"The green energy market has witnessed an unprecedented surge, spurred by a global shift toward sustainability and a pressing need to mitigate climate change. A convergence of factors, including heightened environmental awareness, government initiatives promoting renewable energy, and technological advancements, fuels the exponential growth of this sector. The green energy market stands at the forefront of a transformative energy revolution with an emphasis on solar, wind, hydro, geothermal, and biomass energy sources."
WILMINGTON, Del., Dec. 11, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Green Energy Market By Type (Solar Energy, Wind Energy, Hydroelectric Energy, Bio Energy, Others), By End-Users (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report. The global green energy market was valued at $1.0 trillion in 2022 and is projected to reach $2.4 trillion by 2032, growing at a CAGR of 8.9% from 2023 to 2032.
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Prime determinants of growth
The growth in green energy demand, surge in power consumption, and increase in legislative and financial incentives drive the development of the market. These factors collectively drive innovation and adoption of the green energy market. However, huge investments to build infrastructure and energy storage challenges restrain the development of the market. Furthermore, emerging economies are expected to provide ample opportunities for the development of the green energy market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $1.0 trillion |
Market Size in 2032 | $2.4 trillion |
CAGR | 8.9 % |
No. of Pages in Report | 450 |
Segments covered | Type, end-users, and region. |
Drivers | • Growth in green energy demand • Surge in power consumption • Increase in legislative and financial incentives |
Opportunities | • Emerging economies drive demand for the green energy market |
Restraints | • Huge investments to build infrastructure • Energy storage challenges |
Impact Scenario
Environmental regulations significantly influence the green energy market in major countries and regions.
Environmental regulations impact
- Environmental regulations have a significant impact on the green energy market in major countries and regions. Here is a brief overview of how environmental regulations affect the green energy market in the specified countries and regions:
The U.S.:
- Clean Power Plan (CPP): Introduced in 2015, the CPP aimed to reduce carbon emissions from power plants. Although it faced legal challenges and rollbacks, its existence encouraged the growth of renewable energy sources by setting state-specific emission reduction targets, indirectly promoting wind, solar, and biomass energy.
- Renewable Fuel Standard (RFS): Mandates the blending of biofuels, such as ethanol and biodiesel, into conventional transportation fuels which are used to power various vehicles. It spurred growth of the biofuel industry, particularly in corn-based ethanol, influencing agricultural practices and stimulating the bioenergy sector.
European Union:
- Renewable Energy Directive (RED): Established binding targets for renewable energy use in member states of European Union. The directive sets goals for the share of renewables in the energy mix, driving significant investments in wind, solar, biomass, and other green energy sources.
- Emissions Trading System (ETS): A cap-and-trade system that puts a price on carbon emissions, incentivizing industries to reduce their carbon footprint and invest in cleaner technologies that help in the development of an emission trading system that has a significant impact on the green energy market.
China:
- Renewable Energy Law: Enacted in 2005, it laid the groundwork for renewable energy growth in China by offering financial incentives, subsidies, and feed-in tariffs to promote wind, solar, and hydroelectric power.
- Air Pollution Control Measures: Stringent regulations to combat air pollution have indirectly bolstered the green energy market by prioritizing cleaner sources of energy over coal.
The hydroelectric energy segment to maintain its leadership status throughout the forecast period
On the basis of type, the hydroelectric energy segment held the highest market share in 2022, accounting for more than one-fourth of the global green energy market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the solar energy segment is projected to manifest a CAGR of 10.0% from 2023 to 2032. The market for solar energy in the green energy market is expected to continue its upward trajectory, driven by evolving technological advancements, rise in energy demands, and the pursuit of more sustainable practices within the sector.
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The industrial segment to maintain its leadership status throughout the forecast period
On the basis of end-user, industrial segment held the highest market share in 2022, accounting for nearly half of the global green energy market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, commercial segment is projected to manifest a CAGR of 9.2% from 2023 to 2032. Commercial sectors have used geothermal power to generate electricity. Several new geothermal plants have been established to boost market growth. The Larderello Geothermal Complex, Italy with 769MW capacity, and Cerro Prieto Geothermal Power Station, Mexico with 720MW capacity is one such example. These power plants are established to overcome the demand for energy in the commercial sectors of the Europe and North America regions. An increase in the deployment of standalone PV systems in the commercial sector boosts the growth of the market.
Asia-Pacific to maintain its dominance by 2032
On the basis of region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global green energy market revenue, and is likely to dominate the market during the forecast period. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.8% from 2023 to 2032. The presence of developing countries in this region, and the presence of larger economic countries in this region have led to an increase in the demand for energy that is sustainable and eco-friendly which led to the demand for the green energy market in this region.
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Leading Market Players: -
- Suzlon Energy Ltd.
- ABB Ltd.
- NORDEX SE
- Enercon GmbH
- Calpine Corporation
- JA Solar Holdings
- Acciona, S.A.
- GE Renewable Energy
- EDF Energy
- Xcel Energy
The report provides a detailed analysis of these key players in the global green energy market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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