Navigant Research Blog

Clean Energy: A $2 Trillion Market through 2018

Dexter Gauntlett — February 9, 2013

The Pew Research Center recently published a report that leverages Pike Research market forecasts across six major clean energy industries: solar photovoltaics, wind power (onshore and offshore), biomass power, concentrated solar power, and marine and hydrokinetic energy.  In that report, Innovate, Manufacture, Compete, we forecast that revenue in these leading clean energy sectors worldwide will total $1.9 trillion from 2012 to 2018.

We cover all of these industries in depth in our Smart Energy practice market research reports – and it’s interesting to see them lined up together as they appear in Figure 6 of the Pew report.  In total, the market for these seven core industries is projected to grow from $200 billion in 2012 to about $327 billion a year in 2018, representing $1.9 trillion in cumulative revenues.  During this time, the total capacity of worldwide installations is expected to grow from 80 gigawatts (GW) in 2012 to 192 GW annually in 2018.

The numbers speak for themselves, and we used a conservative approach in arriving at them.  We are already seeing leading industries, such as wind power, beat expectations in many countries. As countries and states inch closer to their target dates for the various renewable energy mandates, clean energy deployment is poised to continue to grow throughout the decade.

Source: Pew Research Center

(Source: Pew Research Center)

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