Green Power Market

In 2022, the Green Power Market had a value of $41.1 billion, and it is predicted to reach $103.5 billion by 2030. The market is expected to grow at a compound annual growth rate (CAGR) of 12.3% from 2023 to 2030.

The Green Energy market was resilient during the pandemic and experienced minimal impact due to its self-sustaining nature and reliance on natural power sources. Several factors contribute to the growth of the green energy market, including the growth of industries in developing economies, stricter government regulations on greenhouse gas emissions worldwide, and favorable policies for the green power sector in developed and developing countries. Although countries like India have significant growth potential, the market is growing at a moderate pace due to inconsistent policies and business environments.

In the Asia-Pacific region, the green power market is driven by the increasing electric vehicle market, particularly in China. According to the BP Statistical Review of World Energy 2023, China played a significant role in the growth of the green power sector. Additionally, several European countries such as Sweden, Denmark, Scotland, and Germany are close to achieving their targets of transitioning to green energy sources and are among the top 11 countries leading this change, as reported by the Climate Council of Australia.

The market includes major players such as Adani Green Energy Limited, GE Renewable Energy, Green Energy Corp., Iberdrola SA, JinkoSolar Holding Co. Ltd., NextEra Energy, Inc., Orsted A/S, Siemens Gamesa Renewable Energy, Suzlon Energy Limited, and Tata Power. These companies have implemented various strategies like product launches and business expansions to stay competitive in the market. Additionally, they are investing significantly in research and development activities due to the growing global population, which directly increases the demand for energy.

Market Segmentations:

By Power Source
• Wind
• Solar
• Low Impact Hydro
• Biomass
• Others

By End Use Sector
• Transport
• Industrial
• Non-combusted
• Buildings
• Others

Regarding the power source, the green power market is categorized into wind, solar, low impact hydro, biomass, and others. In 2019, the wind segment dominated the market due to strong technological advancements. However, the solar segment is expected to grow at a faster pace during the forecast period, driven by increased acceptance and ease of installation.

In terms of end-use sectors, the market is divided into transport, industrial, non-combusted, buildings, and others. The buildings segment held the largest market share in 2019, driven by heightened consumer awareness and the growing preference for green and clean energy sources, particularly solar energy. The transport segment is projected to experience a higher compound annual growth rate (CAGR) during the forecast period, as the Asia-Pacific region witnesses an increasing inclination towards electric vehicles, leading to higher demand for electricity.

Green power market, by region
In terms of geographical coverage, the market analysis includes North America, Europe, Asia-Pacific, and LAMEA. Europe held the dominant position in the market in 2019, having embraced green energy sources at an early stage. However, Asia-Pacific is expected to experience higher growth during the forecast period. This is attributed to increased government investments and subsidies in the market, as well as the implementation of numerous schemes and plans to reduce CO2 emissions in the region.

Key benefits for stakeholders:
• This report offers a comprehensive analysis of the green power market, including current and future trends, to identify investment opportunities.
• It highlights the key drivers, opportunities, and restraints impacting the green power market, along with their impact analysis throughout the forecast period.
• Porter's five forces analysis is used to assess the potential of buyers and suppliers, as well as the competitive scenario within the green power industry, aiding in strategic decision-making.
• The report provides a comprehensive analysis of the factors driving and hindering the growth of the green power market.
• It presents qualitative data on trends, dynamics, and developments in the green power market.
• The report offers extensive qualitative insights into the significant segments and regions that demonstrate a favorable share in the green power market