By Solar Industry Staff
The U.S. International Trade Commission (USITC) reports that global demand for renewable energy services – such as consulting, engineering, construction, equipment maintenance and repair – has grown rapidly in the past five years, making the U.S. and Europe leading importers and exporters of solar and wind services.
The analysis, prepared at the request of the Office of the U.S. Trade Representative (USTR), offers estimates of the U.S. and global markets for trade and investment in services essential to energy production in the solar, wind, small hydropower and geothermal sectors. The report also outlines trade barriers that may apply to these services.
According to the report, global renewable energy capacity more than doubled to 653 GW between 2007 and 2012, while global investment stood at a record $244 billion in 2012, up 71% during that period. While the USITC says data on renewable energy services are not available, capacity and investment growth indicate similar growth in related services. Moreover, the U.S. is consistently among the largest markets for renewable energy services, alongside Europe and Asia, particularly China.
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