The value of the global market for renewable energy was nearly $225 billion in 2010, but is expected to increase to $331 billion in 2015, for a five-year compound annual growth rate (CAGR) of 8.1%, according to a new technical market research report from BCC Research. The largest segment of the market, wind energy, is projected to increase at a CAGR of 6% to $87 billion in 2015, after being valued at an estimated $65 billion in 2010. The second-largest segment, hydroelectric energy, is estimated at $62 billion in 2010, but is expected to increase at a CAGR of 3.5% to reach nearly $74 billion in 2015.
The solar energy segment will have the highest rate of growth in the next five years, with a CAGR of 17.1%, rising from an estimated $44 billion in value in 2010 to $97 billion in 2015. The biofuels segment will increase in value from $45 billion in 2010 to $60 billion in 2015, for a CAGR of 6%
The geothermal energy segment will experience a CAGR of 8%, increasing from $6 billion in 2010 to $8.8 billion in 2015. The smallest segment, energy derived from the ocean by way of tides, waves or wind, will rise from $2.4 billion in 2010 to $4.4 billion in 2015, at a CAGR of 12%.
For additional details, visitwww.bccresearch.com.
Global Renewable Energy Market to Be Worth $331 Billion in 2015
December 10, 2010