On March 25th, 2021, national business group Advanced Energy Economy (AEE) announced that total revenue for advanced energy worldwide reached $1.4 trillion in 2020, growing by 2.5% over 2019, following 7% growth in the year prior. The U.S. advanced energy market hit $240 billion in revenue, down 2%, on par with the U.S. GDP decline, after growing 18% in 2019. Excluding the impact of volatility in ethanol (a subsegment of Advanced Fuels), U.S. advanced energy revenue grew about 8% in both 2020 and 2019.
These findings, along with details by market segment, are found in the Advanced Energy Now 2021 Market Report produced by Guidehouse Insights (formerly Navigant Research) for AEE. The 2021 edition covers global and U.S. revenue for the industry annually from 2011 to 2020, showing compound annual growth rates (CAGR) of 6% globally, 5% for U.S. advanced energy over that time period.
- Building efficiency is now a $94.5 billion industry in the US with steady growth since 2011
- Building efficiency makes up the largest segment of U.S. advanced energy revenue. During 2020, revenue increased at a rate of 5% with energy efficient lighting leading the industry
- Electricity delivery and management held strong during the Covid crisis, with U.S. segment growth increasing 10%
- Energy storage grew a whopping 139% to reach $1.6 billion in revenue, while advanced metering infrastructure remained steady
- Advanced energy revenue reached $1.4 trillion worldwide in 2020. That’s up 2.5% from 2019 despite major setbacks from Covid-19