Renewable Energy in China, India To Hit $53.0 Billion, $14.4 Billion Respectively by 2016
By 2016 the total renewable energy market in China and India will be $53.0 billion and $14.4 billion respectively, according to the latest issue of EL Insights.
China and India are the world’s two most populous countries. Both have booming economies that are rapidly growing. From 2000 to 2008 China had an average annual GDP growth rate of 10%, and India is expected to have an 8% growth rate this year. This economic growth has propelled China and India as world leaders in the world economy and lifted hundreds of millions out of poverty. With economic growth and improved standards of living for China’s and India’s emerging middle class, has come an increased demand for energy.
While per capita use of the average Indian or Chinese citizen is roughly one-third that of a person from the U.S. or Western Europe, aggregate demand is exceeding that of the Western world. According to the International Energy Agency, China’s demand for energy will grow by 75% from current levels by 2035. Given the nearly 2.3 billion people that reside in these two countries this demand…
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