Green Energy Market Overview
According to a new report published by Introspective Market Research, “Green Energy Market by type, end-user and region: Global Opportunity Analysis and Industry Forecast, 2024–2032,”
Global Green energy Market Size Was Valued at USD 1420.11 Billion in 2023 and is Projected to Reach USD 3058.95 Billion by 2032, Growing at a CAGR of 8.9% 2024-2032.
Green energy market driving a significant growth in recent year driven by factors such as declining costs of renewable technologies, increasing concerns about climate change, government incentives and policies, and technological advancements. This growth is evident in the increasing installation of renewable energy capacity worldwide. The green energy market, also known as the renewable energy market, consist of the production, distribution, and consumption of energy derived from renewable sources such as solar, wind, hydroelectric, geothermal, and biomass. This market has made a high growth in recent years due to increasing concerns about climate change, environmental sustainability, and energy security.
Sustainable development and reduced carbon emissions have become a major global priority in recent years. Many companies and governments are focusing on investing in renewable and clean energy sources like solar, wind, and hydropower to reduce their reliance on fossil fuels and lower carbon emissions. Consumers and corporations alike are increasingly conscious of their environmental impact and looking for sustainable options. This shift in attitudes and priorities is having a profound effect on the growing green energy market worldwide.
Growing environmental concerns is one of the significant growth drivers in the market. Globally, governments and businesses are devoting more resources to renewable energy sources like solar, wind, and hydropower to reduce carbon emissions. As awareness about climate change impacts increases, citizens are demanding more large-scale transition to greener alternatives from fossil fuels which are heavily polluting. Many nations have announced ambitious targets over the next decade to increase the share of renewables in their total energy mix and move away from coal. Government also makes more schemes regarding the renewable to attract and create the awareness in peoples.
Green energy is one of the fastest growing markets with emerging trends for green electricity present a promising opportunity for advancement in the global renewable energy sector. Many developing nations are focusing on green electricity and experiencing rapid economic growth and a ballooning demand for power. However, their electricity grids have traditionally relied heavily on fossil fuel sources that produce greenhouse gas emissions. A shift towards cleaner, locally generated solar and wind power could help these countries leapfrog older carbon-intensive technologies to meet new demand. This would get them on a more sustainable path to power their growing populations and economies for decades to come advancement in renewable energy technologies, such as solar photovoltaics, wind turbines, energy storage systems, and smart grid infrastructure, have made green energy more efficient, reliable, and cost-effective.
These advancements are driving down the costs of renewable energy generation, making it more competitive with traditional fossil fuels. The renewable energy sector presents attractive investment opportunities for financial institutions, venture capitalists, private equity firms and for government. As the market continues to grow, investors are increasingly allocating capital to renewable energy projects, leading to further expansion and innovation in the sector.
Global Green Energy Market, Segmentation
The Green Energy Market is segmented on the basis of type, end-user, and region.
Type:
The type segment is further classified into solar energy, wind energy, hydro-electric energy, bio-energy, geothermal energy and others. Among these, the hydro-electric sub-segment accounted for the highest market share in 2023.The hydro-energy segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted for by the rapid construction of hydropower plants and their wide application across sectors. Moreover, hydropower is the pillar of low-carbon electricity generation, supplying nearly half of it globally today. Hydropower contributes 55% more than nuclear and more than all other renewables combined, including wind, solar PV, bioenergy, and geothermal. According to the data from the IEA, the total global hydropower capacity was valued at 1308 GW in 2020.Government also more approaching towards the hydro-construction and production.
Application:
The application segment is further classified into Residential, Commercial and industrial. Among these, the Commercial sub-segment is anticipated to show the fastest growth by 2032.The commercial segment is anticipated to achieving the highest revenue. The growth of the segment can be attributed to the growing demand for energy in this sector. Further, the majority of companies are investing more in renewable energy owing to various environmental concerns. Energy use is intimately related to climate change. The ecology is harmed by fossil fuels, and their prices are unstable. Hence, the environment could be preserved by substituting clean energy sources for fossil fuels. Also, the government has launched various policies, making use of renewable energy stringent for the commercial sector.
Region:
The Green Energy Market in Asia-Pacific is projected to show the fastest growth by 2032.This is due to the increasing density of the population and progressing industrialization in countries like India, China, Japan, and Australia, which have led to rising demand for sustainable renewable energy. The industrial growth in the region has created a high electricity demand, which is being met to some extent by electricity generated from solar, wind, and hydropower sources.
Asia Pacific is the largest consumer of renewable energy globally, and China continued its dominance in the market of renewable energy capacity. The country has been investing heavily in renewable energy, particularly in solar and wind power. Additionally, the Chinese government has implemented policies to encourage the deployment of renewable energy, which has contributed to the country's dominance in the market.
Some of the leading green energy market players are
- Tesla, Inc. (United States)
- NextEra Energy, Inc. (United States)
- Vestas Wind Systems (Denmark)
- Tata Power Renewable Energy Ltd (India)
- SunPower Corporation (United States)
- Enel Green Power (Italy)
- Canadian Solar Inc. (Canada)
- First Solar, Inc. (United States)
- Siemens Gamesa Renewable Energy (Spain)
- SolarEdge Technologies, Inc. (Israel)
Key Industry Developments
- In Jan 2024, Massive expansion of renewable power opens the door to achieving the global tripling goal set at COP28
- In January 2024, Yes Energy, a leader in power market data, today announced the acquisition of TESLA, Inc. The combination of TESLA, Inc. and Yes Energy will add tremendous value to power market analysts by creating an integrated solution for load forecasting and analytics in the highly data-intensive power markets.
- In May 2024, Trina solar lim. the leading global PV and smart energy total solution provider has been supporting Uzbekistan's transition to renewable energy
Key Findings of the Study / Key Industry Developments.
- Sustainable development and reduced the carbon emission are become the major global priorities in recent year.
- Emerging markets for green electricity present a promising opportunity for advancement in the global renewable energy sector
- More efficient solar photovoltaic panels, lightweight building integrated wind turbines, longer lasting, and higher capacity battery chemistries could all emerge from boosted research efforts.
- Commercial segment boosting the green energy market with getting the highest revenue due to the growing demand for energy in this sector.
The Asia Pacific region dominated the renewable energy market to the global market.
