A new report says renewable energy sources not derived from fossil fuels are expanding and will likely double market share within a decade.
Global revenue for solar photovoltaics (PV), wind power and biofuels jumped 35% last year, compared with 2009, growing from $139.1 billion to $188.1 billion, according to the 10th annual report Monday by Clean Edge Inc., a U.S.-based research and advisory firm. Most of this growth was due to a doubling in solar PV installations and steady growth in the biofuels sector. For the first time in a decade, however, the wind market showed a slight decline.
The global market for solar PV skyrocketed from $2.5 billion in 2000 to $71.2 billion in 2010 and that for wind power surged from $4.5 billion in 2000 to more than $60.5 billion today, the report says.