by The global Green Energy Market is estimated to be valued at US$ 1144.49 Bn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The green energy market produces renewable and clean energy such as solar, wind, hydro and geothermal power that are more eco-friendly alternatives to conventional sources of energy like coal, oil and natural gas. Some of the key advantages of green energy includes reduced carbon emissions, lower dependency on limited fossil fuel reserves and generation of energy from infinite renewable resources. There is a growing demand for green energy worldwide due to rising environmental concerns and government initiatives to shift toward cleaner sources of energy.
Market key trends:
Renewable energy solutions are witnessing strong growth as a viable and sustainable replacement for fossil fuels. Developments in renewable technologies have increased the viability of clean energy sources for both large utility-scale projects and small-scale residential use. Solar and wind power along with other renewable energy technologies are emerging as the fastest growing segment in the green energy market. Governments worldwide are heavily supporting the adoption of renewable energy through favorable policies, tax incentives and investments. Rising global energy demand coupled with need to reduce dependence on imported fuels is a key driver increasing investments in renewable projects globally in the upcoming years.
Segment Analysis
The global green energy market is segmented into solar, wind, hydroelectricity, and others. Among these, the solar segment dominated the market and accounted for over 30% share in 2022. The dominance is attributed to factors such as widespread availability of solar energy coupled with decreasing costs of solar cells and panels. Countries across the world, especially in the Asia Pacific region are heavily investing in solar energy generation to reduce dependence on conventional energy sources. Going forward, the solar segment is expected to witness significant growth owing to supportive government policies and initiatives promoting clean energy adoption.
Key Takeaways
The Global Green Energy Market is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing emphasis on renewable energy sources to reduce carbon emissions.
Regional analysis
The Asia Pacific region held the largest share of the global green energy market in 2022 and is expected to maintain its dominance during the forecast period. Majority of the world’s fastest growing economies such as China and India are based in the Asia Pacific region. These countries have undertaken massive renewable energy projects to meet their increasing energy needs in a sustainable manner. Further, favorable government policies and presence of leading green energy companies have boosted the green energy adoption in Asia Pacific.
Key players
Key players operating in the green energy market are ABB Ltd., Alterra Power Corporation, Kyocera Solar, Inc., Nordex SE, Hanwha Q Cells GmbH, Sharp Corporation, Calpine Corporation, Suzlon Energy Ltd., U.S. Geothermal Inc., Yingli Green Energy Holding Co. Ltd., Enercon GmbH, and GE Energy. The market is dominated by large utility scale green energy project developers and technology providers such as ABB Ltd, GE Energy, and Siemens Energy. Green energy developers such as SunPower, First Solar, and Canadian Solar continue to expand their footprint worldwide through renewable energy projects.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
