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Driven by its growing role in the fields of electricity and heat generation, WTE technology is expected to reach a market size of $29.98 billion by 2015 at a CAGR of 5.5% from 2010-2015.
During 2010, industry added 16.8 GW of new solar power capacity and by 2016; annual installations are expected to reach 46.7 GW with compounded annual growth rate (CAGR) of 18.7% during 2011 -2016.
The markets representing high growth rate from 2016 to 2021 are China (6.2%), Poland (6%), France (5.4%), South Africa (5.1%), and the U.S. (5%).
Renewable energy includes sources of energy that replenish faster when compared to fossil fuels such as coal and petroleum. The sources of renewable energy are sun, hydro, wind, geothermal, and biofuel. The research is focused towards the segments that are commercially viable and used globally.
The market is further segmented on the basis of applications, which primarily constitute infrastructure, non-residential buildings, and residential buildings. Regionally, the market is segmented by North America, Latin America, Asia-Pacific, Europe, and ROW.
Heat exchangers are integral part of chemical and petrochemical industries. The chemical industry is the largest user of heat exchanger. Apart from the chemical industry, they are widely used in petrochemical and oil & gas industry, power generation, refrigeration, pharmaceuticals, HVAC, food & beverage processing, and pulp paper industry.
The global oil shale market is expected to start generating revenues from 2015. In this year, the market is estimated to be $12.02 billion. The volume produced will increase after 2020 as more countries are expected to begin oil shale production.