The global market for key clean technologies set to triple to more than $2tr over the coming decade as energy transitions advance according to the IEA.

Energy Technology Perspectives 2024 (ETP-2024), the latest instalment of the IEA’s flagship technology publication, focuses on the outlook for the top six mass-manufactured clean energy technologies: solar PV, wind turbines, electric cars, batteries, electrolysers and heat pumps.

Based on today’s policy settings, the global market for these technologies is set to rise from $700bn in 2023 to more than $2tr by 2035.

“The market for clean technologies is set to multiply in value in the coming decade, increasingly catching up with the markets for fossil fuels. As countries seek to define their role in the new energy economy, three vital policy areas – energy, industry and trade – are becoming more and more interlinked. While this leaves governments with tough and complicated decisions ahead, this groundbreaking new IEA report provides a strong, data-driven foundation for their decisions,” said IEA executive director Fatih Birol.

The increase in the global clean technology market has been accompanied by a record wave of investment in the manufacturing of clean technologies as countries look to bolster their energy security, maintain their economic edge and reduce emissions. However, despite the strong impact of the Inflation Reduction Act and Bipartisan Infrastructure Law in the US, the EU’s Net-Zero Industry Act and India’s Production Linked Incentive Scheme, China is set to remain the world’s manufacturing powerhouse for the foreseeable future. Under today’s policy settings, its clean technology exports are on track to exceed $340bn in 2035, which is roughly equivalent to the projected oil export revenue this year of Saudi Arabia and the United Arab Emirates combined.

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