According to the latest report by IMARC Group, titled "Green Power Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global green power market size reached US$ 59.1 Billion in 2022. Green power is generated from natural resources, including wind, sunlight or water. It is a subset of renewable energy that provides various environmental benefits, such as reducing the emission of toxic gases, which causes less damage to human and environmental health. It replaces the adverse effects of fossil fuels with more environmentally friendly alternatives as it is derived from natural resources. With the increasing investments by private and public agencies in infrastructural development projects and smart city initiatives, there has been a significant rise in the demand for green power across the globe.
Global Green Power Market Trends:
The global market is primarily driven by the growing pollution level. Coupled with the rising need for electricity across residential, commercial and industrial sectors, this is creating a positive market outlook. With an enhanced focus on sustainable development, there has been a considerable increase in the demand for green power across the globe. In addition to this, numerous initiatives undertaken by the governments of several countries and the introduction of several schemes and financial assistance to promote the uptake of green power are significantly supporting the overall market. Along with this, the increasing manufacturing and selling of electric vehicles (EVs) due to the widespread consumer preference for eco-friendly alternatives is acting as a growth-inducing factor. Furthermore, the rapid electrification of the automotive sector, along with the development of the electrical value chain across the oil and gas industry, is influencing the market favorably. Moreover, continual technological advancements across the globe are bolstering the market. Other factors, including rapid industrialization and extensive research and development (R&D) activities conducted by key players, are further creating a positive market outlook. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 96.7 Billion by 2028, exhibiting a CAGR of 11.56% during 2023-2028.
- On the basis of the power source, the market has been segmented into wind, solar, low impact hydro, biomass and others.
- Based on the end use sector, the market has been classified into transport, industrial, non-combusted, buildings and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include ABB Ltd., Acciona S.A., Adani Green Energy Limited (Adani Group), Électricité de France S.A., GE Renewable Energy (General Electric Company), Iberdrola S.A., Innergex Renewable Energy (Hydro-Québec), Invenergy LLC, NextEra Energy Inc., Orsted AS, Siemens Energy AG, Suzlon Energy Limited and Tata Power Company Limited.
|Base Year of the Analysis
||Power Source, End Use Sector, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ABB Ltd., Acciona S.A., Adani Green Energy Limited (Adani Group), Électricité de France S.A., GE Renewable Energy (General Electric Company), Iberdrola S.A., Innergex Renewable Energy (Hydro-Québec), Invenergy LLC, NextEra Energy Inc., Orsted AS, Siemens Energy AG, Suzlon Energy Limited and Tata Power Company Limited
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