Solar Wind and Fuel Cells to Fuel Economic Growth
20, 2003 CE|news
Clean Edge, Inc., the Clean-Tech Market Authority, today released its annual "Clean Energy Trends 2003" report, projecting that solar photovoltaics (PV), wind power, and fuel cells will expand from a $9.5 billion market today to $89 billion by 2012. Additionally, Clean Edge released the top five clean-energy trends to watch in 2003 (available for free download at www.cleanedge.com). Top trends to watch include:
The report also outlines clean-energy investment trends and issues clean-energy revenue projections for 2002-2012. According to Clean Edge research, solar photovoltaics (including modules, system components, and installation) will grow from a $3.5 billion global industry in 2002 to more than $27.5 billion by 2012. Wind power will expand from $5.5 billion in 2002 to approximately $49 billion in 2012. And fuel cells for mobile, stationary, and portable applications will grow from $500 million to $12.5 billion over the next decade.
The report also finds that corporate, public, and private-equity investments in clean energy are faring relatively well in the current economic downturn. "A number of factors including state-based renewable portfolio standards, increased corporate activity, and continued venture capital investments are demonstrating the strength of the clean-energy sector," says Ron Pernick, co-founder of Clean Edge.
"Venture investments in clean-energy technology now represent 2.3 percent of total venture activity, up from just 0.7 percent three years ago," explains Joel Makower, co-founder of Clean Edge. "While total investments are down over the last couple of years, clean energy continues to gain a larger portion of the overall market."
Clean energy technologies -- including solar PV, wind power, biomass, and fuel cells -- offer significant and tangible economic, environmental, and social benefits, according to Clean Edge. These technologies offer solutions to such pressing issues as energy dependence, security issues, resource scarcity, and climate change while creating economic opportunities for entrepreneurs, policymakers, and investors.