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SOURCE Advanced Energy Economy (AEE)
In U.S., Non-Wind Advanced Energy Grew 14 Percent, 4X U.S. Economy
Wind Energy Buffeted by Inconsistent Federal Tax Policy
Advanced Energy Market is Bigger than Pharmaceutical Manufacturing Worldwide, Equal to the Airline Industry in the U.S.
WASHINGTON, Feb. 19, 2014 /PRNewswire-USNewswire/ -- At $1.1 trillion in estimated global revenue, advanced energy grew at a rate more than double the global economy last year, according to a market report commissioned by Advanced Energy Economy (AEE). In the United States, the advanced energy market excluding wind energy experienced double-digit growth the last two years – outpacing the economy by a factor of four – while wind energy saw a boom and bust in that two-year period due to inconsistent federal policy.
The study, conducted by Navigant Research, found that advanced energy in the United States was a $169 billion market in 2013. Excluding the wind industry, which experienced a drop due to uncertainty regarding the federal Production Tax Credit (PTC), U.S. advanced energy revenue grew 18 percent in 2012 and 14 percent in 2013. Revenue from wind installations jumped from $13 billion in 2011 to $25 billion in 2012, then plunged to $2 billion in 2013. Overall, U.S. advanced energy revenue in 2013 was 27 percent higher than 2011 and down 2 percent from 2012.
In 2013, the global advanced energy market is bigger than pharmaceutical manufacturing worldwide. In the United States, the advanced energy market is as large as the airline industry.
"Advanced energy is a vibrant industry and a vital part of America's economic future. That's what this report shows," said Graham Richard, CEO of the Advanced Energy Economy. "Advanced energy companies are delivering technologies, products, and services across our country and around the world. At AEE, we are committed to bringing together business leaders to help accelerate the progress of their industry."
Advanced Energy Economy is a national association of businesses and business leaders who are making the global energy system more secure, clean and affordable. The report, Advanced Energy Now 2014 Market Report, provides details on the most noteworthy trends in advanced energy:
The full Advanced Energy Now 2014 Market Report is available for download at www.AEE.net. For a graphic presentation of the advanced energy story, and more detail on the seven industry segments and 41 subsegments that constitute advanced energy, go to www.advancedenergynow.net. For more detail on advanced energy, as well as GDP and federal, state, and tax impacts of 2011 and 2012 advanced energy market revenue, see AEE's landmark Economic Impacts of Advanced Energy, published last year.
"Every year, Navigant Research produces dozens of in-depth reports and provides custom research services for leading utilities and companies on the most important trends in clean technology," said Dexter Gauntlett, senior research analyst for Navigant Research. "This advanced energy report brings to bear the knowledge of all our experts to provide the most complete picture possible of this dynamic market. Our analysis shows that advanced energy is a significant sector of the economy in the United States and the world."
"As a nation, we need to seize on the opportunity that advanced energy provides to become more prosperous and energy independent," added AEE's Graham Richard. "That means continued business investment, R&D to spur innovations, and smart government policies at the federal and state level to drive continued growth and job creation."
About Advanced Energy Economy
Advanced Energy Economy is a national association of businesses and business leaders who are making the global energy system more secure, clean and affordable. Advanced energy encompasses a broad range of products and services that constitute the best available technologies for meeting energy needs today and tomorrow. AEE's mission is to transform public policy to enable rapid growth of advanced energy businesses. AEE and its State Partner organizations, which are active in 21 states across the country, represent roughly 1,000 organizations in the advanced energy industry. Visit Advanced Energy Economy online at: www.aee.net.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
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