Green Power Market Synopsis

Green Power Market Size Was Valued at USD 48.01 Billion in 2023, and is Projected to Reach USD 150.07 Billion by 2032, Growing at a CAGR of 13.50% From 2024-2032.

The green power market refers to the sector of the energy industry focused on renewable energy sources, such as solar, wind, hydro, geothermal, and biomass, which are environmentally sustainable and produce minimal greenhouse gas emissions. It encompasses the production, distribution, and consumption of energy generated from these renewable sources, often with the aim of reducing reliance on fossil fuels and mitigating climate change. The market includes various stakeholders, such as renewable energy developers, utilities, governments, investors, and consumers, who collaborate to promote the adoption and integration of clean energy technologies into the broader energy infrastructure. Through policies, incentives, technological advancements, and market mechanisms, the green power market strives to accelerate the transition towards a more sustainable and low-carbon energy future.

• The green power market has emerged as one that is experiencing a certain form of evolution, sought by the increasing alarm clock about climate change and perhaps a growing awareness of the need for renewable power sources. This change is driven by several variables; most imperative of new improved renewable energy technologies, reduced costs of installed solar and wind power, and higher stringency in environmental requisites across the globe. Renewable energy has become priority for governments because of international policy and agreements like Paris Agreement, therefore they are setting high targets for RE and encouraging its development through mainly subsidies, tax credits, and policy mandating.
• At the same time, ‘green power’ is emerging as an important business strategy because of the potential it holds for generating business value. However, it is very crucial to note that apart from mere compliance to regulations or set rules, the inclusion of renewable energy into corporate plans and structures has many advantages. It help to make and sustain a favourable brand image, reach out to customers with client environmentalism consciousness and Investors’ circle and reduce risks that are associated with fossil fuel price swing/ volatility and energy supply chain instabilities. In addition, as renewable energy technologies are developed, they tend to become cheaper and more efficient than the traditional energy sources and this, in turn, will end up benefiting the companies in the long run since they will be spared the increased costs of energy that result from the use of reclusive traditional energy sources.
• Consumers are also in a position to champion the green phenomenon of power with more demand being experienced in this sector. The increased concerns regarding environmental aspects and the trend for the enhancement of the quality of the population’s lives is driving people to look for the sources of renewable energy for residential and commercial use. Consumers are also able to choose through residential solar panels, community solar programs, and green energy tariffs in the generation of clean energy and systems shift.
• Under such circumstances, the green power market holds new and vast potential for advancement and development for the commerce sector. Renewable Energy Deployment contributes to employment opportunities and empirically drives technology advancement and socioeconomic development in the country both in the urban and rural sectors. Furthermore, renewable energy sources are decentralized and distributed in nature which makes them increase energy security as they add to the spread of energy sources and can minimize the threat of disruption affecting large centralized systems.
• However, there is still much to do and the following difficulties can hardly be considered as unique to the 2000s: While offering sustainable power solutions, renewable energy sources have intermittent and unpredictable characteristics, which affects the integration with the existing power grid and grid stability; this requires investments in energy storage and grid infrastructure. Further, moving out of fossil-energy dynamics requires massive capital assets conversion, and this may face opposition from vested interests from the traditional energy industry. But there is no denying that the green power movement is gradually picking up steam, and with much finer coaxing from all the stakeholders that include the government, businesses, as well as individuals, the visionary long-term goal of a clean sustainable energy is realistically achievable.

Green Power Market Trend Analysis

The Rising Tide of Renewable Energy

• They include the shift to renewable energies such as solar energy, wind energy, hydroelectric power among other as being hugely significant to energy paradigms globally. There is increasing consciousness around the globe, particularly among governments, industries, and consumers, spurred by scientific discovery and its effects, that there is the need to shift from fossil energy sources. Renewable energy is considered a solution to this problem because it provides an actual way of achieving decreased carbon emissions and also minimizing adverse environmental effects caused by use of fossil fuels. However, with the dwindling costs of the renewable technologies, furthermore incremental enhancements in the accessibility and reliability of such technologies make this proposition from the economic point of view quite favorable. Consequently, governments across the globe are proactively putting in place favourable policies, including renewable electricity targets and policies, to enhance the purchasing of green power. At the same time, companies have been increasingly identifying the opportunity in shifting their investment toward renewable energy assets, beyond the question of sustainability that offers them the promise of long-term improvement in the organization’s security and sustainability as the energy sector is becoming more fragmented.
• Even consumer behavior and buying decisions are not being left out in this new and increasing shift towards the use of renewable energy. It has been observed that to grow as aware citizen responsible towards nature, people have started preferring products and services which are environmentally friendly. This has in turn implied a heightened interest in green energy options by both the residential and commercial customers. Residential solar power, shared public wind power plants, and green products purchase schemes are being selected by households and companies to embrace a low carbon lifestyle and help build a green economy. Also, the ability to make renewable energy sources is more transparent and traceable than traditional electricity sources provide consumer with additional guarantees concerning the environmental impact they make using electricity. This mechanism of a shift towards the renewable and sustainable source of energy not only contributes to the market’s growth but also consumer education and consciousness towards the environment, thereby strengthening consumer awareness for a clean, sustainable energy future.

The Economic Renaissance of Renewable Energy

• The current witnessed a significant change in the reduction in the price of renewable energy technologies making it affordable for most people across the globe. The development in technology cannot be overemphasized as since it has helped to fuel the innovation as well as the enhancement of the efficiency of renewable energy systems. Web Energy, it is clear that brave research and development capabilities have increased in the photovoltaic cell developments as well as improvements in the size and overall efficiency of the wind turbine technology. However, cost factors have also come up as a dominant factor in the scaling up of renewable energy form as evidenced by the concept of economies of scale where as technologies grow popular globally their manufacturing and supply chain becomes cheaper. This coupled with government support in terms of tax credits, subsidies and renewable energy standards has facilitated growth of the renewable energy in terms of investment and deployment of large power projects.
• Due to such considerations, renewable energy has had a capability of competing with other traditional energy resources cutting the dominance of conventional energy resources. Technological advancements in the power sector have served to reduce the costs of renewable energy units such as solar and wind energy systems, which are now affordable for both the utilities and consumers. Here, today many renewable energy sources are offering some of the cheapest power prices to their consumers which are far cheaper than the prices of coal, natural gas and other fossil fuel based power generation systems around the globe. This economic competition has not only fast-track renewable energy capacity addition, but it has also encouraged the utilities and energy companies across the globe to invest in clean energy as it is a profitable business model. With the cost-competitiveness of renewable energy sources set to rise even further in the foreseeable future, global prospects for further advancement or adoption are expected to expand even more exponentially, creating more significant employment opportunities and addressing environmental concerns simultaneously.

Green Power Market  Segment Analysis:

Green Power Market is segmented based on Type, Application and End-user.

By Type, Hydroelectric Power segment is expected to dominate the market during the forecast period

• In the context of renewable energy sources, hydroelectric power has remained a leader in the field and continues to retain a large market share thanks to the reliability and the capability of the development of such a power source. As a type of power generating system that is derived from the initial principles of utilizing mechanical energy of a moving water mass, hydroelectric power stations provide the use of river and stream energy to produce electricity. Building of dams involves providing water within containments in a way that water can be parcelled out and channeled through several turbines to drive the generators and help develop electricity. Hydroelectric power distribution: The main infrastructure in hydroelectric power is well established across the world and it makes hydroelectricity as a reliable form of energy supply to many countries.
• Moreover, hydroelectric power can cater for fluctuating customer demand due to the specificity in the control of the water flow through the dams. Irrigation projects that are hydroelectric in nature can produce lots of power to meet the energy demands of a populous region or city. Similarly, small-scale systems like the run of the river or micro-hydro system are practical solutions where individual communities or industries are near the water resources. Oil’s supply limitations further support hydroelectric power’s role as a primary contributor to the shift towards sustainable energy systems given the convertibility of hydroelectric energy systems, low operational cost and near-zero levels of greenhouse gas emissions.

By Application, Electricity Generation segment held the largest share in 2023

• Electricity generation enjoys the status of being the largest segment covering all types of green power. It is important to understand that renewable energy sources ranging from wind energy, solar energy, hydro energy to geothermal energy have only one clear objective and that is the production of electric energy in an ecological way possible. This is putting so much emphasis on the generation of clean electricity due to the need to cut on the emission of greenhouse gases and climate change consequences. With nations across the globe establishing targets towards the utilization of renewable sources of energy, electricity stands out as the key that is instrumental for realizing those goals as well as the shift away from fossil fuel consumption.
• Renewable sources of energy regarding electricity generation are can be seen as endowed with unique advantages involving availability of funds sources including sun, wind and water among others. These resources offer immense opportunities of supporting home, commercial, industrial as well as transport demands for energy without the awful outcomes accompanying the burning of fossil fuel. Additionally, the modularity and customizability of the renewable energy systems make it possible to deploy them in various geographical locations and economies. Because the governments, industries, and consumers of the world are becoming more concerned with sustainability and use of environmental resources, renewable electricity has continued to rise over the last few years, thus spurring innovation, investment, and market development of green power. Hence, the electricity generation continues to be the largest and most sensationalistic subsector, which actively contributes toward the green energy transformation at the global level.

