The 2024 Clean Energy Industry Outlook highlights the ongoing global shift towards sustainable energy sources, further emphasizing the industry’s role in climate change mitigation. The report provides a detailed examination of the renewable energy landscape, including solar and wind energy, as well as energy storage and decarbonization. It dives into firmographic trends, investment patterns, and workforce dynamics, offering insights into the industry’s growth, challenges, and future directions.

This report was last updated in July 2024.

This clean energy industry report serves as a reference for stakeholders within the industry, investors, policymakers, and economic analysts, providing a snapshot of the industry’s health to map its trajectory for innovation and growth in the coming years.

StartUs Insights Clean Energy Outlook 2024

Executive Summary: Clean Energy Report 2024

This report is created using data obtained from the Big Data and AI-powered StartUs Insights Discovery Platform, covering more than 4.7 million global companies, as well as 20K+ technologies and emerging trends. We also analyzed a sample of 2000+ clean energy startups developing innovative solutions to present five examples from emerging clean energy industry trends.

  • Industry Growth Overview: The industry has seen an annual growth rate of 6.60%, with more than 10000 companies listed.
  • Manpower & Employment Growth: The sector employs over 1 million individuals, with an increase of 69.8K employees in the last year, showcasing a thriving job market.
  • Patents & Grants: It has registered over 16000 patents and received more than 2000 grants, indicating a commitment to technological advancement and sustainability.
  • Global Footprint: With a significant presence in the US, UK, India, Australia, and Canada, and top city hubs including London, New York City, Melbourne, Washington, and Sydney, the industry’s global reach is evident.
  • Investment Landscape: The sector attracts an average investment value of USD 94.9 million per round, with over 1500 investors participating in more than 4000 funding rounds.
  • Top Investors: Generate Capital, the European Investment Bank, the U.S. Department of Energy, and more have collectively invested more than USD 8 billion.
  • Startup Ecosystem: Highlights include startups such as Power to Hydrogen (On-site Hydrogen Generation), Afrinet Power Tech (Inverterless Solar Systems), Altiro Energy (Iron-Based Fuel), Space Solar (Solar Power Satellite), and Flower (Battery Energy Storage Systems).
  • Recommendations for Stakeholders: Stakeholders should prioritize investments in emerging technologies and regions with high growth potential. Collaboration between governments, investors, and companies is crucial for overcoming regulatory and technological barriers.

Explore the Data-driven Clean Energy Industry Outlook for 2024

The Clean Energy Industry Report 2024 uses data from the Discovery Platform and encapsulates the key metrics that underline the sector’s dynamic growth and innovation. The report presents the industry landscape, highlighting its activity and global reach. The sector grew by 6.60% last year, reflecting a steady increase in clean energy solutions adoption and development. Our database includes over 10000 clean energy companies, including 2000+ startups working towards a new energy future.

This growth is also evident in the more than 16000 patents registered, showing the pace of innovation and creation of intellectual property in the sector. The sector has also received over 2000 grants, supporting the research, development, and deployment of new technologies.

More than 1 million people work in this industry globally, with an increase of 69.8K employees last year, showing a healthy job market and the sector’s ability to attract and retain talent.

Further, the heatmap highlights the top five country hubs—US, UK, India, Australia, and Canada—showing the global spread of clean energy initiatives. City hubs like London, New York City, Melbourne, Washington, and Sydney are key centers of activity, innovation, and collaboration.

What data is used to create this clean energy report?

Based on the data provided by our Discovery Platform, we observe that the clean energy industry ranks among the top 5% in the following categories relative to all 20K topics in our database. These categories provide a comprehensive overview of the industry’s key metrics and inform the short-term future direction of the industry.

  • News Coverage & Publications: The clean energy industry has been featured in over 32000 publications in the past year, showing a rising media presence.
  • Funding Rounds: Our database records more than 4000 funding rounds, demonstrating active investment activity in the sector.
  • Manpower: The sector employs over 1 million workers, with more than 69000 new employees in the last year, reflecting its steady growth.
  • Patents: Over 16000 patents have been filed, indicating its commitment to technological advancement.
  • Grants: The industry has secured over 2000 grants, highlighting its contribution to sustainable development.
  • Yearly Global Search Growth: The yearly global search growth for the clean energy sector is at 13.04%, underscoring increasing global interest and its relevance in the energy transition.

A Snapshot of the Global Clean Energy Industry

The clean energy industry is witnessing a steady increase in workforce, marking its critical role in the global shift towards sustainable energy solutions. With a manpower of 1 million, the industry added 69000 employees over the last year, reflecting a steady expansion and the increasing demand for clean energy technologies and services.

Further, this growth is supported by over 10000 companies operating within the sector, each contributing to the innovation and deployment of renewable energy sources. Over 16000 patents and more than 2000 grants within the industry have been instrumental in fostering research, facilitating the development of novel technologies, and ensuring their successful implementation.

Explore the Funding Landscape of the Clean Energy Industry

Financially, the average investment value in the clean energy sector is USD 94.9 million per funding round, showing strong confidence from the investment community in the potential for clean energy. This is further evidenced by the involvement of more than 1500 investors in funding rounds, resulting in more than 4000 funding rounds.

These rounds have benefitted more than 1800 companies, highlighting a vibrant ecosystem of startups and established entities advancing clean energy. This underscores the industry’s dynamic growth and critical role in promoting a sustainable future.

