Despite the slumping economy, the so-called "clean tech" sector—including solar photovoltaics, wind power and biofuels—continued to grow by leaps and bounds in 2008. According to the research and consulting firm Clean Edge, revenue sector-wide grew by 53 percent from $75.8 billion in 2007 to $115.9 billion in 2008.
While 2009 promises to be challenging for the sector, given credit constraints that have slowed or reversed plans for new manufacturing facilities and development projects, Clean Edge predicts strong growth down the road, anticipating annual revenues topping $325 billion within a decade.
"The clean-energy sector, like the broader economy, faces many challenges," said Clean Edge's Ron Pernick. "But while 2009 will be a difficult year, we believe that clean energy will play a central role in any global economic recovery."
Source: Clean Edge