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Smart Grid and Renewable Technologies May See Double Digit Growth in Five Years By SGN Staff Aug 27, 2010 - 12:25:05 PM
. Renewable energy technologies, fueled by worldwide government support in the form of stimulus programs and other incentives, have improved the global economic outlook with new jobs and industry. Six will hit double digit growth in the next five years — and change our lifestyle, according to a series of market studies from SBI Energy. Here's what the industrial market research company found:
are expected to experience a compound average growth rate (CAGR) of 21%, from $160 billion in 2010 to $580 billion by 2015.
Enhanced oil recovery's more efficient production methods are expected to boost the sector by 63%, to a total of $1.3 trillion in 2015.
Solar technology is expected to grow by 28%, to a world market of $173 billion by 2014. The fastest growing solar technology segment, concentrated solar power, is expected to grow 42% in four years, from $700 million in 2010 to $3 billion in 2014.
Offshore wind farms are luring coastal states with their promise of economic development, energy independence and stable energy costs. The offshore wind market is expected to grow faster than land-based wind. SBI says the global market will grow 11% to more than $78 billion, with the fastest growth anticipated in the U.K.
Electric vehicles, particularly hybrids (HEVs), are becoming increasingly accepted by consumers. But just how fast the market will grow depends on a number of things like gas prices, vehicle cost and government incentives. That said, the market is expected to double from 700 million passenger vehicles sold in 2009 to 1.5 million in 2014. Smaller existing markets such as Europe, Australia and Korea and new markets in India and China are expected to grow phenomenally with a CAGR of 47%.
Smart Grid technologies implementation and the integration of renewables depends in large part on the massive upgrade required to transform antiquated electric grids into intelligent, secure and reliable systems. SBI says that despite consumer concerns about privacy and cost regulation, the global Smart Grid technologies market is forecasted to grow by a staggering 150% between 2009 and 2014 to reach $171 billion. The U.S. market is expected to double over that period to reach about $43 billion: not surprising considering the rollouts of millions of smart meters and continuing advances in information and communications technologies.
Quick Take: Yes, it's a lot of numbers and as SBI clearly says, there are a lot of variables to take into account. But the overall picture is optimistic and, we hope, realistic.
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