A new report has found that total revenue for the global advanced energy market was a record $1.4 trillion in 2015.
The report, Advanced Energy Now 2016 Market Report, was authored by Navigant Research for the Advanced Energy Economy (AEE) business group, an association of business leaders dedicated to advanced energy — which includes energy efficiency, demand response, natural gas electric generation, solar, wind, hydro, nuclear, electric vehicles, biofuels, and the smart grid.
According to Graham Richard, CEO of Advanced Energy Economy, “advanced energy is a thriving industry made up of a wide variety of businesses delivering all sorts of products to utilities, businesses, and consumers.”
As a whole, the global advanced energy market reached a record $1.4 trillion in 2015, making it twice as big as the airline industry, bigger also than the apparel/fashion industry, and making its way towards surpassing the media and entertainment industry. The advanced energy market revenue grew by 8% over 2014 figures, more than three times the rate of the global economy overall.
For the US specifically, the advanced energy sector hit $200 billion, nearly double the country’s beer market, and larger than the country’s pharmaceutical manufacturing market — which has to tell you something. US advanced energy revenue grew by 1% over 2014 figures.
“Advanced energy has made stunning progress over the past five years, reaching new heights both globally and in the U.S.,” said Graham Richard. “This vital industry is making the energy we use more secure, clean, and affordable, while creating economic growth. AEE and its business members are committed to accelerating this progress by working with state and federal policymakers, as well as the customers who are demanding advanced energy options.”