Global green energy market is projected to grow from USD 1,811 billion in 2023 to USD 4783.37 Billion by 2033, at a CAGR of 10.2% during the forecast period (2023-2033)
The production and use of renewable energy sources like solar, wind, hydro, and geothermal power are referred to as the "green energy market."
Unlike fossil fuels like coal and natural Liquid gas, these sources emit little to no greenhouse gas emissions, making them "green" sources.
“Global Green Energy Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2033” is a recent report generated by MarketResearch.biz. The global green energy market report has been segmented on the basis of type, end-user, and region
Global Green Energy Market: Overview
Green energy that includes green electricity which is produced with less or no environmental impact. This energy does not have greenhouse gases effects and does not contribute to the global warming and is a better alternative to the fossil fuels.
Global Green Energy Market: Dynamics
Rapid industrialization in developed and developing countries, rising oil & gas prices, and increasing government initiatives in order to lower the dependency on fossil fuel for power generation are some major factors expected to drive growth of the global market. In addition, government approach towards adoption of wind and solar energy for power generation is expected to further support growth of the global market. In 2018, according to International Renewable Energy Agency, the north-eastern states of Massachusetts and Rhode Island in the US expected to develop and to install 1200 MW of offshore wind in the Atlantic Ocean
Moreover, rising construction and reconstruction activities across the globe, changing regulatory scenario related to deployment of solar panels in residential and commercial buildings are some other factors expected to further boost growth of the global market to certain extent.
In addition, increasing automotive sale in developing countries, rising environmental pollution from vehicles, and inclination towards use of bio-diesel as an alternate fuel source are some other factors expected to further support growth of the global market to certain extent.
However, lack of infrastructural facilities for swift adoption of green energy is a major factor expected to hamper growth of the global market. In addition, high installation cost is another factor expected to limit adoption of green energy is another factor expected to further challenge growth of the global market.
Increasing investment by major players for development of cost-effective products and increasing government spending on development of infrastructure that helps to facilitate the adoption of green energy are factors expected to create new opportunities in terms of revenue for players operating in the target market over the forecast period. In addition, increasing expansion activities through strategic partnerships and agreements is expected to further support growth of the target market to certain extent.
Global Green Energy Market: Region
The market in North America followed by Europe is expected to contribute significant revenue shares in the global market. This can be attributed well-developed infrastructure, government inclination towards use of solar energy for power generation, and presence of major players operating in countries in this region.
The market in Asia Pacific is expected to witness faster growth, owing to increasing government spending in development of green energy infrastructure, availability of various subsidies to merchants, and emergence of new regional players with innovative products.
The market in Latin America is anticipated to witness moderate growth due to government inclination towards adoption of bio-fuel and rising presence of major players in this region.
Global Green Energy Market Segmentation
Segmentation by type
- Solar Energy
- Wind Energy
- Hydroelectric Energy
Segmentation by end-users
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size USD 1,811 billion Growth Rate 10.2% Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- GE Energy Services, Inc.
- ABB Ltd.
- Nordex SE
- Suzlon Energy Ltd.
- Enercon GmbH
- Kyocera Solar Inc.
- US Geothermal Inc.
- Calpine Corporation
- JA Solar Holdings Co. Ltd.
- Altera Power Corporation
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