Sales recorded by the clean energy industry increased by 40% last year and will continue to rise as demand of carbon-free energy is rising, says a market research.
Clean Edge, a research company that analyzes green technology industry, released an annual report on green technologies which says that sales of companies dealing in biofuel, solar panels, fuel cells and wind farms grew by 40% to $77.3 Billion worldwide in 2007, as reported by Chron.
Wind power industry alone witnessed sales growth of 68% and reached $30.1 Billion in 2007 as many new wind farms were established in China and the US. Besides, biodiesel and ethanol sales collectively increased by 24% and reached $25.4 Billion while sales of solar photovoltaic increased by 30% to reach $20.3 Billion last year. Clean energy industry continued to support sluggish economies worldwide to deal with present crisis.
According to the experts of Clean Edge, rising home prices and inching foreclosure rates are jointly pushing up sales in the global clean energy industry.
Investors too are aggressively pumping money into the companies of alternative energies, several of such companies located in Bay Area. Under present economic conditions, when oil prices going sky high, investment in the clean energy sector is obvious. Today, the crude oil prices have grown over three-fold in past five years, from 2003 to 2007.
Another big reason for spurt in sales of clean energy companies is the threat from global warming. Scientists across the world hold carbon dioxide responsible for rising global temperature. Governments and corporations support, along with rising prices of fossil fuels, are also helping clean energy industry to scale up.
Considering the buoyant growth in the alternative energy industry, Clean Edge predicted that the annual worldwide revenues will touch $254.5 Billion through 2017. Talking about individual sales of wind power, solar industry and fuel cell industry, they are expected to touch $83 Billion, $74 Billion, and 16 Billion respectively by 2017.
According to a research analyst at RNCOS, “The global alternative energy industry is witnessing phenomenal growth because of rising demand for carbon-free energy. Governments from across the world are uniting to combat global warming by supporting clean energy industry. Consequently, it will help to further encourage green energy providers to come forward and expand their currently low market share.”
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