The International Energy Agency (IEA) has released its “Energy Technology Perspectives 2024” report, forecasting the global clean energy market to reach $2 trillion by 2035.
Key Highlights:
– The market encompasses six key mass-manufactured clean energy technologies: solar PV, wind, electric vehicles (EVs), batteries, electrolyzers, and heat pumps.
– The market grew nearly fourfold between 2015 and 2023, surpassing $700 billion.
– Global investment in clean technology manufacturing rose 50% in 2023 to $235 billion.
manufacturing accounted for 80% of investment, with EV plants accounting for 15%.
According to the IEA, the clean energy market is set to nearly triple by 2035 under current policy settings, approaching the average value of the global crude oil market.
“The surge in clean technology deployment, particularly for EVs, solar PV, and wind, drives this growth,” the Agency stated.
Investment Outlook:
IEA predicts clean technology manufacturing investment to remain near record levels, around $200 billion in 2024.
“Despite recent project cancellations and postponements, manufacturing capacity additions continue to outpace deployment levels,” the report noted.