The industry ministry is set to help Japanese companies regain their competitiveness in the global renewable energy industry, which is expected to grow nearly threefold to about 86 trillion yen ($1.1 trillion) in 2020.
The industry ministry is set to help Japanese companies regain their competitiveness in the global renewable energy industry, which is expected to grow nearly threefold to about 86 trillion yen ($1.1 trillion) in 2020.
The ministry's estimate represents more than half of the projected figure for auto industries worldwide, about 151 trillion yen, the same year.
While the share of Japanese companies has been declining in the world market for devices and equipment of renewable energy, shares captured by their rivals in China and elsewhere are sharply increasing.
The Ministry of Economy, Trade and Industry's study panel on renewable energy industries will incorporate the estimate on global growth in a report to be compiled this month.
The panel commissioned a private company to study the global market for renewable energy sources with great growth potential.
Such sources include wind power, solar light and heat, fuel cells and rechargeable batteries.
The current global market for renewable energy industries is worth about 30 trillion yen.
The panel concluded that renewable energy sources will grow because many countries are scrambling to introduce incentive programs, such as the "feed-in tariff system" on renewable energy, to promote the growth of the environmentally friendly technologies.