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Global clean energy market forecast to double in next decade

Date
13 March 2013
Global clean energy market forecast to double in next decade

LONDON: The latest annual report by Clean Edge, confirms that 2012 was a record year for global clean energy deployment and forecasts the market to double in the next decade.

The report, Clean Energy Trends 2013, shows 2012 was a record year for clean energy deployment due to lower prices of goods and services.

Wind energy led the way, with new wind installation capital costs growing US$2.3 billion in one year to hit US$73.8 billion in 2012. Solar energy and biofuels also saw a spike in global installations.

Combined revenue for solar, wind and biofuels increased by 1%, reaching US$248.7 billion in 2012.

The report states that clean energy growth is set to continue, as its authors estimate global markets for wind, solar and biofuel will almost double in total value to US$426.1 billion by 2022, up from last year’s total of US$248.7 billion.

Clean Edge researchers highlight five big trends that will define 2013’s clean energy growth:

  • Smart devices and big data will ‘empower customers’ and accelerate energy efficiency
  • Technology for micro-hybrid vehicles will improve, further driving fuel savings
  • Distributed solar financing from consumers will begin to mature
  • Increase in geothermal power, especially in the US
  • ‘Biomimicry’ technology will be adapted for clean energy

Ron Pernick, co-founder and managing director, Clean Edge, said: "2012 was a year of extreme uncertainty for clean energy markets. […] But a key lesson emerged from last year - the focus for investors and industry for the near- to mid-term will be on deployment."

Damian Ryan, Senior Policy Manager, The Climate Group said: “This report adds to the growing weight of evidence that clean technology and investment in it is now firmly mainstream. But it would be wrong to assume that just because costs continue to decline that large scale deployment of clean energy technologies will occur on their own. Governments still need to ensure the right investment environments are created, for example, by pricing carbon and setting clear targets for renewable energy. These measures provide the certainty and incentives that are needed to drive transformational rather than incremental change in our energy systems”.

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By Clare Saxon