Green Power Market Size, Share, Competitive Landscape and Trend Analysis Report, by Power Source and End-Use Sector : Global Opportunity Analysis and Industry Forecast, 2020-2027

Green Power Market Outlook - 2027 

The green power market size was valued at $41.1 billion in 2019, and is anticipated to generate $103.5 billion by 2027. The market is projected to experience growth at a CAGR of 12.3% from 2020 to 2027.

There are numerous factors contributing to the growth of the green energy market such as rise in industries in developing economies, increase in stringent government regulations toward greenhouse gas emissions across the globe, and surge in favorable policies in developed and developing economies for the green power sector. Countries, including India possess significant growth potential; however, due to inconsistent policy and business environment, the market is growing at a moderate rate.

The green power market in Asia-Pacific region is also driven by the rise in Electric vehicle market, especially China. Moreover, the growth in green power market, according to BP Statistical Review of World Energy 2020, was largely driven by China as the green power sector saw tremendous growth in the country. In-addition, several countries in Europe region such as Sweden, Denmark, Scotland, and Germany are close to their targets of switching to green sources and are ranked in top 11 countries leading the change, according to Climate Council of Australia.

The key players operating in the market are 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. The players in the market have adopted several strategies, such as product launch and business expansion, to sustain the market competition. The market players are also investing largely into R&D activities, owing to increase in population that directly escalates the demand for energy.

Green power market, by power source 

By source, the market is divided into wind, solar, low impact hydro, biomass, and others. The wind segment dominated the market in 2019 as the technological growth in the sector is strong. However, the solar segment is expected to grow at a higher pace during the forecast period, owing to increased acceptance and ease of installation.

Green power market, by end-use sector 

By the end-use sector, the market is divided into transport, industrial, non-combusted, buildings, and others. The buildings segment dominated the market share in 2019 owing to increased consumer awareness. Moreover, the acceptance of solar energy has increased, and more people are inclining towards green and clean resource. The transport segment is expected to grow at a higher CAGR during the forecast period as the inclination towards electric vehicle in Asia-Pacific region drives the demand for electricity.

Green power market, by region

By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Europe dominated the market in 2019 as the region accepted the green sources at an early stage. However, Asia-Pacific is expected to grow at a higher pace during the forecast period as the region has increased government investments and subsidies in the market as well as many schemes and plans to reduce CO2 emissions. 

Key benefits for stakeholders

• The report provides in-depth green power market analysis along with the current & future trends to explain the imminent investment pockets.
• This report highlights the key drivers, opportunities, and restraints of the green power market along with the impact analyses during the forecast period.
• Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the green power industry for strategy building.
• A comprehensive analysis of the factors that drive and restrain the green power market growth is provided.
• The qualitative data in this report aims at the green power market trends, dynamics, and developments.
• The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable green power market share.

  Green Power Market Report Highlights

Aspects	Details
By Power Source	Wind Solar Low Impact Hydro Biomass Others
By End Use Sector	Transport Industrial Non-combusted Buildings Others
By Region	North America  (U.S., Canada, Mexico) Europe  (Germany, France, UK, Italy, Spain, Sweden, Rest of Europe) Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) LAMEA  (Brazil, Israel, South Africa, Morocco, Rest of LAMEA)
Key Market Players	NextEra Energy, Inc., Suzlon Energy Limited, Adani Green Energy Limited, Tata Power, Orsted A/S, JinkoSolar Holding Co. Ltd., Iberdrola SA, Siemens Gamesa Renewable Energy, GE Renewable Energy

Analyst Review

The global green power market is expected to be heading toward the expansion phase during the forecast period. Factors propelling the market growth include concerns regarding environmental impacts of fossil fuels such as degradation, greenhouse gas emissions (GHG), severe climate change conditions, and others. In addition, rapid urbanization and economic growth in developing countries are significant factors that drive the green power market. However, green power technologies continue to face a number of barriers. The major challenge is mainly economic; the costs comprise infrastructure investment, day-to-day operations, and market costs of supply. On the contrary, regions, such as Europe and Asia, are shifting toward electrification of vehicles, wherein China leads the market. This factor is expected to provide lucrative opportunities for the growth of the green power market. Moreover, the green power market size is increasing due to rapid urbanization in Asia-Pacific. Presence of countries, such as China, India, and South Korea, in the Asia-Pacific region that experience rapid industrialization along with increase in stringent environmental regulations has escalated the demand for power compared to other regions. Furthermore, China has the dominant share in the Asia-Pacific green power market.

 

Author Name(s) : Yamini Parihar | Eswara Prasad

Related Tags

• Green Energy
• Clean Energy
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• Solar Power
• Waste To Energy
• Ecofriendly Power