Clean Energy Market to Soar from USD 700 Billion to Over USD 2 Trillion by 2035
The IEA's new report forecasts significant growth in the clean energy market, predicting a rise from USD 700 billion to over USD 2 trillion by 2035, highlighting challenges and opportunities for countries investing in solar, wind, and electric vehicle technologies.
October 30, 2024. By EI News Network
As per the report, the trade in clean technologies is expected to more than triple in the next decade, reaching USD 575 billion. The report says that as countries look to strengthen their supply chains and boost their economies, clean energy technologies are becoming increasingly important. The report focuses on six key technologies: solar panels, wind turbines, electric vehicles, batteries, electrolysers, and heat pumps.
Investment in clean technology manufacturing is on the rise, with countries like China, the European Union, and the United States leading the way to improve energy security and reduce emissions. China's clean technology exports are projected to exceed USD 340 billion by 2035.
Currently, countries in Southeast Asia, Latin America, and Africa make up less than 5 percent of clean technology production. However, the report highlights that these regions have significant potential. Southeast Asia could become a low-cost producer of materials for solar panels, while Brazil in Latin America could increase its wind turbine manufacturing. North Africa may develop into a hub for electric vehicle production, and some sub-Saharan African countries could produce iron using cleaner methods.
IEA Executive Director Fatih Birol emphasised that the growth of clean energy technologies should benefit many economies, not just a few. He noted that with the right partnerships and investments, emerging economies can take advantage of the new energy market.
The report also discusses how expanding trade in clean energy technologies could improve energy supply reliability. Unlike fossil fuels, which must be replenished quickly, clean technologies provide a stable source of energy equipment. However, this shift also brings new energy security challenges, especially concerning important trade routes like the 'Strait of Malacca', which sees a lot of clean energy technology shipments.
Overall, the IEA report serves as an essential guide for governments as they navigate the changing landscape of clean energy manufacturing and trade.
please contact: contact@energetica-india.net.
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