Global revenue from advanced energy hit $1.3 trillion in 2014, and the U.S. market grew 14%, five times the rate of the overall economy, according to the latest in a series of annual reports published by Advanced Energy Economy.
“The market for innovative energy products and services is now as large as the market for apparel and fashion, and almost four times the size of the semiconductor industry worldwide,” Greentech Media reports. AEE defines “advanced energy” to include seven industry segments, including solar, energy storage, demand response, and natural gas turbines.
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“Building efficiency is currently the largest segment of the U.S. advanced energy market, with revenue of $60.1 billion in 2014,” Pyper writes. “According to AEE data, revenue in building efficiency has grown 43% over the last four years.”
Further industry growth will depend in large part on sound policy, said Advanced Energy Economy CEO Graham Richard. “Making energy tax policy stable, predictable, and technology-neutral so our industry can invest in growth for the long run is very important.” In U.S. states where renewable energy and energy efficiency are under attack, “we see an opportunity to do more discussion in the area of energy efficiency and peak demand management,” he added.