Revenue for Advanced Energy Continues to Soar

As the Biden administration moves forward with a significant economic recovery infrastructure bill, and state leaders consider numerous bills related to technology solutions, a new report shows the advanced energy sector is poised to drive economic recovery, job creation, and US competitiveness.

The Advanced Energy Economy’s (AEE’s) 2021 Advanced Energy Now Market Report, prepared by Guidehouse Insights, highlights growth trends across the energy industry in the US and globally. The report shows that in 2020, advanced energy revenue reached $1.4 trillion worldwide, with the US market totaling $240 billion.

“Despite the headwinds and challenges of 2020, the advanced energy market demonstrated remarkable resilience and growth, with key segments booming,” said Nat Kreamer, CEO of AEE. “These technologies and services are core parts of today’s economy and positioned to drive our nation’s economic recovery, creating jobs, and lasting solutions to our nation’s energy needs.”

The report, which draws on more than 60 Guidehouse Insights studies, also found that:

• Building efficiency remained the largest segment of US advanced energy revenue with a total of $94.5 billion in revenue, up 5% in 2020, but lower than its 9% growth in 2019, largely due to COVID-19.
• Advanced transportation saw both the largest revenue increase ($5.1 billion) and the biggest growth year over year (16%). Leading this growth was revenue from plug-in electric vehicles (PEVs), up 19% from 2019, to $19.7 billion.
• Electricity delivery and management revenue grew by just over 10% to $22.2 billion in 2020, led by energy storage, up by a whopping 139%.
• Advanced electricity generation revenue also showed impressive growth in the face of COVID-19, up 10% in 2020 to $39.8 billion. Growth in 2020 was principally a function of wind, which grew 32% in a record year of deployment, following an 18% increase in 2019.