The total global market for advanced materials and devices for renewable energy systems was worth almost $2.4 billion by the end of 2006. Growing at a compound annual growth rate (CAGR) of 25.8%, the market will be worth almost $7.5 billion by 2011.
Solar photovoltaic devices hold the highest share of the market throughout the forecast period, worth $1.2 billion in 2006-55.1% 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 a 56.3% share of the market.
Ocean energy had the highest growth rate through the forecast period, reaching $360 million in 2011, a CAGR of 66.5%.
The global market for renewable energy is growing rapidly. 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.
SCOPE OF STUDY
This report contains:
- The global market for advanced materials and devices for renewable energy systems, including the markets for solar photovoltaics, solar thermal power, small hydropower, wind energy, geothermal energy, and ocean energy
- The global market forecast for the industry with current and future trends, including five-year market forecasts through 2011
- A detailed review of important technology in the industry
- Analyses of past and recent patents
- Profiles for the top players in the market.
INFORMATION SOURCES AND METHODOLOGY
The findings and conclusions of this report are based on information gathered from renewable energy products manufacturers, advanced materials and devices vendors and renewable energy-related organizations. Interview data were combined with information gathered through an extensive review of secondary sources such as trade publications, trade associations, company literature, and on-line databases to produce the baseline market estimates contained in this report.
The methodologies and assumptions used to develop the market projections in this report are discussed at length in the section on Detailed Market Estimates and Projections. The report carefully documents data sources and assumptions. This way, readers can see how the market estimates were developed and, if they, so desire, test the impact on the final numbers of changing assumptions such as price.
Andrew McWilliams, the author of this report, is a partner in the Boston-based international technology and marketing consulting firm, 43rd Parallel, LLC. He is the author of numerous other BCC business opportunity analyses, including several reports in the areas of energy and advanced materials. e.g., Petroleum Fuel Optimization Technologies, The U.S. Market for Green Building Materials, Catalysts for Environmental and Energy Applications, and Nanomaterials Market by Type.