A study conducted by Navigant Research for Advanced Energy Economy, a business association that promotes alternative energy, claims ‘advanced’ energy sources produced $1.1 trillion in revenue globally last year and grew at more than twice the rate of the world economy.
Advanced energy, in this context, includes non-fossil energy generation, energy-efficient buildings, alternative fuels and next-generation transportation.
Advanced energy in the U.S. was a $169 billion market in 2013, according to the report. The only blot was the wind power sector, which experienced a drop due to uncertainty regarding the federal production tax credit. The U.S. share of the global advanced energy market was 15% in 2013, up from 11% in 2011.
Excluding the wind industry, U.S. advanced energy revenue grew 18% in 2012 and 14% in 2013, the report says. Overall, U.S. advanced energy revenue in 2013 was 27% higher than in 2011 but down 2% from 2012. U.S. solar photovoltaic revenue grew steadily over this two-year period – up 27% in 2012 and 54% in 2013. Two-year growth was 97%, from $8.2 billion to $16.2 billion.
Revenue from wind installations grew from $13 billion in 2011 to $25 billion in 2012, then fell to $2 billion in 2013.
The full market report is available here.