Green Power Market

Green Power Market Size Analysis

According to a research survey conducted by ChemView Consulting, in 2022, the Global Green Power Market was worth US$ 48,923.7 Mn and is expected to grow at a CAGR of 13.7% over the forecast period. The market is expected to hit US$ 1,76,654.2 Mn by 2032 end. From 2017–2021, when the market’s CAGR was 10.8%, the market underwent significant growth.

The green energy sector is witnessing a surge in growth because of stringent government regulations, a rise in industries in developing economies, and favorable policies in developed and developing economies.

Market Dynamic

STRINGENT GOVERNMENTAL REGULATIONS AND RAISING AWARENESS DRIVES THE MARKET

Wind, solar and other sources of electricity generation are the main focus of national governments worldwide. This is mainly because these green sources are environment-friendly and offer a good alternative for industries to breathe life into their conventional processes. The government has taken initiatives to promote these renewable energy sources, driving the demand for green power. With increasing numbers of consumers adopting these solutions, the market is expected to grow during the forecast period.

HIGH INSTALLATION COST MAY HAMPER THE MARKET GROWTH

The high installation cost is one of this market’s main concerns. The lack of a proper battery storage system, old infrastructure, and government policies are all responsible for causing delays in market growth. There are barriers for new market players to enter this industry due to the high installation cost and lack of support from government policies.

THE DEVELOPMENT OF SOLAR PARK WILL CREATE NEW OPPORTUNITIES

Government policies in various nations are helping the green power market to grow. These governments are providing high subsidies for renewable energy sources. The growing awareness among the citizens regarding renewable energy sources offers a good opportunity for the growth of this market. The increasing number of solar parks across various nations provides a chance to develop this market.

Market Segments Covered in Report

By Power :

• Wind Energy
• Solar Energy
• Geothermal Energy
• Hydropower
• Bioenergy

By Application:

• Electricity generation
• Transportation
• Heating
• Others

By End User:

• Utility
• Residential
• Industrial
• Commercial

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why is hydroelectric power type Green Power projected to have the highest market growth?

The hydropower project is expected to grow during the forecasted period. The hydropower projects can supply clean water for agriculture, businesses, and homes. It also helps in combating extreme weather events. Like floods and droughts, it is among the most important and largest energy sources. The most commonly identified forms of hydroelectric power are in the constructed sites, run-of-river, and run-of-regression. In recent years, the growth of the hydropower industry has been attributed to numerous factors; they are more cost-effective than fossil fuels, save on other polluting practices and provide water security during times of lack of rainfall.

Why is the transportation segment expected to expand the fastest during the forecast period?

The transportation segment is anticipated to grow during the forecast period. The market for electric scooters and e-bikes is growing rapidly, leading to an increase in demand for transportation. Green power has been used to electrify the automotive industry, which has led to a rise in demand for transportation based on the application of green energy.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• Europe held the largest share of the Green Power Market in 2021, up to 31.9%. Europe dominated the market as it accepted green sources and grew at an early stage. The global business environment has been stable, with growth in large economies and a few emerging markets. The European economy is estimated to grow faster during the projected period as the region has boosted government investments and subsidies in the market, as well as many schemes and plans to reduce CO₂ emissions.
• The growing energy demand in the Pacific region is expected to grow during the forecast period. China shall be the global leader as it possesses a considerable share of global coal consumption, and its total energy capacity reached 894 gigawatts in 2020. India is also estimated to show a significant rise. The Indian market provides a good opportunity for growth as India is the world’s third-largest power consumer, and its net power generation capacity increased significantly in recent years due to renewable energy sources.

Competition Analysis

Manufacturers of Green Power are channeling efforts toward expanding their production capacities and strengthening their retailer and distributor network. It will certainly impact the market shortly.

Some of the key developments that have taken place in the Green Power Market include:

• In 2021, Walmart reported that 6.5 MW of solar energy installations at 7 California stores had been finished. The portfolio for this project included various solar energy systems put on parking lots, rooftops, and carports, with Bank of America serving as a tax equity partner.
• In 2021, Amazon, a company that buys green energy, disclosed its interest in Canada. The electricity used in this venture will come from a brand-new solar plant being built in Newell Country by the Calgary-based Greengate Power Corp.

A list of some of the key suppliers present in the market are:

• Adani Green Energy Limited
• GE Renewable Energy
•  Iberdrola SA
• JinkoSolar Holding Co. Ltd.
•  NextEra
• Energy, Inc.
•  Orsted A/S
• Siemens Gamesa Renewable Energy
•  Suzlon Energy Limited
•  Tata Power

Global Green Power Market 2022-2032: Report Coverage and Highlights

• Assessment of the historical and current market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
• Key drivers, restraints, opportunities, and key emerging trends impacting market growth
• Predictions on critical supply, demand, and technological trends and changes in consumer behavior
• Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
• Segment-wise, country-wise, and region-wise market analysis
• Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
• Key product innovations and regulatory framework
• Covid-19 impact on the market and how to navigate
• Strategic market analysis and recommendations on crucial winning strategies