Clean Energy Technology Market Size, Share, Growth, and Industry Growth by Type (Clean Coal Technology, Wind Energy, Solar Energy, Nuclear Energy and Others) By Application (Commercial, Residential, Utility and Others) Regional Forecast From 2024 To 2032

Updated On: 08 July 2024

CLEAN ENERGY TECHNOLOGY MARKET REPORT OVERVIEW 

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The global clean energy technology market size was USD 305720 million in 2021 and the market is expected to be USD 586104.93 million in 2032, with a growing CAGR of 6.0% during the forecast period. In the market study, our analysts have considered clean energy technology players such as Bosch, Twinbusch, Hofmann, SNAP-ON, Hunter, Bendparkare, etc.

Renewable natural resources like wind and sunshine are used to create electricity. Solar, geothermal, bioenergy, wind, ocean power, and hydropower are a few of the key renewable energy sources. Currently, renewable energy is used for transportation, heating, and power. Renewable energy sources provide 7% of the world's energy requirements. Renewable energy is typically more expensive than fossil fuels. The idea that carbon dioxide (CO2) emissions from the burning of fossil fuels are to blame for global warming is the main motivation behind the usage of renewable energies.

Geothermal energy demand is expected to be driven by a number of factors over the forecast period, including the need to reduce greenhouse gas emissions, an increase in energy security concerns, opposition to conventional nuclear power, and stagnant nuclear power utilisation. Governments in developed and developing countries are taking notice of renewable energy sources due to their improved output efficiency, lower pollution, and low maintenance costs. When considered as a whole, these factors raise the demand for renewable energy, which spurs the development of the clean energy technology market.

COVID-19 Impact: Pandemic-related Disruptions Impacted Market Dynamics

The global COVID-19 pandemic has been unprecedented and staggering, with of clean energy technology market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

One of the main factors influencing the expansion of the renewable energy business is the pandemic's limited supply of labour and spare parts. The COVID-19 pandemic resulted in a slowdown in growth for the wind energy sector. Due to disruptions in transportation, a lack of labour, and societal conventions that discouraged interaction, industry players encountered significant difficulties installing and maintaining turbines. Order cancellations and project delays have an effect on the market. Travel bans have redirected attention to the domestic supply chain, which has increased domestic turbine output. Technology makes remote turbine monitoring simple. These factors impacted clean energy technology market share negatively.

LATEST TRENDS

"Hydropower Technology Advances to Fuel Market Share Through 2028"

Global hydropower installed capacity increased by 1.53% from 2019 to 1,328 gigawatts (GW) in 2020, considerably below the predicted 2.0% annual growth needed to satisfy the Paris Agreement targets and below the five-year annual average of 2.1%. According to the International Hydropower Association, worldwide hydropower capacity may need to increase by 25% by 2030 and by 60% by 2050 in order to keep the rise in global temperature to below 2°C above pre-industrial levels. The International Hydropower Association (IHA) and the International Renewable Energy Agency (IRENA) joined forces in February 2021 to enhance the development of sustainable hydropower.

The two organizations are intended to collaborate in order to hasten the financing, development, and deployment of sustainable hydropower under the parameters of the cooperation. Future market and policy actions to support hydropower projects are anticipated to be a component of the cooperation. Through knowledge development, the agency is designed to facilitate public-private dialogue, strengthen international cooperation, and advance sustainable hydropower. These factors would transform clean energy technology market outlook during 2022-2028.

CLEAN ENERGY TECHNOLOGY MARKET SEGMENTATION

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• By type

Depending on clean energy technology given are types: clean coal technology, wind energy, solar energy, nuclear energy and others. The wind energy, solar energy, nuclear energy type will capture the maximum market share through 2028.

• By Application

The market is divided in commercial, residential, utility and others based on application. The global clean energy technology market players in cover segment like commercial and  residential will dominate the market share during 2022-2028.

