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Global clean energy technologies are expected to triple the size of the global market, surpassing 2 trillion dollars in the next 10 years due to the acceleration of energy transition worldwide.
According to the International Energy Agency's (IEA) Energy Technology Perspectives 2024 (ETP 2024) report, the current market size of clean energy technologies such as solar and wind energy, electric vehicles, batteries, and heat pumps is around 700 billion dollars. MARKET SIZE WILL EXCEED 2 TRILLIONThe clean energy transition is expected to push this market to exceed 2 trillion dollars by 2035. This figure corresponds to a level close to the size of the global crude oil market in recent years. It is also estimated that the trade of clean energy technologies worldwide will increase more than threefold within 10 years, reaching 570 billion dollars. This size is calculated to be 50% more than today's global natural gas trade.
GREAT OPPORTUNITIES IN CLEAN ENERGYAccording to the International Energy Agency, the rapid adoption of clean energy technologies presents significant opportunities for countries looking to produce and trade these technologies, but it also creates challenging decisions for governments based on the industrial and trade policies they prefer to follow. In this context, the growth of the global clean energy technologies market has been driven by a record wave of investment in the production of clean energy technologies, as countries strive to strengthen their energy security, maintain their economic superiority, and reduce their emissions. Most of these expenditures are concentrated in countries and regions that have already established a strong position in the sector and are trying to strengthen it. CHINA MAY LEAD IN THIS FIELDChina, the European Union (EU), the USA, and increasingly India are standing out among these regions. However, despite the strong impact of incentive programs in the USA, EU, and India, China is expected to continue to be the world's production center for clean energy technologies in the foreseeable future. According to current policy regulations, China's clean energy technology exports are expected to exceed 340 billion dollars by 2035, which is equivalent to the total oil export revenue of Saudi Arabia and the United Arab Emirates this year.
IEA President Fatih Birol stated in his assessment of the report that the clean energy technologies market will grow rapidly in the next 10 years and catch up with the fossil fuel market, saying, "As countries try to define their roles in the new energy economy, the three vital policy areas of energy, industry, and trade are becoming increasingly intertwined. This situation leaves governments facing difficult and complex decisions in the future. As highlighted in the report, the clean energy transition presents a significant economic opportunity, and countries are rightly trying to take advantage of it. However, governments should also strive to develop measures that promote continuous competition, innovation, and cost reductions, in addition to making progress on energy and climate goals." He emphasized that the growth in the production and trade of clean energy technologies should benefit not just a few economies, but many economies.
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