The combined global market size for the top six mass manufactured clean energy technologies is expected to exceed $2 trillion by 2035.
Titled Energy Technology Perspectives 2024 (ETP 2024), the report focuses on the global outlook for solar PV, wind turbines, electric cars, batteries, electrolysers and heat pumps.
While China, the EU and the USA are expected to build on their established strong positions in the sector, ETP 2024 also highlights key growth opportunities for countries in Southeast Asia, Latin America and Africa, which currently account for less than 5% of the value generated from producing clean technologies.
For example, North Africa “has the ingredients” to become an EV manufacturing hub and Brazil has potential to scale up wind turbine manufacturing and export.
The IEA describes ETP 2024 as a “first-of-its-kind analytical framework for policymakers” navigating the complex landscape of clean energy manufacturing and trade.
“Clean energy transitions present a major economic opportunity”, said IEA Executive Director Fatih Birol, who added that it is crucial that governments also implement measures to encourage competition and innovation while progressing towards energy and climate goals.
Reaching the $2 trillion marker would require a compound annual growth rate (CAGR) of over 9% from 2023.
Clean energy tech is therefore expected to grow at a much faster rate over the next decade than the global oil and gas industry, which is expected to grow at a CAGR of 3.68% between 2024-2031.
The IEA is an intergovernmental organization that provides policy recommendations and analysis on the global energy sector.
