Today, Advanced Energy Economy (AEE) released its Advanced Energy Now 2017 Market Report, highlighting key trends in advanced energy growth, and showcasing the $1.4 trillion in global advanced energy revenue seen in 2016. As the report notes, “advanced energy is bigger than ever” and shows no signs of slowing down. Advanced energy – defined by AEE as “a broad range of technologies, products, and services that constitute the best available technologies for meeting energy needs today and tomorrow” – has grown by 28 percent in the U.S. since 2011.
Other facts highlight the significant growth in advanced energy in 2016:
• Notably, revenue in U.S. building efficiency products and services, grew by 8%, or $5 billion – led by energy efficient lighting and commercial building retrofits, both up 7% reaching $26.4 billion and $8.4 billion, respectively.
• Advanced electricity generation was up $3.9 billion, led by solar PV, which capped off five years of growth with a 30% surge, to $24.9 billion.
• Natural gas turbine revenue was down 12%, but natural gas remains the number one source of electricity generation in the U.S. at 34%.
• Wind energy stayed constant at $14.1 billion in revenue, and Rhode Island has taken the first steps towards off-shore wind.
• Combined heat and power generation saw $29.1 billion in revenue.
• The energy storage market grew 54% in 2016, up to $427 million.
• Sales of fuel cells for onsite power jumped 21% to $373 million.
• Plug-in electric vehicles revenue has grown tenfold over the last five years, up to $7.8 billion.
• The advanced energy economy supports over 3 million U.S. jobs.
The report, produced with Navigant Research, covers seven areas of advanced energy: building efficiency, electricity delivery and management, transportation, fuel production, industry, fuel delivery, and electricity generation. Each section highlights the market growth and impact of these sectors, indicating the huge impact advanced technology has on the US economy.
AEE’s report doubles down on the message of the 2017 Sustainable Energy in America Factbook, released last month with Bloomberg New Energy Finance; America’s energy transformation towards cleaner, more sustainable sources is well underway. The Factbook shows that, in addition to the exciting growth in the advanced energy economy, the U.S. economy is growing, prices are falling, and clean energy is supporting millions of jobs.
Get the Full AEE Market Report At: http://info.aee.net/aen-2017-market-report