America’s $374 billion advanced energy industry poised for accelerated growth thanks in part to the Inflation Reduction Act
WASHINGTON, DC, August 16, 2023 – A year after its signing, the Inflation Reduction Act (IRA) is working as intended, fueling a new era of investment in domestic advanced energy manufacturing and empowering the growth of the technologies and services America needs to secure a 100% clean energy future.
The recently published Market Reportby Advanced Energy United found that the advanced energy industry – made up of several sectors including building efficiency, advanced transportation, electricity distribution and generation, and advanced fuel production – grew by 14% in market size from 2021 to 2022, up to $374 billion. Those figures have the potential to be dwarfed by the growth stemming from the investments fueled by the IRA. Combined with the Infrastructure Investment and Jobs Act (IIJA) of 2021, the IRA is expected to lead to roughly $444 billion in federal investment and $1.2 trillion in private investment, resulting in $2.8 trillion in total GDP, 23 million jobs, and $60 billion in annual consumer savings – all told, a six-fold return in investment in federal dollars in advanced energy growth.
To celebrate the moment, Advanced Energy United President and CEO Heather O’Neill released the following statement, anticipating the next era of policies needed to reach our clean energy goals: