Clean energy revenue expected to triple in 10 years
WASHINGTON, D.C. - Worldwide markets for clean energy are expanding rapidly, and slated for strong growth over the next decade, according to a new report by energy research firm Clean Edge Inc.
Revenue in biofuels, wind power, solar photovoltaics and fuel cells grew 40 percent in 2007, to $77.3 billion worldwide, according to Portland, Ore.-based Clean Edge.
Clean Edge predicts total revenue for the sectors will more than triple to nearly $255 billion by 2017.
New investment in clean energy development grew 60 percent in 2007, to more than $148 billion worldwide. In the U.S. last year, $2.7 billion in venture capital - almost 10 percent of total venture investing - went to clean energy.
"Clean energy has moved from the margins to the mainstream, and the proof is in these numbers," said Ron Pernick, co-founder of Clean Edge, in a statement.
For the first time, three clean energy technologies passed the $20 billion revenue mark in 2007.
Wind power is the largest of these, with more than $30 billion in revenue. Clean Edge expects wind to remain the biggest sector by revenue, and projects revenue of $83.4 billion for 2017.
Biofuels are the second largest sector, and growing faster than wind power. Wholesale sales of biofuels reached $25.4 billion in 2007, and are projected to be more than $81 billion in 2017. Ethanol dominates the biofuel sector now, with more than 13 billion gallons sold last year, compared with more than 2 billion gallons of biodiesel sold last year.
Solar photovoltaic technology sales were $20.3 billion last year. This is the sector expected to grow the fastest of all, to $74 billion by 2017.
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