The three previously mentioned technologies saw a 1% increase in revenue, generating $249bn by the end of 2012. As entire countries are making decarbonisation a reality, renewable’s market share in the global energy market also saw a huge jeep – from 1.1% in 2011 to 19% twelve months later.
However, the revenue growth in the sector seemed flat this year in Clean Edge’s report, as the cost of producing solar panels plummeted.
“We always knew each doubling of [solar PV] installation would reduce prices about 18%,” said Clean Edge founder, Ron Pernick. Explaining further, Pernick said that solar is expanding rapidly – more rapidly than they could have hoped. The solar sector has doubled in size once in every one or two years since 2000. Whilst installations grew to 31GW of actively productive photovoltaic cells in 2012, revenue was down 19%.