Solar, Wind, and Fuel Cells to Fuel Economic Growth, Expanding from $9.5 Billion Today to $89 Billion by 2012
Thursday February 20, 8:11 am ET
Free Report from Clean Edge Cites Centralized Clean Energy and Weapons of Mass Salvation Among Top Trends to Watch
SAN FRANCISCO--(BUSINESS WIRE)--Feb. 20, 2003-- Clean Edge, Inc., the Clean-Tech Market Authority, today released its annual "Clean Energy Trends 2003" report, projecting that solar photovoltaics (PV), wind power, and fuel cells will expand from a $9.5 billion market today to $89 billion by 2012. Additionally, Clean Edge released the top five clean-energy trends to watch in 2003 (available for free download at www.cleanedge.com). Top trends to watch include:
1. Clean Energy Gets Centralized -- wind turbines and solar farms
will grow in size and power an entirely new class of renewable
energy "utility." For example, new wind farms are now reaching
utility-scale, with some approaching 300 MW in size.
2. Hydrogen from Solar, Wind, and Biomass -- innovations at
various government and commercial labs are helping scientists
reach the Holy Grail of hydrogen produced from sunlight, wind, and
other clean-energy sources. While still years from
commercialization, multinationals like Honda and startups like
Virent Energy Systems are at the forefront of these efforts.
3. US Develops Weapons of Mass Salvation -- military applications
and funding are helping to build remote clean-energy technologies,
such as micro-fuel cells, for soldiers in the field. Military
procurement could help dramatically lower the costs of
clean-energy technologies, as it has in the past with transistors
and other technologies.
4. Solar PV Breaks Through Price Barrier -- breakthroughs in solar
PV could make a future of "solar without subsidies" a reality by
the end of this decade. Factors contributing to these advances
include mass manufacturing build-out and revolutionary new PV
5. Grid Optimization -- utilities will find new ways to optimize
their existing grids to greatly increase efficiency, dramatically
reducing costs and the need for additional power plants. Smart
software and related technology could also make renewable energy
sources more cost-competitive.
The report also outlines clean-energy investment trends and issues clean-energy revenue projections for 2002-2012. According to Clean Edge research, solar photovoltaics (including modules, system components, and installation) will grow from a $3.5 billion global industry in 2002 to more than $27.5 billion by 2012. Wind power will expand from $5.5 billion in 2002 to approximately $49 billion in 2012. And fuel cells for mobile, stationary, and portable applications will grow from $500 million to $12.5 billion over the next decade.
The report also finds that corporate, public, and private-equity investments in clean energy are faring relatively well in the current economic downturn. "A number of factors including state-based renewable portfolio standards, increased corporate activity, and continued venture capital investments are demonstrating the strength of the clean-energy sector," says Ron Pernick, co-founder of Clean Edge.
"Venture investments in clean-energy technology now represent 2.3 percent of total venture activity, up from just 0.7 percent three years ago," explains Joel Makower, co-founder of Clean Edge. "While total investments are down over the last couple of years, clean energy continues to gain a larger portion of the overall market."
Clean energy technologies -- including solar PV, wind power, biomass, and fuel cells -- offer significant and tangible economic, environmental, and social benefits, according to Clean Edge. These technologies offer solutions to such pressing issues as energy dependence, security issues, resource scarcity, and climate change while creating economic opportunities for entrepreneurs, policymakers, and investors.
To download a free copy of the report, please visit www.cleanedge.com.
About Clean Energy Trends 2003
Clean Edge issues its annual Clean Energy Trends report at the beginning of each year. Past reports have been downloaded by tens of thousands of individuals in government, finance, industry, and the media. Clean Energy Trends 2003 is made possible by the support of its sponsors including Cleantech Venture Network (www.cleantechventure.com), Connecticut Clean Energy Fund (www.ctcleanenergyfund.com), Environmental Entrepreneurs (www.e2.org), Nth Power (www.nthpower.com), and Spark Pr (www.sparkpr.com).
About Clean Edge, Inc.
Clean Edge, Inc., based in the San Francisco Bay Area, is a research and consulting firm that helps companies and investors understand and profit from the clean-tech marketplace. Through its business consulting services, research reports, and industry events, Clean Edge works to build clean-tech companies and markets. Founded in 2000 by environmental and high-tech business pioneers Joel Makower and Ron Pernick, Clean Edge and its network of partners and affiliates offer unparalleled insight and intelligence on clean energy, transportation, and materials.
Clean Edge, Inc.
Ron Pernick, 415/386-8681
Donna Sokolsky, 415/962-8200