Increasing R&D efforts, coupled with public and private funding to improve green energy technologies for better clean energy output are boosting the growth of green energy market.
Green energy primarily targets an end-to-end clean process resulting in no harmful by products or process products unlike fossil fuels. Fossil fuels when used to generate power emanate massive amounts of greenhouse gases that have known to disrupt the ecosystem in many ways the impact of which has become more evident than ever with extreme temperatures and intense natural calamities. Green energy or clean energy involves utilization of renewables or natural resources that help reduce the carbon footprint. Conventional source of energy which are fossil fuels result in large quantities of carbon dioxide which is one of the most harmful GHGs ultimately affecting the life cycle in the ecosystem.
The future outlook of the global green energy market is proportionately aligned with the current market dynamics and growth trends. The global green energy market is expected to accelerate rapidly to reach close to USD 997.5 billion by 2028, with a robust CAGR of 14% throughout the forecast years 2021 to 2028. Rising awareness about the advantages of green energy over conventional sources of energy are not only favoring environmental viability but also helping in job creation. These factors are further reinforcing expansion in the green energy space. Key influence of driving factors is observed to create lucrative opportunities for the expansion of market. Some of the major factors include growing awareness of the globally changing environment as a result of the excessive harmful emissions let into the environment by the energy companies and their carbon footprint.
Backed by stringency in fuel emission rules and companies striving for clean label and green production practices, adoption of green energy such as solar or wind energy is likely to supersede conventional fossil fuels. Increasing amounts of unwanted gases in the environment affecting not only human life but also other entities are raising concerns over conventionally adopted energy production systems thus driving the growth of the green energy market. Rapidly advancing technologies aiding high-end research and development of innovative models is encouraged by a surge in government as well as non-government funding and regulations of administrative bodies imposing stringency on harmful by-products.
Adroit Market Research report on the global green energy market provides a thorough overview of the market from 2021 to 2028. Agglomeration data analysis of factors such as the market drivers and restrains, opportunities and trends are featured in deep details. The market study years follow a hierarchical survey starting from the historic years 2018 to 2020 where the year 2020 is observed as the base year. The forecast outlook study evaluates the market from years 2021 to 2028. The study comprises of current market status and nuances along with the future traits of the market at a global and compartmentalized country level. With a Porter’s five forces analysis the report covers a detailed market assessment followed by key player positioning based on parameters such as revenue metrics, geographic footprint, and strategic initiatives.
The global green energy market showcases diverse placement of strong players representing a robust competitive landscape with new players entering the marketspace. Additionally, the green energy industry players are branching out to attract potential markets with a view of gaining an upper hand in the fiercely competitive environment with strategic initiatives such as business expansion via mergers and acquisitions, collaborations to enhance product portfolio.
Based on the product type segment, the market is fragmented into five categories namely hydroelectric energy, bioenergy, solar energy, wind power energy and geothermal power. hydroelectric energy segment is relative predominant anticipated to gain considerable growth over the forecast. Strengthening infrastructure of the hydroelectric energy source along with enhanced efficiency in handling drastic situations is such as flood control or major electricity outages is expected to contribute in accelerating the demand in the next few years.
Asia Pacific dominates the global green energy market and is expected to be seen contribute enormously over the forecast period. Asia Pacific is a home to rapidly developing economies like India and China with gigantic power and energy needs which is a major driving factor for the growth of clean energy sector. China alone accounts for a significant share observed to have massive deployment capacity and is the world’s largest renewable energy producer. The country is the global leader in hydroelectric energy production. APAC also proposes another promising region that is India which offers lucrative opportunities for green energy market growth with increasing investments and surging power demand. North America and Europe are also projected to grow at an optimum rate over the forecast period with large energy companies and advancing technologies.
The major players of the global green energy market are General Electric, Innergex, Tata Power, Xcel Energy, Geronimo Energy, Enel Spa, EDF, Invenergy, Vestas Wind Systems A/S, ACCIONA, UpWind Solutions, Sinovel Wind Group and Senvion. The global green energy market displays a strong network of well-established large players and the new market explorers. The players are seeking promising opportunities with a view of expanding market presence and driving innovations to enhance technologies and enter new business avenues.
Key Segments of the Global Green Energy Market
Type Overview, 2018-2028 (USD Billion)
- Hydroelectric Power
- Wind Power
- Solar Energy
- Geothermal Energy
End-Use Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa