The Advanced Energy Economy analysis of the advanced energy sector shows that the market in the US represents a “significant part” of the nation’s economy, with $132bn in revenue in 2011, and a 19% growth rate estimated for 2012, with US revenue rising to $157bn.
Including direct, indirect, and induced economic activity associated only with the US domestic market, advanced energy added an estimated $145bn to US Gross Domestic Product in 2011, and generated more than $20bn in federal, state and local taxes.
The report notes that global energy consumption is projected to rise nearly 40% by 2030. “Future prosperity depends on meeting this growing demand with energy that is secure, clean and affordable. Just as the internet economy transformed society in unexpected ways, the advanced energy economy has the potential to create dramatic new opportunities for economic growth in the US and around the world,” said Graham Richard, CEO of Advanced Energy Economy, a US business organisation.
“It is time we moved beyond categories like ’clean’ and ’dirty’ and recognise that advanced energy represents the future of energy,” added Hemant Taneja, managing director of General Catalyst Partners and a founder and co-chair of Advanced Energy Economy.
“This report shows that advanced energy has already established a substantial footprint on the world economy and the US industry is a large and growing part of it.”
The study notes that the advanced energy industry consists of seven distinct market segments associated with energy demand (transportation, buildings and industry) and energy supply (fuel production, fuel delivery, electricity generation, and electricity delivery and management).
