Venture capitalists expect investment in green technology to show the most rapid growth in the coming years, according to the annual Global Trends survey by Deloitte Research and the National Venture Capital Association (NVCA).

Over 60% of the 725 venture capitalists surveyed said they expected investments in green tech to increase over the next three years. They also expect growth in medical devices. In contrast, interest in more established sectors like semiconductors and software is expected to wane.

"The venture capital industry will evolve significantly in the next few years as the asset class responds to a Darwinian contraction resulting from the recession, the rise of innovative industry sectors such as clean technology and the continued interest in venture capital outside the United States," said Mark Heesen, president of the NVCA."

The report also found that investors expect greater investment in the second half of 2009 than was seen in the first.

The report also touches on some of the difficulties attached to green tech investment. Energy companies, for example, often need significant sums of money to commercialize their technologies. The millions (sometimes hundreds of millions) invested in solar and biofuel companies is far in excess of the amount typically required by an IT or social-networking company.

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Deloitte & NVCA Report: Global Trends In Venture Capital [1] (PDF)