The global advanced energy market was worth $1.4 trillion last year, the most ever, according to the Advanced Energy Economy. The research was carried out by Navigant Research on behalf of the organization.
The findings, which were reported upon in Clean Technica, found that the value of the market was twice as big as the airline industry and bigger than the apparel/fashion industry. The advanced energy market grew 8 percent worldwide last year compared to 2014, which is more than three times the rate of the global economy overall, the story said. However, the report found that ethanol revenues dropped 33 percent – from $40.9 billion to $27.3 billion – as oil prices to which they are correlated dropped.
Malcolm Woolf, the AEE’s Senior Vice President for Policy and Government Affairs, told EETV that pent up demand for grid modernization was responsible for the record value of the advanced energy sector.