The clean energy sector is fast becoming one of the USA’s big industries. Vox summarizes the findings of a recent Navigant study on global and national sector growth.
The advanced energy industry is certainly growing globally, with $1.4 trillion in revenue last year. The report also shows that in 2016 the advanced energy sector in the US brought in $200 billion in revenue, which is equal to US pharmaceutical revenues in the same year. Any way you slice it, it’s “YUGE.”
The report also indicates that the building efficiency sector is steadily growing along with the solar photovoltaic sector. Growth in these sectors is promising: innovation helps solve climate and resource issues, and these industries provide job growth. Efficiency helps our economy do more with less energy, and renewable generation sources help provide clean energy for what we need. Given the revenues and job growth in this sector, the current administration can’t ignore the clean energy sector.
Globally, advanced energy brought in $1.4 trillion in revenue last year, which is, the report says, “nearly twice the size of the airline industry, equal to apparel, and close to global spending on media, from newspapers to movies to video games…”
What’s more, the advanced energy industry is growing much faster than the world economy overall (7 percent vs. 3.1 percent).
As of last year, it brought in $200 billion in revenue, which is “nearly double beer sales, equal to domestic pharmaceutical manufacturing, and approaching wholesale consumer electronics.” That’s up 28 percent since 2010. The industry now supports 3.3 million jobs in the US.