The global green power market size reached US$ 59.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 96.7 Billion by 2028, exhibiting a growth rate (CAGR) of 11.56% during 2023-2028.
Green power refers to the electrical energy generated from environment-friendly and renewable sources, such as geothermal, wind, solar, and low-impact biomass and hydropower. Its production does not release toxic greenhouse gases into the atmosphere, resulting in very little or no environmental impact. It helps offset the emissions of oxide, nitrogen dioxide, and sulfur dioxide, which causes less damage to the environment and human health compared to their conventional counterparts.
Green Power Market Trends:
The growing global population and rapid urbanization are leading to the rising need for electricity generation. This represents one of the key factors positively influencing the market. The increasing construction of residential and commercial buildings, along with the expansion of various industries, are driving the consumption of electricity, which is impelling the market growth. Apart from this, the rising awareness among the masses about the health and environmental benefits of green power is creating a positive market outlook. The shifting consumer preference towards electric vehicles (EVs) is also contributing to the market growth. EVs eliminate tailpipe emissions, minimize dependence on fossil fuels, enhance community health, safeguard energy security, and improve employment and upskilling. This, in turn, is catalyzing the demand for naturally replenished green power sources. The rapid electrification of the transportation and industrial sectors, along with the expansion of the electrical value chain in the oil and gas industry, is stimulating market growth. Furthermore, rising government initiatives to install renewable energy sources are offering lucrative growth opportunities to manufacturers. Additionally, governments of various countries are organizing awareness campaigns to educate individuals about the availability of green power sources. Moreover, numerous innovations and advantages associated with renewable energy are resulting in faster energy transition, thus bolstering the green power industry.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global green power market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on power source and end use sector.
Breakup by Power Source:
- Low Impact Hydro
Breakup by End Use Sector:
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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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Key Questions Answered in This Report:
- How has the global green power market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global green power market?
- What are the key regional markets?
- What is the breakup of the market based on the power source?
- What is the breakup of the market based on the end use sector?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global green power market and who are the key players?
- What is the degree of competition in the industry?