WASHINGTON, D.C.: A report from the U.S. Commerce Department's International Trade Administration (ITA), says the global renewable energy sector will receive $7 trillion of private-sector investment by 2030.
Despite some "short-term challenges", growth is expected in each renewable energy subsector, including wind, solar, geothermal, biomass, hydropower, and renewable fuels – albeit at different rates.
The ITA says Canada, China, Brazil, Chile, and Mexico will be the top five markets for U.S. renewable energy exports during the next two years, and the wind sector is expected to overtake solar as the largest exporter of renewable energy products. Rounding out the top 10 growth markets are the U.K., Nigeria, Belgium, Peru and the Philippines.
The report analysis suggests wind will account for nearly 32 percent of all renewable U.S. energy exports through 2015, followed by ethanol (27 percent) solar (19 percent), hydropower (14 percent), biomass pellets (7.0 percent), and geothermal (2.0 percent).
When all subsectors are combined, the top 10 markets are expected to account for 75 percent of all U.S. renewable energy exports through 2015 with the top 30 markets accounting for nearly 96 percent of all exports. The ITA expects Canada to account for 32 percent of all U.S. exports, highlighting the importance of its growing renewable energy market and geographic proximity.
However the administration warns that protectionist policies requiring local content requirements and high tariffs continue to limit demand for U.S. products in India, South Africa, Brazil, and Saudi Arabia.
Ken Hyatt, acting under secretary of Commerce for International Trade commented:[The] release of the Top Markets Report is an important part of ITA's continued efforts to help American companies understand global opportunities and connect more sellers of critical renewable energy and energy efficiency products and services to global buyers."