Search remains a significant force in the online advertising space, but its growth is slowing.

Search’s growth is projected at only 14.9 percent in 2009 and is not expected to see gains until 2012. The economy is shrinking all advertising spending growth. Search ad spending growth in the midteens in 2009 is still positive, especially compared with other ad formats and media.

eMarketer estimates that search ad spending passed $10 billion in 2008 and is expected to reach nearly $20 billion by the end of 2013. Search advertising’s share of total online ad spending reached 44 percent in the first half of 2008, up from 41 percent in the first half of 2007. In 2009, search is projected to account for almost 48 percent of the online advertising spend.

“Consumer behavior will reduce search spending growth to less than the 30% seen from 2005 to 2007,” said David Hallerman, senior analyst and author of the new report, “Search Ad Spending: Reactions to a Recession.”

“But at the same time, continued searching for pricing and products that fit into current needs will sustain growth that is still strong in comparison with other advertising methods,” he said.