The global green energy market is estimated to grow at ~6.5% CAGR over the forecast period, i.e., 2022 – 2030. The global shift from non-renewable sources of energy, such as, coal and petroleum, to renewable sources of energy, is estimated to drive the market growth. The growth of the market can be attributed to the rising government initiatives to promote the adoption of green energy. According to the data by the International Energy Agency (IEA), the annual renewable capacity additions increased by 45% in 2020, which accounted for almost 280 GW. Despite the aftereffects of COVID-19 pandemic, installed renewable power capacity experienced a raise of 6% globally. The dangerously high level of greenhouse gases, especially carbon dioxide and methane, the rapid depletion of ozone layer, and rising global temperature are the major cause for concern for the public, as well as the concerned authorities. Adoption of green energy is being promoted to reduce the emission of greenhouse gases, which occurs when coal is burnt in thermal powerplants. Major companies are investing for the development utility scale generation of green energy, which is also estimated to boost the market growth.
The market is segmented by type into hydro energy, wind energy, tidal energy, solar energy, geothermal energy, bio gas, and others, out of which, the solar energy segment is anticipated to hold a notable share in the global green energy market by the end of 2030 on account of growing installation of solar powerplants, utility scale installation of solar panels, and abundance of sunlight present in majority of the regions across the globe. The wind energy segment is also estimated to gain substantial growth over the forecast period, on account of rising adoption of on-shore and off-shore wind farms. The hydro energy segment is estimated to gain largest share in terms of revenue in the market during the forecast period, backed by rapid construction of hydro powerplants. According to the data by the IEA, Solar energy is estimated to touch 162 GW by 2022, while the wind energy capacity has reached 114 GW in 2021, which is 50% more than the capacity in 2017-19. Moreover, total global hydropower capacity valued at 1308 GW in 2020.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of geographical analysis, the global green energy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of highest utilization and adoption of solar and hydro energy in the region. High adoption of green energy in majorly China, India, and Japan is estimated to significantly boost the market growth. The solar power production in China increased from 39 TWh in 2015 to 260 TWh in 2020, while the total hydropower generated in 2019 crossed 1,302.00 TWh. Similarly, markets in India and Japan have witnessed robust growth in solar and wind energy respectively, which is estimated to boost the regional market growth.
The market in the North America region is estimated to garner a significant market share during the forecast period owing to the increasing number of utility scale solar and hydro powerplants, along with the growing environmental awareness amongst the public. Similarly, the market in Europe is also expected to gain notable market share over the forecast period, as the region has immense potential for the growth of geothermal, wind and hydro energy.
The global green energy market is further classified on the basis of region as follows:
Our in-depth analysis of the global green energy market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing government initiatives to promote the adoption of green energy is the major factor driving the market growth.
The market is anticipated to attain ~6.5% CAGR over the forecast period, i.e., 2022-2030.
High investment, and slow implementation are some of the factors estimated to hamper the market growth.
The market in Asia Pacific is estimated to garner the largest market share owing to the large number of commercial utility-scale solar farms and hydro power stations in the region.
The major players in the market are The Dow Chemical Company, Envision Group, Adwen GmbH, Ming Yang Smart Energy Group Ltd, Suzlon Energy Limited, ABB Ltd, Cybrid Technologies Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The commercial segment is anticipated to hold largest market over the forecast period on the back of growing installation of utility-scale powerplants of renewable sources of energy.
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