Clean Tech Big Three Shoot Past $20B
by
Justin Moresco
on
11 March 2008, 13:23
Categories:
General news
-
Cleantech
Topics:
Clean Edge
,
Ron Pernick
,
biofuels
,
wind power
,
Solar PV
Three clean-tech sectors—biofuels, wind power, and solar photovoltaics—surpassed $20 billion in global revenue last year, and each is expected to at least double within 10 years, according to a report released on Tuesday.
Global production and wholesale pricing of biofuels reached $25.4 billion in 2007 and is projected to hit $81.1 billion by 2017, based on the findings of the clean-tech research firm Clean Edge. The San Francisco-based group said wind power is expected to grow from $30.1 billion in 2007 to $83.4 billion in 2017.
Solar photovolataics—including modules, system components, and installation—totaled $20.3 billion last year and is forecast to more than triple to $74 billion by 2017.
Clean Edge also predicts the fuel cell and distributed hydrogen market will grow from $1.5 billion to $16 billion over the next decade.
But the growth of these clean-tech sectors has been aided by tax incentives and subsidies, and their continued success depends on them.
“It should not be surprising that clean energy requires regulatory and incentive support. It is the same for fossil fuel industries,” said Clean Edge principal Ron Pernick.
He said sustained support would help clean-tech industries mature, create jobs, and eventually drive down costs to be competitive with fossil fuel energy without subsidies or tax breaks.
The annual report, Clean Energy Trends, is available for free on the firm’s web site.