A research report from HSBC predicts that the low-carbon energy market will treble in size over the next decade to reach $2.2 trillion by 2020.
At the very least, mounting pressure on resources as a result of growth in emerging economies will drive low-carbon energy and energy efficiency technologies to double to $1.5 trillion by 2020.
But higher growth rates of 7-11% a year are more likely over the coming years, indicates the report.
The report, Sizing the climate economy, suggests that the electric vehicle market will benefit the most, growing to 20-times its current size – $473 billion – by 2020.
In fact, the efficiency sector covering technologies like insulation and electric or hybrid vehicles is expected to overtake low-carbon energy technologies such as wind, solar and nuclear power.
And that market is likely to grow most quickly in China, where HSBC expects targets for clean energy to be exceeded.
The report predicts that China will overtake the US, where only limited growth in clean energy is expected, behind only the EU, which has stringent energy efficiency and clean energy targets.
EU reaches 10% renewables, while global investment grows (16-Jul)
IEA reports first signs of “energy technology revolution” (6-Jul)
Europe predicts strong year ahead for wind market (15-Jun)
UK low-carbon market bucks trends to reach £112 billion in 2009 (12-Mar)
US green building sector to contribute $554 billion to economy by 2013 (13-Nov 2009)
07 September 2010