Renewable Energy Market to Reach $318 Billion in Building Applications
Reportlinker Review is a series of posts featuring Innovations, Social and Economic Megatrends to understand the World of Tomorrow. Each post is illustrated with statistics for one industry.
Reportlinker’s Renewable Energy Industry Review in a nutshell
- As fossil fuels are depleted, the renewable energy market grows
- Majority of Australians want their nation to lead the world in this technology
- Citizens want politicians to take action
How is the renewable energy market ?
As the fossil fuels are depleted, renewable energy market benefit, and green building applications become increasingly important.
This year, the global market for renewable energy and energy-efficient technologies will reach $318.7 billion, forecasts BCC Research. By 2021, the market will reach $492.0 billion, growing at a compound annual growth rate (CAGR) of 9.1%.
The market for exterior and interior building applications also will grow by 2021. This year, exterior applications will reach $129.4 billion and interior applications will reach $166.5 billion. Exterior applications will grow at a CAGR of 8.5% and reach $194.7 billion while interior applications will grow at a CAGR of 10% and reach $267.9 billion.
Other factors contributing to market growth are climate change, government investment in green technologies, new regulations, and an increased awareness of the benefits of energy efficient buildings.
Solar and wind energy technologies can be used to heat and cool buildings and provide lighting. Hydroelectric power and geothermal energy also can be used for this purpose.
In Australia, 65% of citizens want their nation to lead the way in renewable energy solutions, according to a Climate Institute poll.
The Institute has conducted the poll annually since 2007. Support for renewable energy is the highest its been since 2008.
Support has come at the expense of fossil fuels. A coal plant in Victoria may soon close.
Another poll, conducted by Galaxy, found 77% believe climate change is real and 60% agree it is caused by humans.
Reasons for believing climate change is real included rising sea levels, melting polar ice caps and droughts.
Political Action about Renewable Energy
The Climate Institute poll also found 90% of Australians believe it’s the government’s responsibility to deal with climate change – 67% said leading the way and 23% said the government should contribute.
The public also is frustrated that its government is not doing more.
Australians have adopted renewable energy because it is more accessible and affordable. In addition, new green technologies have become more commonplace.
New policies will need to be put into place to meet the 2030 emissions targets which are part of the Paris agreement on climate change. The agreement has thus far been signed by 60 countries.
ReportLinker Review – Global Renewable Energy Market (source: MarketLine)
- The renewable energy market is divided into five segments: hydroelectricity, solar, tide energy, wave energy and wind energy.
- In 2013, the market had revenue totaling of $569 billion. Between 2009 and 2013, this represented a CAGR of 10.4%.
- Between 2009 and 2013, market production volume grew at a CAGR of 6%. In 2013, it reached 4.6 trillion GWh.
- The market’s performance is forecasted to slow. For the five-year period 2013-2018, a CAGR of 9.8% is anticipated. By the end of 2018, the market is expected to be valued at $909.3 billion.