduce drift April 5th, 2024
Discovery points path to flash-like memory for storing qubits: Rice find could hasten development of nonvolatile quantum memory April 5th, 2024
Interviews/Book Reviews/Essays/Reports/Podcasts/Journals/White papers/Posters
Simulating magnetization in a Heisenberg quantum spin chain April 5th, 2024
Discovery points path to flash-like memory for storing qubits: Rice find could hasten development of nonvolatile quantum memory April 5th, 2024
Energy
Development of zinc oxide nanopagoda array photoelectrode: photoelectrochemical water-splitting hydrogen production January 12th, 2024
Shedding light on unique conduction mechanisms in a new type of perovskite oxide November 17th, 2023
Inverted perovskite solar cell breaks 25% efficiency record: Researchers improve cell efficiency using a combination of molecules to address different November 17th, 2023
The efficient perovskite cells with a structured anti-reflective layer – another step towards commercialization on a wider scale October 6th, 2023
The latest news from around the world, FREE | ||
Premium Products | ||
Only the news you want to read!
Learn More |
||
Full-service, expert consulting
Learn More |
||