Advanced energy is a global market worth $1 trillion and growing
- 16 January 2013
NEW YORK: A new report shows that ‘advanced energy’, which includes clean energy, represents a US$1.1 trillion global market.
The report, Economics Impacts of Advanced Energy by non-profit Advanced Energy Economy Institute and Pike Research, found that the global advanced energy market was worth US$1.1 trillion in 2011 – a figure which overshadows major global markets such as logistics and pharmaceuticals.
The analysis shows the US advanced energy market boasted a revenue of US$132 billion in 2011, with a 19% growth rate expected for 2012.
As defined in the report, advanced energy covers a broad range of next-generation technologies and businesses that are classified by their ability to make energy more secure, clean and affordable.
Split into several segments around demand and supply, the electricity generation category of advanced energy includes hydropower, solar, wind, geothermal, marine, waste and biomass energy.
This report is the first attempt to document the industry and is considered to be a conservative breakdown. Graham Richard, CEO of Advanced Energy Economy said: “Advanced energy is what happens when energy meets 21st Century technologies. This report defines precisely, for the first time, the size, breadth, and scope of the advanced energy industry. With a $1 trillion global market and a US industry that is already bigger by revenue than trucking, advanced energy is a significant contributor to the economy today and has greater potential for tomorrow.”
Amy Davidsen, US Director, The Climate Group said: "People don't always appreciate the size of the advanced energy industry in the US. As this report shows, we're not talking about a niche sector, but one that makes a major contribution to the US economy today, while offering great potential for growth in the near future."
By Clare Saxon