DRIVING FACTORS

"Development Of Technology to Lower Costs"

The cost of power produced from renewable energy sources has significantly decreased thanks to rising investments in R&D and technological developments. Rising grid technology adoption is assisting in cost reduction, which is anticipated to encourage the deployment of renewable energy sources during the projection period.

The energy of water travelling from higher to lower elevations is used to generate electricity, which is a renewable energy source known as hydroelectric power (hydropower). In addition to providing clean water for homes, businesses, and agriculture, hydropower projects also lessen the effects of adverse weather conditions like floods and drought. The world's largest source of renewable electricity is hydropower. The biggest contribution from hydropower to the world's renewable-based electricity generation occurred in 2020, when 4,399 terawatt-hours (TWh) of renewable electricity were produced.

"Innovations in Clean Energy to Drive Market Advancement "

By lowering greenhouse gas output, such as with low-carbon generation and fuel solutions, or by decreasing consumption, such as with energy efficiency solutions, clean and sustainable energy technologies assist in reducing greenhouse gas emissions. Only 4 out of 38 clean energy technologies and sectors were on track to reach long-term climate, energy access, and air quality goals, according to an IEA analysis titled Tracking Clean Energy Progress in 2017. Solar PV, electric vehicles, storage, lighting, data centres, and networks are some of these technologies.

According to the report, 11 industries or technologies need to advance significantly to meet the climate targets. Some technologies, particularly onshore wind, have fallen short of their deployment goals compared to 2016 and are no longer considered to be "on track." A worldwide coordinated strategy is required to overcome the institutional, financial, and regulatory barriers in order to speed up the development of clean energy technology. In actuality, much depends on improved international and national collaboration and coordination about governmental policies and the overall innovation agenda, as well as between private and public investors.

RESTRAINING FACTORS

"High Capital Expenditure to Restrain Market Growth "

Huge sums of money must be spent on creating new infrastructure in order to develop new resources. The cost of electricity from renewable sources inevitably goes up due to the high capital requirements. As a result, the market for renewable energy is being constrained by large initial capital expenditures and a lack of resources in many nations. These factors might hamper clean energy technology market trends in the coming years.

CLEAN ENERGY TECHNOLOGY MARKET REGIONAL INSIGHTS

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"Asia Pacific to Hold Maximum Market Share During 2024-2032"

In 2021, Asia Pacific dominated the global market for renewable energy technology. Large FDIs, growing industrialization, rapid urbanisation, and rapid population increase are all occurring in Asia Pacific. All of these causes are driving the need for power. The government has been forced to concentrate on the adoption of renewable, clean, and green energy sources because of the elevated pollution levels in the area brought on by the prior expansion in industrialization and urbanisation. One of the biggest providers of geothermal energy, solar energy, wind energy, and bioelectricity is China. China is one of the most populous nations and the global centre for manufacturing.

During the projected period, North America is expected to display a considerable growth rate in the renewable energy industry. The main elements that are anticipated to propel the market's expansion in this area are the government's clean fuel requirements, biofuel production, tax credit extension, and US emission targets. The demand for renewable energy in the residential sector is being fueled by the growing consumer knowledge of the advantages of adopting it.

KEY INDUSTRY PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.

List of Market Players Profiled

• Alstom
• China National Nuclear (CNNC)
• Suntech Power Holdings
• Trina Solar
• Yingli Green Energy Holding
• Xinjiang Goldwind Science & Technology
• China Ming Yang Wind Power
• Dongfang Electric
• Envision Energy
• Guodian United Power
• JA Solar Holdings
• JinkoSolar Holding
• LDK Solar
• Mitsubishi Heavy Industries
• ReneSola
• Shanghai Electric
• Shanghai Taisheng Wind Power Equipment
• Sinovel

REPORT COVERAGE

This study examines a report with broad studies that describe the businesses in the market that have an impact on the forecasting period. By considering aspects including segmentation prospects, industrial advances, trends, growth size share, restrictions, and others, it provides a thorough analysis based on in-depth research. If the relevant market dynamics or important players change, this study may need to be modified.