Green Energy Market Size, Share, Growth, And Industry Analysis By Type (Solar PV, Wind energy, Hydroelectric Power, Bio-fuels, Geothermal energy), By Application (Residential, Commercial, Industrial) and Regional Forecast to 2028

Updated On: 22 April 2024

green energy market Report Overview

• 

• Request a Free Sample to learn more about this report

The global green energy market size was USD 708.1 million in 2021. As per our research, the market is expected to reach USD 1007.2 million by 2028, exhibiting a CAGR of 4.7% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with the green energy market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

It refers to an energy source that derives its primary raw materials from natural resources such as water, wind and sunlight. When talking about green energy, the most important thing to remember is that it does not have a negative impact on the environment during the production process or during use.

It is a source of energy that uses natural resources such as water, wind and sunlight as the main raw material. When talking about green energy, it is important to note that it has no harmful effects on the environment during the production process or use. Of the three main types of green energy, which are solar energy, wind energy and tidal energy, solar and wind energy can be used for both small and large purposes. It is important because it helps to overcome the negative effects of energy produced from fossil fuels. Since green energy is a clean source of energy, it does not emit any greenhouse gases, thus protecting the environment while providing efficient and desirable products. The global green energy market has applications across multiple industries and sectors. Some examples are the use of green energy solutions to achieve desired heating or cooling in buildings, widespread use in traffic, and becoming commonplace in traffic.

COVID-19 Impact: COVID-19 pandemic outbreak halted the turbine production hence reduced market growth

The new coronavirus is an unprecedented global pandemic that has spread to more than 180 countries and caused massive human and economic losses worldwide. The consequences of the COVID-19 pandemic had a negative impact on the renewable energy market. The pandemic has seriously affected the production of wind turbines in China and Germany, for example. Global market growth stalled during Covid-19, opening of economies and removal of transport restrictions helped the global market to steady growth during the forecast period.

Latest Trends

"Increasing government initiatives to promote environmental sustainability and considerable growth of solar energy boosting the market growth "

The solar segment is likely to hold the largest market share during the forecast period. This is because the cost of solar modules is decreasing and these systems can be used for many different things such as generating electricity and heating water. The increasing development of technology leads to a decrease in the costs of green energy, and the improvement of the competitiveness of battery storage systems has a positive effect on the growth of the renewable energy market. Climate change and ESG issues around the world are attracting huge investments in the deployment of energy sources. The governments of various developing economies offer subsidies to companies for the transition to clean and green energy for sustainable development and environmental protection. These factors are important in the growth of the market worldwide.

green energy market Segmentation

• 

• Request a Free Sample to learn more about this report

• By Type

According to type, the market can be segmented into Solar PV, Wind energy, Hydroelectric Power, Bio-fuels, geothermal energy. Solar PV is anticipated to be the leading segment.

• By Application

Based on application, the market can be divided into Residential, Commercial, and Industrial. Residential will be the dominating segment.

Driving Factors

"Promising Signs Of Cost-Effectiveness To Drive The Market Growth"

The market is expected to grow due to the various benefits offered by energy resources. Since the raw materials needed to produce energy are either solar, wind or tidal energy, these components are available for free anywhere in the world. The biggest investment required is the creation of the necessary equipment to use this energy. Because energy can be produced locally, it helps maintain the stability of the economy, which is not affected by external factors. In addition, local energy production helps create jobs for the economy. The local nature of clean energy makes its use more flexible because it is not provided by a centralized agency but is generated in-house, and it also shows promising signs of cost-effectiveness, providing low-cost solutions to different sectors and making it accessible even in developing regions, contributing to the green energy market growth.

"Growing Awareness About Usage For Power Generation To Boost The Market Growth"

Residential construction is the largest consumer of electricity worldwide. Therefore, it is necessary to increase their awareness of the use of this energy in consumption instead of fossil fuels. Therefore, it is expected to contribute to the growth of the global market. Energy-related carbon dioxide emissions are projected to increase by 6 percent globally in 2021, equivalent to 36.3 billion tons. According to the US Environmental Protection Agency, about 60 percent of US electricity comes from burning fossil fuels such as natural gas and coal. According to Brand Equity Foundation of India, $2.57 billion has been allocated in the Union Budget 2022-2023 to promote the production of efficient solar modules for the government.

Restraining Factors

"Development of new sources requires large initial investments, and may limit market growth "

Sudden changes in climatic conditions can hinder global market expansion, while the growing awareness of the population about environmental health creates both opportunities for global market growth and challenges due to large initial investments. Irregular changes in climate conditions and lack of workers to install, operate, and maintain new technologies. Developing the infrastructure to develop new resources requires significant upfront investment. As a result, power generation costs rise in investments, especially in the early years. First of all the developer's step is to identify the places that are acceptable to the general public, have good resources, and have access to transmission lines. A potential solar site requires several years of monitoring to determine if they are acceptable or not. Employees must also be able to new installation, operation, and maintenance training technologies. Some experience in a specific climate is required before performance can be optimized.

green energy market Regional Insights

• 

• Request a Free Sample to learn more about this report

"Asia Pacific predominate the market during forecast period due to rising demand "

Asia Pacific accounted for a largest green energy market share of revenue in 2022. The increase in demand in the Asia Pacific region is due to the increase in solar energy projects in China and India. These countries are the main markets for solar panels both globally and in the Asia-Pacific region. Additionally, countries in the region such as Australia and Japan have high market growth potential as they have invested heavily in solar energy in recent years. It is estimated that more than half of the world's renewable energy is consumed in the Asia-Pacific region. The rapid industrialization and urbanization of the region led to a rapid increase in pollution. In addition, the rapid population growth in the region and the growth of residential projects are fueling the demand for electricity.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Archer Daniels Midland Company (U.S.)
• ABB Ltd. (Switzerland)
• Alterra Power Corporation (Canada)
• Calpine Corporation (U.S.)
• Enercon GmbH (Germany)
• Enphase Energy Inc (U.S.)
• First Solar Inc (U.S.)
• GE Energy (U.S.)
• Hanwha Q Cells GmbH (South Korea)
• JA Solar Holdings Co. Ltd. (China)
• Kyocera Solar Inc (U.S.)
• Nordex SE (Germany)
• Suntech Power Holdings Co. Ltd. (China)
• U.S. Geothermal Inc (U.S.)
• Yingli Green Energy Holding Co. Ltd. (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.