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.
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 :
By End User:
By Region and Country:
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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
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:
A list of some of the key suppliers present in the market are:
Global Green Power Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Power, Application, End-User, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 13.7%.
Solar and wind are the major areas of development for the industry. The growing world demand for energy will continue to increase, motivating more countries to develop renewable energy sources.
Major global Green Power Market players are JinkoSolar Holding Co. Ltd., NextEra Energy, Inc., Orsted, Adani Green Energy Limited, GE Renewable Energy, Iberdrola SA, A/S, Siemens Gamesa Renewable Energy, Suzlon Energy Limited, Tata Power.
Renewable energy is an increasing trend globally. However, renewable energy requires more land than fossil fuels and challenges wildlife conservation. The widespread adoption of green energy is also challenging due to various economic, social, political, and structural problems.
The Europe region is expected to account for the largest market revenue share in the Global Green Power market.
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