September 21, 2015
Wellesley, Mass., September 19, 2015 – As carbon dioxide emission levels continue to rise, industry and governments across the globe are joining forces to reverse this alarming trend. BCC Research reveals in its new report that legislation for developing renewable energy development will be a key driver of market growth.
The global cumulative installed capacity of renewable energy was 1,637.3 GW in 2013 and is expected to reach 2,649.8 GW by 2019, growing at a CAGR of 8.5% from 2014-2019. In terms of revenue, the market was valued at $432.7 billion in 2013 and is expected to reach a market worth $777.6 billion by 2019, growing at a CAGR of 10.3% from 2014 to 2019. Asia-Pacific emerged as the largest and fastest growing regional market in the installed renewable energy market, with 42.8% of global installed renewable energy capacity in 2013 and an estimated five-year compound annual growth rate (CAGR) of 10.6%.
Economic projections indicate the trend toward renewable energy development will strengthen. Wind and solar power developments lead the way with annual capacity increases of over 30% over the last decade. The marine energy sector is poised to continue with this momentum. At present, renewable energy accounts for little more than 2% of the global electricity supply. Large-scale, marine installations such as Blue Energy’s tidal bridge will help to increase this percentage of renewables in the global production of electricity.
In addition, governmental support in the form of tax benefits and financial incentives across many nations including the U.S., Germany, Iceland, France, the U.K., China and India is expected to drive production of renewable energy.
“The report focuses on assessing the possibility that renewables will begin to compete not only with fossil fuels but also with each other for market share, government subsidies and public support. Most policies that support renewable energy focus on the power sector. Government regulations aimed at promoting the use and production of green energy are expected to serve as a driver for the energy market,” says BCC Research analyst Maya Agnani. “Renewable energy sources are the fastest-growing power sources, and their importance continues to increase. Global renewable electricity generation is expected to production from natural gas to become the second most important global electricity source after coal. Globally, renewable generation is estimated to rise to 25% of gross power generation in the next few years.
Renewable Energy: Technologies and Global Markets(EGY049C) examines the impact on the renewable energy market brought about by the surging global demand for energy, the impact of climate change on alternative fuels, improvements in technology, and the availability of new materials. The report includes forecasted trends and revenue through 2019.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
Renewable Energy: Technologies and Global Markets( EGY049C )
Publish Date: Sep 2015
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