Revenues from clean energy will grow to $226.5 billion in the next decade, up from $55.4 billion last year, according to Clean Edge. In its annual report on clean energy, the US-based cleantech consultancy said that the market for biofuels, wind power, solar photovoltaics (PV), fuel cells and hydrogen grew 39% in the last year, and is expected to quadruple by 2016.
Much of this growth will come from the biofuels sector, which it expects to expand from a $20.5 billion business in 2006 to an $80.9 billion a year business in 2016.
Solar power revenues are also set to grow to $69.3 billion from $15.6 billion over the same period, with wind expanding more slowly from $17.9 billion to $60.8 billion. Revenues from fuel cells will also rise from $1.4 billion in 2006 to $15.6 billion in 2016, the report projects.
Ron Pernick, a principle at Clean Edge, said that one of the factors behind last year's growth was the growing acceptance of the science of climate change. "The most ardent nay-sayers began to change their tune," he said.
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