Facebook’s U.S. advertising revenue will reach roughly $2.2 billion in 2011, toppling Yahoo Inc to collect the biggest portion of online display advertising dollars, according to a new study.

Facebook’s U.S. advertising revenue will give it a 17.7 percent share of the market for graphical display ads that appear on websites, according to a report released on Monday by research firm eMarketer.

Last year Facebook garnered 12.2 percent share of the U.S. market.

The figures highlights the growing clout of Facebook, the world’s No.1 Internet social network. It has seen its valuation soar to roughly $80 billion in recent transactions for its shares on the private markets as some investors anticipate it could have an initial public offering next year.

While Facebook has grabbed the top ranking, eMarketer analyst David Hallerman said the overall market for display ads, which include banner ads, video ads and Web page sponsorships, is growing robustly enough that it is benefiting numerous companies.

“It’s not a zero sum game,” said Hallerman, noting that the display advertising market is experiencing rapid growth as both big international brands and small, local businesses increasingly turn to the Web to reach consumers.

Internet companies such as Yahoo, Google Inc and Microsoft Corp are competing for those advertising budgets, while new players such as online coupon company Groupon are offering marketers alternatives to traditional online display ads.

eMarketer’s report looks at companies’ net revenue, which does not include money the companies share with Web publisher partners.