As per our research report the Green Power Market size was estimated to be worth 49.99 billion dollars in 2021, and it is predicted to be worth 104.5 billion dollars by the end of 2027. During the projection period of 2022 to 2027, the global market is expected to grow at a CAGR of 12.5 percent.
The generation of electrical energy from renewable and environmentally benign sources such as wind, geothermal energy, biomass, solar energy, and low-impact hydroelectric energy is known as green energy. Consumers are well aware of the importance of using ecologically friendly electrical sources. As a result, there has been a current push for green energy sources. Several countries’ governments are taking steps to raise consumer knowledge of the availability of green energy sources and to support the green environment movement. Renewable energy and equipment installations have been integrated globally. In Iceland, for example, the heat of the earth generates 80% of the electricity. Similarly, geothermal, hydroelectric, and wind power account for 98 percent of electricity generation in Norway.
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Population growth, urbanization, industrialization, rising per capital demand, depletion of conventional reserves, and increased concern about climate change are all contributing to the expanding use of green power sources as a source of electricity. It is also accelerating the growth of the green energy sector and is expected to gain prominence in the near future. Government attempts to promote green energy sources have been regarded as the primary driver in the green energy sector. Because of the advantages of green energy projects as cleaner energy sources, countries all over the world are implementing policies such as green energy project subsidies, restrictions on the expansion of conventional energy projects, and expansion based on the goals of these projects.
Governments and environmental authorities all around the world are concerned about striking a healthy balance between environmental stability and economic development. The cheap cost of the default utility, high entry costs for new players, the absence of existing renewable power plants, and insufficient separation of power plants are all challenges to the establishment of the green energy industry.
Despite the constraints highlighted above, the global green power industry is expected to grow rapidly in the near future. This is due to the growth of solar parks, government efforts and programmers, and increased knowledge of renewable energy sources. Green power market prospects include aggressive biodiesel programmers and the advent of new raw materials. The expanding demand for energy security, climate change, and environmental difficulties caused by the combustion of petroleum products are all factors leading to the growing focus on clean sources. Furthermore, because biofuels are clean, efficient, and renewable in nature, switching to them results in lower long-term costs. Biodiesel and other biofuels offer market expansion prospects because of these benefits.
The intermittent nature of several green energy sources, particularly solar and wind energy, is the fundamental restriction recognized in the green power sector. Solar and wind power projects cannot be used to their full potential due to their intermittency, as the electrical load factor of these projects is reduced according to weather conditions. Furthermore, the intermittent nature of these projects has an impact on network stability, which is a significant restriction.
SEGMENTATION ANALYSIS:
The global Green Power market segmentation include:
BY TYPE:
- Solar Energy
- Wind Energy
- Hydroelectric Power
- Biofuels
- Others
The market is segmented into four types: wind, solar, hydropower, biofuels, and others. The wind segment dominated the market in 2021, owing to the sector’s rapid technical advancement. However, due to improved acceptance and ease of installation, the solar category is likely to grow at a faster rate during the projection period.
BY END USER:
- Residential
- Industrial
- Commercial
The market is organised into three end-use sectors: residential, industrial, and commercial. Due to improved customer awareness, the industrial segment commanded the market share in 2021. Furthermore, solar energy is becoming more popular, and more people are gravitating toward this green and clean resource. The commercial segment is predicted to increase at a faster CAGR over the forecast period, as Asia-preference Pacific’s for electric vehicles pushes demand for electricity.
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REGIONAL ANALYSIS:
The Asia Pacific industry has led the global green power market for many years and is likely to continue to develop in the coming years. Enhanced industrialization, increased infrastructure, and numerous government programmes are all contributing to market expansion. Many government initiatives are being launched in nations like India and China to offer electricity derived from renewable sources. China has the largest proportion of the Asia Pacific green power market. China is switching to renewable energy sources for electricity generation in order to lessen its reliance on fossil fuels.
The green electricity market in the United States and Canada is quickly developing as infrastructure and industrialization improve.
As a result of these improvements, the European market is predicted to increase steadily. Europe is anticipated to add 105 terabytes of new wind energy capacity during the next five years.
Latin America
Middle East and Africa
LATEST INDUSTRY DEVELOPMENTS:
The 180MW Tico Wind farm in Spain has been connected to the country’s energy grid by Enel Green Power Espaa (EGPE), a subsidiary of Spanish energy company Endesa. The Tico Wind project, which is located in Villar de los Navarros in the province of Zaragoza, needs a €181 million ($193 million) investment. It can create 471 GWh of green electricity per year and offset 192,200 tonnes of carbon emissions.
ArcelorMittal, Ayana Renewable Power, and three states will benefit from Greenko Group’s 5,230 MW renewable energy facility. The plant, which will cost USD 3 billion to build, will be the world’s largest renewable energy storage project. ArcelorMittal, the world’s largest steel company, has invested roughly USD 600 million on the project’s 1,000 MW capacity.
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