European renewable energy market growing

Nov 14, 2006 - UPI

European government promotion of renewable fuels will increase that market's value from $11.39 billion in 2005 to $18.63 billion in 2010, a study said.

The Frost & Sullivan study released Tuesday said that in 2001 European governments decided to set a 2010 target of 22 percent, overall, for the continent's electricity generation to come from renewable energy sources like solar and wind power.

The study noted the wind energy segment is going strong, claiming 69.4 percent of the total renewable energy market in 2005. Companies in this segment have adopted restructuring programs to counter the slowdown in the installed capacity and this move is expected to pay off by 2008.

European wind energy companies are expected to increase sales to Asian nations in the future. The demand from these end users grew by around 40 percent in 2005, driven mainly by the rising requirements of China and India.