Green Power Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• The Asia Pacific region is experiencing a dynamic shift towards green power, primarily due to the confluence of several key factors. With the region's burgeoning population and rapid urbanization, energy demand has been on an upward trajectory, necessitating a transition towards more sustainable energy sources. Countries like China, India, and Japan, among others, are at the forefront of this transformation, recognizing the urgent need to reduce carbon emissions and mitigate environmental degradation. As such, governments in these nations are committing substantial investments towards renewable energy infrastructure. China, for instance, has emerged as a global leader in renewable energy deployment, with ambitious targets for solar and wind power capacity expansion. India's renewable energy sector has also witnessed remarkable growth, driven by supportive policies and initiatives like the National Solar Mission and competitive bidding for wind and solar projects. Similarly, Japan has been ramping up its efforts to harness renewable energy following the Fukushima nuclear disaster, with a particular focus on expanding its solar power capacity.
• Government incentives and declining costs of renewable technologies have played a pivotal role in driving the significant expansion of solar and wind power capacity across the Asia Pacific region. Incentive schemes such as feed-in tariffs, tax credits, and renewable energy certificates have provided crucial financial support to green energy projects, making them increasingly competitive with conventional fossil fuel-based energy sources. Moreover, advancements in renewable energy technologies, coupled with economies of scale and increased manufacturing capacity, have led to a substantial reduction in the costs of solar panels and wind turbines. This cost decline has further accelerated the adoption of renewable energy, making it a viable and attractive option for both governments and private investors alike. As a result, the Asia Pacific region is witnessing a rapid transformation of its energy landscape, with green power playing an increasingly prominent role in meeting the region's growing energy needs while simultaneously addressing climate change concerns.

Active Key Players in the Green Power Market

• Trina Solar
• First Solar
• Canadian Solar
• ABB
• GE
• Tata Power Solar Systems Limited
• Innergex
• Enel Green Power
• Xcel Energy
• EDF
• Geronimo Energy
• Invenergy LLC
• ACCIONA
• Vestas
• UpWind Solutions, Inc.
• Senvion
• Sinovel Wind Group Co., Ltd
• Other Key Players

Key Industry Developments in the Green Power Market:

• In May 2023, Canadian Solar Inc. subsidiary Recurrent Energy, a global developer and owner of solar and energy storage assets, announced that it has secured a major multi-currency loan facility of up to €1.3 billion with ten banks for renewable energy construction. energy projects in several European countries. Recurrent Energy and participating financial institutions signed the agreement in Seville, Spain.
• In September 2023, ABB partners with clean energy startups to deliver a complete wind energy portfolio. ABB Motion and WindESCo have entered into a strategic partnership in which ABB has acquired a minority stake in the company through its venture capital arm ABB Technology Ventures (ATV). Based in the United States, WindESCo is a leading provider of analytical software to improve wind turbine performance and reliability. Using WindESCo solutions, the investment strengthens ABB's position as a key player in a low-carbon society and its position in the renewable energy production sector.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. GREEN POWER MARKET BY TYPE (2017-2032)
   1. GREEN POWER MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. HYDROELECTRIC POWER
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. WIND POWER
   5. BIOENERGY
   6. SOLAR ENERGY
   7. GEOTHERMAL ENERGY
7. GREEN POWER MARKET BY APPLICATION (2017-2032)
   1. GREEN POWER MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. ELECTRICITY GENERATION
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. HEATING
   5. TRANSPORTATION
   6. OTHERS
8. GREEN POWER MARKET BY END-USER (2017-2032)
   1. GREEN POWER MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. UTILITY
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. RESIDENTIAL
   5. COMMERCIAL
   6. INDUSTRIAL
9. COMPANY PROFILES AND COMPETITIVE ANALYSIS
   1. COMPETITIVE LANDSCAPE
      1. Competitive Positioning
      2. GREEN POWER Market Share By Manufacturer (2023)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
   2. TRINA SOLAR
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
   3. FIRST SOLAR
   4. CANADIAN SOLAR
   5. ABB
   6. GE
   7. TATA POWER SOLAR SYSTEMS LIMITED
   8. INNERGEX
   9. ENEL GREEN POWER
   10. XCEL ENERGY
   11. EDF
   12. GERONIMO ENERGY
   13. INVENERGY LLC
   14. ACCIONA
   15. VESTAS
   16. UPWIND SOLUTIONS, INC.
   17. SENVION
   18. SINOVEL WIND GROUP CO., LTD
10. GLOBAL GREEN POWER MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Type
       4. Historic And Forecasted Market Size By Application
       5. Historic And Forecasted Market Size By End-User
       6. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
11. INVESTMENT ANALYSIS
12. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies