Advanced Energy Economy (AEE) Releases Annual Report on Advanced Energy Growth
Last week the Advanced Energy Economy (AEE) released its fourth annual Advanced Energy Now Market Report, which highlighted the spectacular growth in advanced energy over the last five years both globally and in the United States. Advanced energy is now a record $1.4 billion worldwide industry following a growth of 17 percent since 2011. An 8 percent increase from 2014 to 2015 was more than three times the rate of the global economy overall. Domestically, advanced energy has grown an astonishing 29 percent over the last five years and now represents a $200 billion market. For more details on the report and the findings on specific sectors in the U.S. market, read on!
Although overall growth in the U.S. looks insignificant at only 1 percent from 2014 to 2015, the advanced energy market grew at a rate of 10 percent if ethanol and the effects of low oil prices are discounted. At $200 billion, the U.S. advanced energy market is now larger than pharmaceutical manufacturing and nearly double the revenue from beer sales. Touching upon this growth, AEE CEO Graham Richard remarked, “Advanced energy has made stunning progress over the past five years, reaching new heights both globally and in the U.S. This vital industry is making the energy we use more secure, clean, and affordable, while creating economic growth.”
Revenues across the multiple sectors of the U.S. advanced energy market have also skyrocketed. The largest advanced energy market segment, building efficiency now accounts for $63.6 billion in revenue and grew 11 percent from last year and 50 percent since 2011. Elsewhere, solar PV revenue increased 21 percent from last year and nearly tripled over the last 5 years to $22.6 billion, while wind revenue reached $8.2 in revenue after an increase of 75 percent from 2014 to 2015. Energy storage grew an astonishing 12 times over last year and is predicted to grow faster than renewable generation as it approaches 10 GW by 2020. These upward trends paint a positive picture for the future of advanced energy domestically and across the globe.