Green Power Market to Grow with a CAGR of 15.19% through 2029
Rising investing in green power and Environmental Concerns & Climate Change Mitigation are likely to drive the market in the forecast period.
According to TechSci Research report, “Green Power
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2029”, Global Green Power Market was valued at USD 40.08 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 15.19% through 2029. The Global Green Power Market is rising due to increasing awareness of
environmental concerns and the pressing need for climate change mitigation. As
the detrimental effects of greenhouse gas emissions become more evident, there
is a growing consensus that transitioning to cleaner and more sustainable
energy sources is imperative. Fossil fuels, such as coal, oil, and natural gas,
are major contributors to air and water pollution, deforestation, and habitat
destruction. The Green Power market offers a solution to combat these
environmental challenges. Countries worldwide are committing to reduce their
carbon emissions in line with international agreements like the Paris
Agreement. These commitments drive the adoption of green power technologies as a means to decrease greenhouse gas emissions. Governments are implementing
policies and incentives that promote the development and deployment of
renewable energy sources like solar, wind, and hydroelectric power. Furthermore, consumers and businesses are
increasingly environmentally conscious, willing to pay a premium for
electricity generated from renewable sources. This growing demand for green
power encourages energy companies to invest in renewable energy infrastructure
to meet the rising consumer interest. Ultimately, the environmental imperative
to combat climate change and mitigate its impacts serves as a powerful driver
propelling the global Green Power market forward.
Technological
advancements and cost reductions in renewable energy technologies are
instrumental drivers of the global Green Power market's growth. Over the past
few decades, there has been remarkable progress in improving the efficiency and
affordability of green power solutions, making them increasingly competitive
with conventional fossil fuels. Solar
photovoltaic (PV) panels, for instance, have seen substantial cost reductions,
rendering solar energy one of the most cost-effective electricity generation
options in numerous regions. Similarly, innovations in wind turbine design and
energy storage technologies have enhanced the efficiency and reliability of
wind power. These technological improvements have significantly boosted the
feasibility and scalability of green power projects, attracting both public and
private sector investments. Energy storage systems, like advanced batteries,
have also played a crucial role in driving green power adoption. These systems
enable the integration of intermittent renewable sources, such as solar and
wind, into the grid, making the supply of green energy more reliable and
stable. Advances in battery technology, including increased energy density and
longer lifespans, have made energy storage systems more economically viable,
facilitating the integration of green power on a larger scale.
As technology
continues to advance, green power is poised to become even more accessible and
cost-competitive, further accelerating its global adoption. This driver
underscores the importance of ongoing research and development in renewable
energy technologies to make green power increasingly attractive to consumers,
businesses, and governments.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Green Power Market.”
The Global Green Power Market is segmented into power,
application, end user and region.
Based on end user, The Utility segment held the
largest market share in 2023 and is projected to experience rapid growth during
the forecast period. Utilities are typically responsible for generating and
distributing electricity on a large scale, serving a vast customer base. As
such, they have the capacity to invest in and operate large renewable energy
projects, such as wind farms and solar power plants. These utility-scale
projects can generate significant amounts of green power, making utilities
pivotal players in the market. In many
regions, governments have implemented regulatory mandates that require
utilities to increase the share of renewable energy in their energy portfolios.
These mandates are often part of broader efforts to combat climate change and
reduce greenhouse gas emissions. To comply with these regulations, utilities
are incentivized to invest in green power generation. Utilities benefit from
economies of scale when it comes to renewable energy generation. Building and
operating large renewable energy facilities can be more cost-effective per unit
of electricity produced compared to smaller-scale installations. This cost
efficiency allows utilities to provide green power to customers at competitive
rates. Utilities own and manage the electricity grid, giving them the ability
to seamlessly integrate renewable energy into the existing infrastructure. This
is crucial because many renewable sources, such as wind and solar, are
intermittent. Utilities have the expertise and resources to manage grid
stability and balance electricity supply and demand effectively.
Major companies operating in the Global Green
Power Market are:
- NextEra Energy, Inc.
- Vestas Wind Systems A/S
- Siemens AG
- Ørsted A/S
- Iberdrola, S.A.
- NTPC Limited
- Enbridge Inc.
- Enel Green Power S.p.A.
- First Solar, Inc
- Canadian Solar Inc.
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“The Global Green Power market is expected to rise in
the upcoming years and register a significant CAGR during the forecast period. Governments
around the world are increasingly supporting the development of renewable
energy, through a variety of policies and incentives, such as feed-in tariffs
and renewable portfolio standards. The cost of renewable energy technologies
has fallen significantly in recent years, making them more competitive with
fossil fuels. Consumers and businesses are becoming more aware of the
environmental impact of fossil fuels, and are increasingly choosing to purchase
green power. Additionally, The Asia-Pacific region is the largest market for
green power, followed by Europe and North America. The region's rapid economic
growth and increasing urbanization are driving demand for energy, and
governments are increasingly turning to renewable energy to meet this demand. Therefore,
the market of Green Power is expected to boost in the upcoming years”, said
Mr. Karan Chechi, Research Director of TechSci Research, a research-based
management consulting firm.
“Green Power Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Power (Wind Energy, Solar Energy, Geothermal Energy, Hydropower, Bioenergy), By Application (Electricity Generation, Transportation, Heating, Others), By End User (Utility, Residential, Industrial, Commercial), By Region & Competition 2019-2029”, has evaluated the future growth potential of Global Green Power
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision-makers make sound investment decisions., The
report also identifies and analyzes the emerging trends along with essential
drivers, challenges, and opportunities in the Global Green Power Market.
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