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Worldwide, Advanced Energy Growth Overperforms in 2020

Since the industrial revolution, energy has been the engine of economic growth. With a new generation of energy technologies now reaching maturity, the advanced energy economy is taking over and fast. Since 2011, global advanced energy revenue has risen at a Compound Annual Growth Rate of 6%.

This data comes from our friends at Advanced Energy Economy (AEE), and its annual Advanced Energy Now 2021 Market Report that was released in late March. The report looks at the revenue growth from state-of-the-art technologies for building efficiency, electricity delivery and management, transportation, fuel production and delivery, industry, and electricity generation.

In 2020, a year in which all major economies were ground to a halt during the onset of the COVID-19 pandemic, the total global revenue for advanced energy still topped $1.4 trillion, a 2.5% increase over the year prior.

AEE’s look at the power sector reports that both measures of the advanced electricity sector revenue, delivery and management and generation, grew 10%. Energy storage had the biggest revenue increase, up 139%. Other sectors with high growth were wind power, up 32% with record installations, and plug-in electric vehicles, up 19%.

In the United States, the American advanced energy economy[1] grew 8% in 2020, despite overall economic contraction. This adds to evidence from the 2021 Sustainable Energy in America Factbook that the energy transformation is on a resilient growth trajectory. U.S. advanced electricity generation revenues grew 10% in 2020, while worldwide revenues were flat, pointing to the maturity of the domestic market for clean energy.

Read the full report at https://info.aee.net/aen-2021-market-report.

[1] Excluding ethanol which saw decreased revenue due to lower travel.