In 2015, the global advanced energy market grew to a record $1.4 trillion in revenue, according to a report produced by Navigant Research for the Advanced Energy Economy. This is twice as big as the global airline industry, bigger than apparel/fashion, and approaching worldwide spending on media and entertainment. The U.S. advanced energy market hit $200 billion, nearly double the nation’s beer market, larger than pharmaceutical manufacturing, and closing in on wholesale consumer electronics.
Advanced energy revenue grew 8 percent worldwide in 2015 over 2014, more than three times the rate of the global economy overall. U.S. advanced energy revenue grew 1 percent over 2014, impacted by persistent low oil prices in 2015.
Without counting ethanol, the U.S. advanced energy market grew at a 10 percent rate in 2015, or four times the growth of U.S. GDP.
Specifically in the U.S. market:
- Representing 30 percent of total U.S. advanced energy revenue in 2015, Building Efficiency led all segments for the second year in a row, reaching $63.6 billion, up nearly 11 percent over 2014.
- Electricity Generation was the second largest advanced energy segment, at $52.3 billion in 2015, and also experienced the second largest year-on-year growth, at 18 percent.
- Solar PV was up 21 percent, to $22.6 billion.
- Wind was up 75 percent, reaching revenue of $8.2 billion.
- Gas turbine revenue was up 14 percent, to $10.5 billion, in 2015.
- Following global trends, U.S. Electricity Delivery and Management experienced the largest year-over-year growth, 24 percent, reaching $18.2 billion in 2015, led by Transmission
- Reductions were seen in Fuel Delivery (down 31 percent), Transportation (down 9 percent), and Fuel Production, which was down 28 percent, primarily due to lower prices for ethanol, which track gasoline prices.
- Sales of hybrid vehicles were also impacted by low gasoline prices, while revenue from Plug-in Electric Vehicles still continued to grow, reaching $4.9 billion in 2015.
These findings, along with analysis by market segment, are found in the annual Advanced Energy Now 2016 Market Report.