Energy Storage, Distributed Generation, Solar, Sourcing Renewables, Wind - March 3, 2016
Advanced energy market is soaring, energy storage growing fast
The U.S. energy storage market grew 12 times larger in 2015 than the prior year, with total revenue reaching $734 million. And that's not all, according to a new report from Advanced Energy Economy.
Excluding revenue from ethanol, U.S. advanced energy revenue grew 10% in 2015, four times faster than U.S. GDP, according to the report, "Advanced Energy Now 2016 Market Report."
"The U.S. advanced energy market is now $200 billion, nearly double the revenue of beer, more than pharmaceutical manufacturing, and approaching wholesale consumer electronics," AEE said in the report.
Other key report findings include:
- Building efficiency is the largest advanced energy market segment, with $63.6 billion in revenue and 50% growth in 2011, counting only products for which AEE has all five years of data.
- The solar segment continues to be a dynamic growth story in the U.S. Even as costs have declined by nearly 50%, revenue from photovoltaic solar reached$22.6 billion, up 21% from 2014 and nearly triple 2011 revenue.
- The wind segment showed strong growth for the second year in a row, continuing to climb back from a low point in 2013 to reach $14.4 billion in 2015, up 75% from last year.
- At $734 million, revenue from the energy storage segment grew 12 times over 2014.
- Revenue from plug-in electric vehicles, or PEVs, in 2015 grew seven times over the 2011 level. At nearly $5 billion, revenue from PEVs in 2015 was nearly half that of hybrids, a more established class of advanced vehicle.