March 28, 2008—Global clean-energy markets are expanding rapidly, with revenues from biofuels, wind power, solar photovoltaics, and fuel cells up 40% from $55 billion in 2006 to $77.3 billion in 2007, according to a report recently released by Clean Edge. The four sectors are projected to more than triple over the next decade, growing to $254.5 billion by 2017, according to the report.
The Clean Energy Trends 2008 (.pdf file) report finds that for the first time three clean-energy technologies each surpassed $20 billion in revenue –biofuels, solar photovoltaics, and wind power, which reached $30.1 billion and a record 20,000 megawatts (MW).
The report looks ahead ten years and predicts that global installed solar photovoltaic capacity will increase eightfold, global wind power capacity will nearly quadruple, and biofuel production will nearly triple. It projects a tripling of the three clean energy markets by 2017, with the largest growth rate in the fuel cell and distributed hydrogen market.
The report also highlights five major trends impacting the markets this year, including the growing participation of overseas companies in the US wind power market; a renaissance for geothermal energy; the launch of new electric vehicles by relatively small startup companies rather than the large automakers; the use of new, clean technologies for oceangoing ships; and the design and construction of entirely new sustainable cities, such as the nascent Masdar City in the UAE.