Who is Investing in Clean Energy?

The clean energy Industry is witnessing steady growth, significantly supported by the financial backing of leading global investors. Collectively, the top investors have invested more than USD 8 billion into the sector, reflecting their confidence in renewable energy and sustainable technologies.

  • Generate Capital has invested USD 1.4 billion into 4 companies, showing a focused investment approach.
  • The European Investment Bank has made investments totaling USD 996.4 million across 5 companies, indicating its support for sustainable energy solutions.
  • The U.S. Department of Energy has invested USD 882.5 million in 10 companies, signifying the sector’s national significance.
  • GIC has committed USD 784 million to 4 companies, expressing its belief in the sector’s long-term value.
  • Temasek Holdings has also invested in 4 companies, totaling USD 774 million, showing its trust in clean energy.
  • Deutsche Bank’s investments, totaling USD 636.2 million across 5 companies, demonstrate its financial backing for the industry’s growth.
  • Nomura has invested USD 626.9 million in 7 companies, indicating its diverse investment interests.
  • Stonepeak Infrastructure Partners has invested USD 600 million in 3 companies, focusing on infrastructure.
  • Quantum Energy Partners has also invested USD 600 million, but in 2 companies, targeting energy ventures
  • AB CarVal Investors has invested USD 591 million in 4 companies, further indicating the broad investment interest in the clean energy sector.

These investments signal a wider shift towards a sustainable and renewable future, with the leading investors playing a key role in the global transition to clean energy.

The clean energy industry is making remarkable strides, with trends like energy storage, decarbonization, solar energy, and more leading the way. Here’s an in-depth exploration of a few of these trends:

  • Energy Storage is essential for integrating renewable energy sources and enhancing grid stability. More than 13000 companies are identified in this area, employing 1.7 million individuals. It has added 106K+ new employees over the past year, indicating a growing workforce advancing energy storage solutions. Further, an annual trend growth rate of 5.37% reflects the rising demand for efficient, scalable energy storage technologies.
  • Decarbonization is a significant player in the clean energy landscape. Over 79000 companies are working towards reducing carbon emissions. This extensive network employs 10.2 million people and has seen an increase of 560K+ new hires in the last year. Additionally, it is experiencing an annual growth rate of 3.89%.
  • Solar energy is a consistent contributor in the renewable energy sector, with 64000+ companies driving innovations and expanding capacity worldwide. It employs 5.3 million individuals and has added 290K+ new employees in the last year. Despite a modest annual trend growth rate of 1.55%, solar energy continues to be a significant player in the transition to renewable sources.

5 Top Examples from 2000+ Innovative Clean Energy Startups

The five innovative startups showcased below are picked based on data including the trend they operate within and their relevance, founding year, funding status, and more. Book a demo to find promising startups, emerging trends, or industry data specific to your company’s needs and objectives.

Power to Hydrogen offers On-site Hydrogen Generation

US startup Power to Hydrogen builds Clean Energy Bridge for on-site hydrogen generation and energy storage. The system uses earth-abundant materials and generates high-pressure hydrogen (200+ bar) on-site. It also generates pure, pressurized oxygen on-site and provides backup power for long-duration energy storage.

Afrinet PowerTech provides an Inverterless Solar System

Nigerian startup Afrinet PowerTech develops Truwatt, an inverterless solar system for enhanced off-grid access. The DC solution powers energy efficiency for modern energy use. The decentralized DC Solar powers rural homes, farms, and businesses, providing basic electricity. Afrinet PowerTech focuses on underserved areas, impacting lives and improving access to better opportunities.

Altiro Energy leverages Iron-based Fuel

Canadian startup Altiro Energy uses an iron-based powder as an energy storage medium. This medium undergoes charging and discharging cycles, similar to batteries. The charging stage involves separating iron and oxygen. In the discharging stage, they rapidly recombine, releasing large amounts of heat. Altiro Energy provides an energy-dense, zero-emission, long-term storage solution to industries.

Space Solar develops Solar Power Satellite

UK startup Space Solar captures solar energy from space to provide continuous power to Earth. Its system, Solar Power Satellite, includes a kilometer-scale satellite with lightweight solar panels and a system of mirrors to concentrate sunlight. These panels convert sunlight into high-frequency radio waves, which a ground-based antenna receives. The satellite’s design allows it to operate in various orbits, catering to diverse energy markets.

Flower offers Battery Energy Storage Systems

Swedish startup Flower provides a virtual power plant (VPP) platform that integrates with flexibility assets and manages power profiles actively. It also collects metering values and forecasts available flexibility. The platform determines the markets and the pricing for offering this flexibility. Further, it ensures the efficient distribution of energy. Businesses gain access to statistical models that enable flexibility assets to participate actively in the power system, thus supporting renewable electrification.

Gain Comprehensive Insights into Clean Energy Trends, Startups, or Technologies

The 2024 Clean Energy Industry Outlook highlights the sector’s steady path toward innovation and sustainability, predicting ongoing growth and a wider global presence. Trends like advanced energy storage solutions and decentralized energy systems are set to reshape the field, facilitating more durable and efficient energy networks around the globe. Get in touch to explore all 2000+ startups and scaleups, as well as all industry trends impacting clean energy companies.