March 18, 2009
GLOBAL MARKET FOR ENERGY FROM WIND AND WAVES TO USE 223,213 MEGAWATTS IN 2013
Wellesley, Mass-According to a new technical market research report, ENERGY FROM WIND AND WAVES (EGY062A) from BCC Research (www.bccresearch.com), the global market for energy from winds and waves used 119,343 megawatts (MW) in 2008. This will increase to 223,213 MW in 2013, for a compound annual growth rate (CAGR) of 13.3%.
The market is broken down into wind energy and wave energy. Wind energy has the largest share of the market, using 119,339 MW in 2008. This should increase to 223,091 MW in 2013, for a CAGR of 13.3%.
Wave energy used only 4 MW in 2008; however, this is expected to reach 122 MW in 2013, for a CAGR of 98.1%.
The current global recession is poised to weaken several industries, but not the prospects for wind and wave energy. Several governments are keeping their commitment to keeping carbon emissions and renewable energy targets. The current crisis in climate change is creating an opportunity to stimulate growth through investment opportunities.
Wind power usage has been growing and expanding to new regions worldwide. Germany historically has led the world in terms of installed capacity with over 22,000 MW. The U.S. experienced an impressive 45% growth in 2007 and is expected to continue to grow due in part to the new presidential administration and extension of the production tax credits through 2009. Spain also has installed capacity of roughly 15,000 MW.
China is thought to have the most fertile growth potential for wind energy and most aggressive growth rate, more than doubling its capacity in 2007. Recently China announced a goal of reaching 100,000 MW of wind power by 2020.
Installed capacity of wave energy is a very small fraction of the wind energy market. However, several years ago the wind energy market was just beginning with just a few MW. It is feasible that the wave energy market will grow to well over 100 MW by 2013.
Source: BCC Research
Energy from Wind and Waves: The Global Market (EGY062A)
Target Date: March 2009 Price: $4850.00
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