The future of renewable energy looks very bright. Although energy efficiency will be the main sector in the coming years, wind energy and solar power will see meteoric growth.
The global clean energy market will continue to grow in 2011. According to forecasts by Kachan & Co., a US consulting firm that specializes in green technologies, renewable sources of energy will contribute to the ongoing recovery in 2011 and the ongoing recovery will contribute to the growth of renewables.
Energy efficiency, including smart grid technologies, will lead clean technologies in 2011. Energy efficiency investments in the US and Europe, as well as in some large emerging countries will drive this growth in 2011. Even Russia has recently launched an ambitious energy efficiency plan.
Growth forecasts of renewable energy production in 2011 are attributable to several factors. While concerns about the environment and the effects of climate change are driving the growth of renewables, they are secondary concerns. The primary factor driving the growth of renewables in 2011 is the ongoing recovery of the global economy. The recovery increases demand for oil and this increases the price of a barrel of crude, which in turn will make renewables more cost competitive.
China became the leader in renewable energy in 2010 and will widen the gap with other major countries in 2011. The Chinese market for clean technologies may be the largest and fastest growing in the world, however, there are also significant opportunities for companies in the West.
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