A new report for Advanced Energy Economy prepared by Guidehouse Insights shows 2020 US revenue totaled $240 billion
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.
“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.
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.