Global Renewable Energy Expands
Source: Renewable Energy Focus (8/16/10)
"Demand growth will largely be concentrated in developing economies."
In its 2010 Global Alternative Energy Global Report, IMAP says 2009 saw the first decline in worldwide energy demand since 1982. "However, the combined revenue of the three major sources of alternative energy was US$144.5 billion, up 15.8% from 2008."
Government support and stimulus packages helped renewable energy globally boosting wind capacity by 31%, solar by 47% and biofuels by 21%.
Furthermore, energy smart technologies such as digital energy applications, power saving appliances and electric vehicles attracted more venture capital and private equity investment "than any other renewable energy technology," IMAP says.
From second quarter (Q2) 2009 to Q2 2010, the alternative and renewable energy industry saw 391 transactions valued at US$20.4bn in total transaction value—up 54.8%.
Solar and wind accounted for almost 58% of the total volume. China was the country with the highest transaction value of US$5.4bn with a total of 23 alternative and renewable energy transactions over the period. US came second with US$2.6bn from 72 transactions, followed by Spain, the Philippines and India.
Ketil Wig, Chairman of IMAP’s Energy & Power Industry Group, says: "The cost of clean technologies is decreasing and these technologies are being utilised in more applications.
"Within the next decade, we expect solar photovoltaic (PV) installations, smart meters, energy storage devices, wind turbines and other clean technologies to become commodities and help the market to mature."
IMAP believes the growth of energy demand will largely be concentrated in developing economies. "As emerging markets rapidly expand their power generation capacity, IMAP advisers predict they will focus on wind, solar, bio and hydropower," IMAP says.