THE Isle of Man's clean tech sector is projected to more than double in size by 2014.

A report undertaken by Price Waterhouse Coopers (PwC) on behalf of the Isle of Man Government indicates that in the Isle of Man there are 100 companies currently active in the sector with an estimated turnover of £4.6 million.

These existing clean tech businesses in the Island estimate their growth will increase to a turnover of £10.6 million (130 per cent increase), with a £1.2 million tax contribution to government (50 per cent increase) by 2014.

The report showed many companies expected the growth of the sector to come largely from changes in consumer behaviour (17 per cent), as more people opt to use goods and services from companies that are acting in an environmentally responsible way.

Many of these companies are already taking action ahead of this, with almost three in ten (30 per cent) investing in preparing their business for continued growth and one in five (20 per cent) actually bringing in more staff to deal with increased demand.

Senior manager for energy policy at the Department for Economic Development Ken Milne said: "The results highlight that our clean tech industry is an example of a real growth industry.

"Not only do companies look to benefit from the close public/private co-operation on the Island, we also already have a flourishing manufacturing sector, a proven experience of trialling new technologies – TT zero electric motorbikes and 3G mobile phones – and a supportive and experienced professional services sector.

"We look forward to helping these companies grow on the Island."

The main reason cited by companies for being in the Isle of Man was because its owners already live here (70 per cent). 

This was followed by half (50 per cent) saying that the Island is a stable and sound place to do business and just under half (42 per cent) having customers in the Isle of Man.

Some respondents called for additional incentives from the Isle of Man Government to further boost demand at a local level, particularly incentives for cleaner ways to power homes and businesses.

Economic Development Minister Allan Bell MHK said: "The government has always embraced new technologies and encouraged innovation.

"The clean tech industry is a market that is growing rapidly – we are echoing this with our current expansion into the sector. 

"To be able to offer companies a base to trial new technologies is a real gain for the Isle of Man."