(openPR) - GlobalData’s new study Global Renewable Energy Market Growth Amidst the Financial Crisis gives an in-depth analysis of how the financial crisis has affected the world’s renewable energy industry and gives growth projections up to 2013. The research analyzes the impact of the recession on the global wind, solar PV, hydro, geothermal, biopower and biofuels markets. The research further studies the markets for each of these renewable energy technologies in key countries and gives separate forecast statistics up to 2013.
The recent financial crisis has slowed down the demand for renewable energy and has hampered credit availability in the industry. As a result, the global annual renewables power market is expected to decline from 79 GW in 2008 to around 68 GW by 2009.
Wind and Solar PV to be the Most Severely Hit by the Recession
Among all renewable energy technologies, wind and solar photovoltaic (PV) are expected to be the most severely hit by the financial crisis, followed by biopower. The wind and solar PV industries are expected to see a slowdown in uptake in 2009-10, whereas for biopower, the impact of the crisis is forecast to be visible by 2011-12. The biopower industry has investments already planned for projects in 2009-10. The tight credit availability and reduction in demand are expected to hamper biopower investments in 2009-10, the impact of which is expected to show in 2011-12.
Policy Support and Planned Investments to Shield the Biopower Market in 2009-2010
The financial crisis is expected to have a limited impact on the global biopower market in 2009-2010 due to strong government support. Supportive polices and financial incentives from various governments, along with investments already planned for 2009-2010 are expected to shield the industry from the crisis in the short-term. The impact of the crisis is expected to hamper approval of new plants in 2009-2010. This is expected to result in a dip in annual installations in the global biopower market.
Slowdown in the Transportation Sector to Hit the Biofuels Market
Slowdown in the transportation sector due to the recession has hampered the global biofuels industry. This has led to many biofuel companies filing for bankruptcy and closing down several biofuel units. For instance, VeraSun Energy, the US’ second largest producer of ethanol, filed for bankruptcy in 2008. However, the market is expected to pick up since 2013 and the global biofuel production is projected to exceed 107,040 million liters by 2013.
Key Renewable Energy Hotspots to be Hit by the Crisis
The global financial downturn is expected to hit the growth of key renewable energy hotspots such as Germany, China, Spain and the UK. The crisis is expected to lead to a dip in installations in these markets in 2009. The annual installed capacity in the German renewables power market is expected to fall from 5,013 MW in 2008 to 4,678 MW in 2009. Other markets are also expected to witness a decline in installations due to a slowdown in demand and the credit crunch.
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