Clean Energy Trends 2010 report from the Clean Edge Inc. research firm shows strong growth for Renewable and Alternative Energy in 2009, despite the raging recession worldwide.
Driven by government stimulus funding, globally business and governments spent $63.5 billion on wind farms and turbines last year, up 23.5 percent from 2008. The global biofuel market rose 29 percent, hitting $44.9 billion
However solar revenues declined in 2009, as surging manufacturing capacity (especially in China) dropped the price of solar panels. Combined global revenues for photovoltaic companies fell 20.3 percent to $30.7 billion, the first drop since Clean Edge began tracking solar sales in 2000.
According to the report, about $100 billion of the $787 billion US stimulus package is being devoted to clean energy. The stimulus program has helped get large US renewable power projects launched, as it offers companies grants worth up to 30 percent of each project's total cost.
China is spending $440 billion to $660 billion on the industry in the next 10 years, in a state-sanctioned bid to be the dominant player in green technology.
The report estimates that by 2019, the global biofuel market will top $112.5 billion. Wind power revenue could reach $114.5 billion, while solar hits $98.9 billion.