Portland, OR, Dec. 09, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global green power market was pegged at $41.1 billion in 2019, and is projected to reach $103.5 billion by 2027, registering a CAGR of 12.3% from 2020 to 2027.
Increased government initiatives, strict regulation toward greenhouse gas emission, and surge in number of market players in the Asia-Pacific region have boosted the growth of the global green power market. However, high manufacturing prices hinder the market growth. On the contrary, rise in electric vehicles opens lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 outbreak has severely affected market investments in green power and curbed the expansion of key clean energy technologies.
- During the pandemic, the demand for green power has reduced from the construction sector.
- The uncertainty in the economy and fluctuating oil prices due to prolonged lockdown across several countries have reduced investments in new projects of green power.
The global green power market is segmented on the basis of power source, end-user sector, and region. Based on power source, the solar segment is estimated to manifest the highest CAGR of 12.7% during the forecast period. However, the wind segment dominated the market in 2019, contributing to nearly half of the total market.
On the basis of end-use sector, the buildings segment held the lion’s share in 2019, accounting for around two-fifths of the total revenue. However, the transport segment is expected to register the highest CAGR of 13.4% from 2020 to 2027.
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By region, the market is analyzed across various regions such as Asia-Pacific, North America, Europe, and LAMEA. The market across Asia-Pacific is anticipated to register the highest CAGR of 12.8% during the forecast period. However, the market across Europe held the largest share in 2019, contributing to more than two-fifths of the market
The global green power market report includes an in-depth analysis of the major market players such as Adani Green Energy Limited, GE Renewable Energy, Green Energy Corp., Iberdrola SA, JinkoSolar Holding Co. Ltd., NextEra Energy, Inc., Orsted A/S, Siemens Gamesa Renewable Energy, Suzlon Energy Limited, and Tata Power.
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