The global Green Energy Market is estimated to be valued at US$ 1,144.49 Bn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Green energy includes renewable sources like solar, wind, tidal and hydroelectric power which produce little to no greenhouse gas emissions. Green energy helps reduce carbon footprint and dependency on fossil fuels which causes pollution. Renewable sources of energy are widely available and are becoming more cost-effective with technological advancements. Countries worldwide are shifting focus towards developing renewable sources to meet growing energy demands in a sustainable manner.
Market key trends:
One of the major trends in the green energy market is growing investments in solar and wind energy projects across the globe. According to International Renewable Energy Agency (IRENA), total investments in renewable energy grew by 2% to $303.5 billion in 2018. Rapid cost declines of solar modules and ease of installation have made solar energy highly lucrative for both commercial and residential sectors. Additionally, advancements in battery storage technologies are supporting increased adoption of solar and wind energy by solving issues around intermittency of these sources. Growing public awareness regarding climate change and carbon emissions is also driving demand for cleaner sources of energy.
Porter’s Analysis
Threat of new entrants: The green energy market has high capital requirements for setting up plants and distribution network which acts as a barrier for new players.
Bargaining power of buyers: Large utility companies and industrial buyers have significant bargaining power over green energy producers due to availability of alternatives.
Bargaining power of suppliers: Suppliers of key components like solar panels and wind turbines have moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Ongoing R&D makes this a potential threat as technologies like hydrogen fuel cells can replace existing green technologies over the long-run.
Competitive rivalry: The market has high competitive rivalry due to presence of numerous global and regional players competing on cost and innovation.
Key Takeaways
The Global Green Energy Market is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period 2023 to 2030, due to increasing government support through policies and subsidies for adoption of clean energy sources.
Regional analysis: Asia Pacific dominated the global green energy market in 2022 and is expected to maintain its lead over the forecast period due to accelerating renewable capacity additions in major countries like China and India. Countries in Europe are also expanding their green energy infrastructure to reduce dependence on fossil fuels.
Key players: Key players operating in the green energy market are ABB Ltd., Alterra Power Corporation, Kyocera Solar, Inc., Nordex SE, Hanwha Q Cells GmbH, Sharp Corporation, Calpine Corporation, Suzlon Energy Ltd., U.S. Geothermal Inc., Yingli Green Energy Holding Co. Ltd., Enercon GmbH, and GE Energy
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Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the green energy market include ABB Ltd., General Electric (GE), The Tata Power Company Limited (Tata Power), Innergex, Enel Spa (Enel), Xcel Energy Inc. (Xcel Energy), EDF, Geronimo Energy, Invenergy, and ACCIONA.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Green Energy Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/green-energy-market/download-sampleMarket DynamicsThe global green energy market is expanding at an exponential rate.
More and more awareness of the impact on the environment due to fossil fuels and the importance of transitioning from conventional energy resources to green sources are becoming more apparent.
Growing initiatives by the government to install green energy solutions and several incentives schemes are promoting it worldwide.
However, high capital costs & installation costs, inadequate support from the government in some regions, and unfavorable climate to install are hampering the market growth.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
