Global Advanced Materials and Devices for Renewable Energy Worth $7.5 Billion by 2011
WELLESLEY, Mass. - According to a new market research report, Advanced Materials and Devices for Renewable Energy Systems – EGY053A from BCC RESEARCH, 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.
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