The Advanced Energy Economy Strengthens Global Energy System

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Report: Advanced Energy is a Nearly $1.3 Trillion Global Industry

AEE News, March 10, 2015
Advanced Energy is as Big as Apparel and Almost Four Times Semiconductors Worldwide
  • U.S. market grew 14% in 2014, five times the rate of the U.S. economy overall
  • With nearly $200 billion in revenue, U.S. advanced energy is now bigger than airlines, equal to pharmaceuticals, almost as big as consumer electronics
  • At 15% of the world market, U.S. advanced energy growth in 2014 was driven by solar, wind, natural gas turbines, and building efficiency revenue

size of advanced energy economy us

 

Washington, D.C. – At nearly $1.3 trillion in estimated global revenue for 2014, the market for advanced energy products and services is as large as apparel and fashion and almost four times the size of the semiconductor industry worldwide, according to a report commissioned by Advanced Energy Economy (AEE), a national business association. In the United States, advanced energy market revenue grew 14% last year – five times the rate of the U.S. economy overall – to just under $200 billion, making it bigger than the airline industry, equal to pharmaceuticals, and nearly equal to consumer electronics in this country.

The study, conducted by Navigant Research, found that advanced energy in the United States was an estimated $199.5 billion market in 2014, up 14% from 2013 ($169 billion), and five times the rate of growth of the U.S. economy overall. Areas of growth included solar energy (up 39%) and natural gas generating equipment (48%), in long-anticipated response to lower-priced natural gas supplies. Wind power, which suffered a severe setback in 2013 due to the on-again, off-again federal production tax credit (PTC), rebounded in 2014 with four-fold growth, to $8.2 billion, and a pipeline of projects that could result in revenue rivaling the $25 billion realized in 2012, its biggest year to date.

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