30-Jun-2022 | Zion Market Research
The global green energy market was valued at $900B in 2021 and is expected to grow at a CAGR of 8.5% by 2028 and generate a market revenue of $1,950B during the forecast period.
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.
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.
Even though 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.
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.
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.
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.
The global green energy market is expected to be dominated by Asia-Pacific owing to the rise in the number of local manufacturers providing 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.
Some of the leading players in the global green energy market are 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.
Browse the full “Green Energy Market By Type (Solar Energy, Geothermal Energy, Hydroelectric Power, Bioenergy, and Wind Power), By End-User (Commercial, Residential, Industrial, and Others), and By Region: Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/green-energy-market
The global green energy market is segmented as follows:
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