Green Energy Market will grow at highest pace owing to rising concerns regarding environmental pollution
The green energy market consists of various energy generation sources including wind, solar, hydropower, bioenergy and geothermal that utilizes renewable resources and causes no carbon emission. Renewable energy sources provide clean and sustainable electricity to households as well as industries. Solar energy in particular is becoming increasingly popular owing to advancement in solar panel technology which has made it more efficient and cost-effective. Furthermore, supportive government policies and incentives in the form of subsidies are boosting adoption of green energy solutions across the globe.
Green Energy Market Size is valued at US$ 0.00 Bn by 2024 Request Quote Cart US$ 0.00 to 2031, growing at a compound annual growth rate (CAGR) of 13.8% from 2024 to 2031.
Key Takeaways
- Key players operating in the green energy market include Vestas, Sungrow, Xinjiang Goldwind Science & Technology Co., Siemens Gamesa Renewable Energy S.A., ENERCON GmbH. These companies are focused on expanding their footprint and diversifying their product portfolio through strategic collaborations.
- Growing awareness about climate change and energy security is propelling demand for renewable power sources. Also, decline in prices of solar PV modules and wind turbines is making green solutions more attractive.
- Technological advancements such as taller wind turbine towers, larger wind turbine rotor diameters and thin-film solar modules are boosting efficiency and maximizing energy output from Green Energy Market Demand sources. Developments in battery storage technology is also enhancing viability of intermittent renewable sources.
Market Trends
- Offshore wind energy is emerging as one of the most promising renewable sources owing to development of innovative floating and fixed-bottom technologies. Countries in Europe are increasingly adopting offshore wind to achieve decarbonization targets.
- Distributed renewable energy is gaining traction with commercial and industrial facilities as well as homeowners looking to generate power locally through rooftop solar and small wind turbines. This helps reduce dependency on conventional grids.
Market Opportunities
- Potential for green hydrogen produced from renewable electricity through water electrolysis is immense given growing focus on utilizing hydrogen as an alternative fuel for transportation and industrial applications.
- Developing economies across Asia Pacific and Latin America provide huge opportunity for green energy companies given rising electricity demand and policy push for clean power in these markets.
Impact of COVID-19 on Green Energy Market Growth
The COVID-19 pandemic had a significant impact on the green energy market. During the early phases of the pandemic in 2020, the lockdowns and restrictions imposed to curb the spread of the virus led to a decline in energy demand globally. This impacted green energy projects and renewable energy installations. Supply chain disruptions also affected the procurement of components and led to delays in projects.
However, as lockdowns eased in 2021, the demand started recovering. Many countries announced clean energy stimulus packages to boost their economies. This provided a strong boost to the green energy sector. The focus on building more resilient and sustainable energy systems post-COVID also supported the growth. Investments poured into renewable sources like solar, wind, hydro and biomass to meet the rising energy needs in a greener way.
To sustain the gains, governments and businesses need to continue prioritizing clean energy goals. Attracting more private funding will aid the scale-up of projects. Streamlining of approvals and policies can help reduce delays. Building robust supply chains will enhance resilience against future disruptions. Cross-country collaborations on manufacturing and exports will make green technologies more affordable. With the costs declining rapidly, adoption of green sources in transports, industries and households is projected to rise substantially in the coming years.
Geographical Regions with Highest Value Concentration of Green Energy Market
Currently, the two regions with the highest value concentration of the global green energy market are Europe and Asia Pacific. Europe accounts for over 30% of the total market value led by countries like Germany, UK, France and Italy. Strong policy push, incentives and falling technology costs have aided Europe's transition to renewable sources at scale.
Asia Pacific is the fastest growing region for green energy market and is expected to surpass Europe's value share by 2030. China is the world's largest investor in renewable energy and dominates the solar panel manufacturing globally. Other major markets in Asia are India, Japan and South Korea. The region is witnessing rapid uptake of solar, wind and hydropower projects to meet their fast rising energy demands in a sustainable manner. Going forward, Asia Pacific will continue building on these strengths to emerge as the leader of the global green energy industry.
Fastest Growing Region in the Green Energy Market
The fastest growing region for the green energy market between 2024-2031 is expected to be Latin America. Countries like Brazil, Chile, Colombia and Mexico are abundantly blessed with renewable energy resources like hydro, solar and wind. They offer attractive incentives and policies to develop these domestic sources. Latin America is actively working to replace fossil fuel based power generation with clean alternatives to reduce carbon footprint. The region has set ambitious green energy targets to be met this decade. This makes Latin America the most opportunistic market for renewable energy companies globally over the forecast period. Investments in solar parks, offshore wind farms and mini-grids will bolster the growth of green power industry substantially across Latin American countries.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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