Market Research Future (MRFR) has published on the “Global Green Energy Market”.
The green energy market is estimated to register a CAGR of 9.60% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global green energy market - 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 and EDF.
The global green energy market is accounted to register a CAGR of 9.60% during the forecast period and is estimated to reach USD 234.12 billion by 2032.
The global market for green energy is being driven by rising awareness of the effects of climate change brought on by fossil fuels and traditional energy sources like oil, coal, and natural gas. Fossil fuel pollution is wreaking havoc on the environment and hastening climate change, which makes green energy sources even more necessary. Moreover, due to the rapid depletion of natural resources, the industry is seeing an increase in demand, which is being helped by the increased emphasis on sustainable development. Furthermore, governments throughout the world are increasingly supporting the installation and use of these alternative energy sources through tax breaks and other incentives, and consumer awareness of green energy is rising, which is accelerating the industry's expansion.
The global green energy market has been segmented into application and type.
On the basis of application, the market is segmented into Commercial, Residential and Industrial. The commercial segment was attributed to holding the largest market share in 2022. Government measures to encourage the use of green energy sources in business areas are predicted to increase. These initiatives will likely take the form of subsidies and regulatory changes. The cost of deploying green energy is falling as a result of technological developments in the field, which is increasing demand for green energy in the commercial sector.
Based on type, the global green energy market has been segmented into Solar Energy, Hydro Energy, Wind Energy, Tidal Energy, Bio-Gas, Geothermal Energy and Other. The hydro energy segment was expected to hold the largest market share in 2022. Brazil saw a huge increase in hydropower development. Across the continent, activity has increased, with noteworthy projects in Colombia and Peru. The market for small hydropower plants has expanded as a result of an increase in investments for rural electrification and off-grid energy generation throughout developing nations including India, China, Brazil, and Vietnam.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Green Energy Market Research Report
The global green energy market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe green energy market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The green energy market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World green energy market comprises of Middle East, Africa, and Latin America.
The largest market share for green energy was maintained by the North American regional sector backed by an increase in public awareness of pollution's detrimental effects on the environment. Additionally, the government is launching a number of initiatives to boost the use of green energy in this area. They are also putting money into green energy, which is expected to help the market in this area flourish.
Moreover, the Europe market has been persistently growing over the forecast period due to the increasing adoption of green energy in nations like Norway and Denmark. Additionally, the fast growing solar and wind power industries in the area are the main drivers of the market for green energy in the area. Germany is the biggest market in Europe for green energy.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. The highest usage and adoption of solar and hydro energy in the area, coupled with high green energy adoption in important nations like China, India, and Japan, which is also predicted to considerably enhance the market growth, are all factors that have contributed to the market's expansion.
Furthermore, the rest of the world's green energy market is divided into the Middle East, Africa, and Latin America. Brazil is one of the top markets outside of North America, Europe, and the Asia-Pacific for green energy in the rest of the globe. The nation's huge resources of water, wind, and sun present a significant opportunity for future expansion.
Key Findings of the Study
- The global green energy market is expected to reach USD 234.12 billion by 2032, at a CAGR of 9.60% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market. The highest consumption and uptake of solar and hydropower in the region, along with strong green energy uptake in significant countries like China, India, and Japan, which is also anticipated to significantly boost market growth, are all aspects that have contributed to the industry's development.
- Based on application, the commercial segment was attributed to holding the largest market in 2022, with an approximate market share of 55%.
- 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 and EDF.