By Faridat Salifu
The global market for clean energy technologies may triple over the next decade, the International Energy Agency (IEA) has revealed.
The global agency said in a report that the market, which stood at $700 billion in 2023, is projected to rise to $2 trillion in 2035.
The report, released on Wednesday October 30, 2024, highlights a significant growth in the trade of technologies like photovoltaics, wind turbines, electric vehicles, batteries, and heat pumps, with expectations for this sector to more than triple in value over the next decade, reaching $575 billion.
“The market for clean technologies is on a trajectory to multiply in value, increasingly falling in line with fossil fuel markets,” the IEA Executive Director, Fatih Birol, said in the report.
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The agency reports that as nations strive to establish their positions in the evolving energy economy, the interconnections among energy, industry, and trade become increasingly significant.
While governments face complex decisions ahead, the report provides a robust, data-driven foundation to guide these choices.
The report advised countries to prioritize enhancing energy security, maintaining economic competitiveness, and reducing emissions.
The report also indicated that investments are primarily concentrated in regions that have already made substantial advancements in the clean energy sector, notably including China, the European Union, the United States, and increasingly, India.
The IEA report asserts that China will remain the leading global hub for clean energy technology production for the foreseeable future, despite efforts by the EU and the United States in that direction.
