Renewables market seen leaping by 70% by 2008

The global market for renewable energy technology is expected to soar by 70% over the next three years, according to a new report by McIlvaine. The US-based specialist industry analysis company estimates the market is currently worth $27 billion and expects this to reach $46 billion in 2008.

Low or non-existent fuel costs, pressure to reduce greenhouse gas emissions and concerns over energy security are all driving the market, the authors note. In addition, they say that there have been significant improvements in efficiency for the main renewable technologies at the same time as oil and gas prices have been rising sharply.

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