NEW YORK, United States, June 08, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Green Energy Market: Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028” in its research database. According to the latest research study, the demand of global green energy market size was worth at around USD 900 billion in 2021. The market is expected to grow above a CAGR of 8.5% and is anticipated to reach over USD 1950 billion by 2028.
What is Green Energy? How big is the Green Energy Industry?
Market Overview:
Green energy is an energy source that uses natural resources as its main raw materials which are water, wind, and sunlight. The key point to note while discussing green energy is that it has zero harmful effect on the environment either during the generation process or while it is being used. Out 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 either small or large-scale purposes.
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Green energy is important because it helps in overcoming the negative implications of energy generated from fossil fuels. Since green energy is a clean source of energy it does not emit any kind of greenhouse gases thus protecting the environment while managing to provide efficient and desired outputs. The global green energy market has applications in various industries and sectors. Some of the examples involve the use of green energy solutions for achieving desired heating or cooling in buildings, extensive use in transportation, and growing adoption in transportation.
Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the updated report.
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historical and Forecast Growth, Porter's 5 Forces Analysis
Key Insights from Primary Research
- As per the analysis, the Green Energy market is likely to grow above a CAGR of around 8.5% between 2022 and 2028.
- The Green Energy market size was worth around US$ 900 billion in 2021 and is estimated to hit approximately US$ 1950 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Rising awareness amongst the general population toward environmental health to provide opportunities for market growth
- Based on type, the global market was dominated by the hydroelectric power segment in 2020 and is expected to follow the same trend during the forecast period
- Based on end-user, the residential sector is expected to generate the highest revenue owing to the utilization of solar and wind energy
- On the basis of region, the “Asia Pacific” will likely overtake the global market.
Market Dynamics:
Growth Drivers
The global energy market is expected to grow owing to the various benefits offered by green energy resources. Since the raw material required for the generation of green energy is either solar power, wind power, or tidal power, these components are present abundantly across the globe at zero cost. The main investment required is for creating equipment to harness their energy. Since green energy can be generated locally, it helps in maintaining economic stability which does not get affected by external factors. Along with this, local green energy generation assists in creating job opportunities for the economy. The local nature of clean energy makes it more flexible to be used since it is not provided by a centralized agency but created in-house and it is also showing promising signs of cost-effectiveness by providing low-cost solutions across sectors making it accessible even in developing regions thus propelling global market expansion in the coming years.
Restraints
Abrupt changes in climatic conditions may restrain the global market expansion whereas the rising awareness amongst the general population toward environmental health is expected to provide opportunities for global market growth along with some challenges arising due to high initial investment.
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COVID-19 Impact Analysis
The growth of the global market halted during Covid-19, the opening of economies and lifting of transportation restrictions have aided the global market towards steady growth during the projection period.
Competitive Players
The report contains qualitative and quantitative research on the global Green Energy Market, as well as detailed insights and development strategies employed by the leading competitors. Some of the main players in the global Green Energy market include;
- SynTech Bioenergy
- Canadian Solar Inc.
- Ocean Power Technologies
- Invenergy LLC
- Innergex
- Tocardo BV
- TATA Power
- Ørsted
- ONPOWER Business Energy
- ABB Product Group Solar
- NextEra Energy, Inc.
- Vestas
- Siemens AG
- EDF
Segmentation Analysis:
The global green energy market is segmented by type, end-user, and region.
Based on type, the global market is segmented into solar energy, geothermal energy, hydroelectric power, bioenergy, and wind power. The global market was dominated by the hydroelectric power segment in 2020 and is expected to follow the same trend during the forecast period owing to its wide application across sectors.
Based on end-user, the global market is segmented into commercial, residential, industrial and others where the residential sector is expected to generate the highest revenue owing to the utilization of solar and wind energy even at a small scale and the emergence of multiple manufacturers offering energy generators for home devices.
Regional Analysis:
Asia-Pacific is predicted to lead the global green energy industry due to the increase in local manufacturers producing green energy equipment which is also coupled with increasing initiatives by the government to generate the interest of international manufacturers to invest in regions like China, India, Taiwan, and others. China was a leading contributor to regional growth in the bioelectric segment in 2017 and has since then become a leading economy in on-shore, hydropower, solar photovoltaic, and wind power energy sources.
North America and Europe are expected to generate significant revenue during the forecast period owing to growing infrastructural development, the presence of multiple influential market players, and the increasing adoption of electric vehicles owing to the rising disposable income of the consumer group.
The Middle East is showing signs of steady growth due to the growing tourism and subsequent innovative development of country architecture, especially in UAE, Abu Dhabi, and Saudi Arabia.
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Recent Industry Developments:
- In April 2021, Walmart announced the installation of solar power systems of 6.5 MW by Sol Client Solutions in the California location. Their portfolio increased to solar systems worth $10M with BOA acting as a tax equity partner.
- In April 2021, after the partnership of Engie and Eocyle-Xant, the decentralized energy solution range of Engie’s witnessed the installation of small turbines for their Belgian-based clients. The partnership is projected to install around 110 SWTs for small and medium-sized firms.
Key questions answered in this report:
- What is the market size and growth rate forecast for Green Energy industry?
- What are the main driving factors propelling the Green Energy Market forward?
- What are the leading companies in the Green Energy Industry?
- What segments does the Green Energy Market cover?
- How can I receive a free copy of the Green Energy Market sample report and company profiles?
Report Scope:
| Report Attribute | Report Details |
| Market Size in 2021 | USD 900 Billion |
| Market Forecast in 2028 | USD 1950 Billion |
| Growth Rate | CAGR of 8.5% |
| Base Year | 2021 |
| Forecast Years | 2022- 2028 |
| Key Companies Covered | SynTech Bioenergy, Canadian Solar Inc., Ocean Power Technologies, Invenergy LLC, Innergex, Tocardo BV, TATA Power, Ørsted, ONPOWER Business Energy, ABB Product Group Solar, NextEra Energy, Inc., Vestas, Siemens AG, EDF. |
| Segments Covered | By Type, By End-User and By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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The global Green Energy market is segmented as follows:
By Type:
- Solar energy
- Geothermal energy
- Hydroelectric power
- Bioenergy
- Wind power
By End-user:
- Commercial
- Residential
- Industrial
- Others
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022-2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Type, By End-User and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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