As per Lucintel’s estimates the wind energy market is expected to reach $108 billion, the solar photovoltaic (PV) market $101 billion and the solar thermal market to $17 billion by 2016.
Investment in renewable energy calls for a proper analysis, therefore Lucintel has performed a analysis of the global wind and solar energy markets and has published a comprehensive research report, “Benchmarking of Wind with Solar Energy 2011-2016: Cost, Profit and Opportunity Benchmarking”.
As per the study, the cost of generating electricity from wind is low as compare to solar PV and solar thermal. Its low levelized cost gives it a competitive advantage over solar PV and solar thermal. The low capital cost of wind energy further enhances its competitive advantage over solar PV and solar thermal.
Typically, the return on investment of wind energy is about 9%, while the ROI of solar PV and solar thermal are both about 8%. Generally, investors will require an ROI of 8% or higher if they are investing in an idea/product. The average internal rate of return for wind energy of 11% also surpasses that of solar energy. Increasing energy consumption, together with government support, will drive renewable energy growth, resulting in a sound future for renewable energy sources.
Lucintel’s report makes a detailed assessment of the renewable energy industry offering the client a better understanding of the market’s current trends and forecasts. Apart from covering the profit and risk analysis of generating power from these renewable energy sources, the report also benchmarks installation and operational costs of solar and wind energy.