Global demand for new renewable energy materials surges
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Among them, the largest market is solar applications (including photovoltaic and heat utilization), and its market value is expected to increase to 13.1 billion U.S. dollars by 2014. The market value in 2009 was 8.3 billion U.S. dollars, with a compound annual growth rate of 9.5%. The second largest market is wind energy utilization. It is estimated that the market value in 2009 will be 33 billion U.S. dollars, and by 2014 it will increase to 3.6 billion U.S. dollars, with an annual growth rate of 1.7%. In addition, the field of geothermal energy utilization will also grow rapidly. The market value is expected to increase from 5.8 million US dollars in 2009 to 14 million US dollars in 2014, with a compound growth rate of approximately 19.3%.
The industry with the fastest growth in demand in the next five years will be small hydropower and marine energy use. The compound annual growth rate will reach 193.6%, and it is expected to grow from 1.1 million USD in 2009 to 241 million USD in 2014.