Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Green energy is renewable energy that is commercially viable and is used to generate energy around the globe. Green energy extract energy from natural sources such as tides, solar photovoltaic, sun, and wind. Green energy is widely used across residential, commercial, and industrial sectors. Green energy is an ideal alternative to fossil fuels.
The global green energy market was valued at US$ 831.99 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 8.3% during the forecast period (2020 to 2027).
Growing environmental issues due to fluctuating weather conditions are predominantly fueling the market growth of green energy. Changing climatic conditions is one of the major concern and this has increased the need for reducing carbon emissions. This has created a huge demand for an alternative source of energy. Emerging economies coupled with the rapid industrialization and urbanization around the globe has also increase the carbon emission level and harsh weather conditions which is again driving the demand for green energy. Moreover, the increasing reliability of consumer on green energy sources is expected to augment the market growth. Increasing investments in the research and development activities by the key manufacturer for making energy sources for reliable and economically feasible is expected to bolster the market growth of the green energy. Also, the declining price of PV modules and onshore wind turbines is further anticipated to boost the adoption of the green energy sources which is again fueling the market growth.
Asia Pacific region dominated the global green energy market in 2019, accounting for 30.20% revenue share, followed by Western Europe and Latin America, respectively
Figure 1. Global Green Energy Market, Revenue Share (%), By Region, 2019
Lack of awareness regarding the renewable source of energy across developing countries is acting as a major challenge for market growth. For this manufacturer need to focus on the advertising in order to position their product in the market. The intermittent nature of green energy sources such as wind and solar energy is expected to restrict the adoption rate. Due to their intermittency nature, solar and wind power projects can be used as per their full capacity. This factor is expected to hinder the market growth of the green energy sources over the forecast period.
Increasing biodiesel initiatives and the advent of new feedstock is expected to bring new market opportunities over the forecast period. Growing focus on clean energy sources coupled with the growing need for reducing carbon emission caused due to burning petrol-based products is also expected to augment the market growth. Thus, increasing use of biodiesel for reducing fuel costs as these are cleans and efficient sources of energy are expected to propel the market growth of green energy. Additionally, expansion of green energy projects around the globe is projected to serve key opportunities in the market. The increasing number of biodiesel and bioethanol producers across developing regions is again expected to foster the market growth of green energy. Moreover, the growing development of solar PV systems around the globe coupled with the emergence of the geothermal energy system is further expected to accelerate the market growth of green energy over the forecast period.
Figure 2. Global Green Energy Market – Opportunity Analysis
On the basis of energy type, hydroelectric power the global green energy market in 2019 with around 54.7% of market share in terms of revenue, followed by solar photovoltaic and biofuels, respectively.
Green Energy Market Report Coverage
||Market Size in 2019:
||US$ 831.99 Bn
|Historical Data for:
||2017 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 1,574.25 Bn
- Regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
- By Energy Type: Solar Photovoltaic, Wind Energy, Hydroelectric Power, Biofuels, and Geothermal Energy
- By Solar PV Inverter: Micro Inverters, String Inverters, and Central Inverters
- By End Users: Residential, Commercial, and Industrial
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
- Growing environmental issues due to fluctuating weather conditions
- Increasing reliability of consumer on green energy sources
|Restraints & Challenges:
- Lack of awareness regarding the renewable source of energy across developing countries
Figure 3. Global Green Energy Market, Revenue Share (%), By Energy Type, in 2019
The increasing launch of the solar power generation system by the key manufacturer is one of the key trends in the market. For instance, in April 2019, Okaya Power Group announced that it has launched a solar power generation system in order to cater to the increasing demand from customers for such products. The system consists of combinations of PV panels, solar inverters, and charge controllers and solar batteries, all available in different ratings to suit different installations and applications. In addition, growing strategic partnerships and agreements among key players for business expansion on regional as well as the global level is one of the current trends in the market. For instance, in November 2019, LONGi, the solar technology company, and Adani Green Energy, India’s photovoltaic power station developer, has entered into a strategic partnership agreement where LONGi will supply Adani Green Energy with its new generation Hi MO4 modules in India.
Value Chain Analysis
Global Green Energy Market - Impact of Coronavirus (Covid-19) Pandemic
Industries that are responsible for supplying key raw materials have severe economic repercussions owing to Coronavirus (Covid-19) Pandemic. Also, the demand for green energy faced hindrance amidst the ongoing pandemic outbreak as the green energy are widely used in the automobile sector, paint and coating sector and other industries. Hence, all this is widely hindered due to the ongoing pandemic. In addition to this, lockdown measures as well as social?distancing guidelines have been triggering delays in project construction and supply chain disruption. Furthermore, restrictions on travel, business activities, and border closures have sharply reduced energy demand in transport and industry. With site access, almost all lockdown measures and guidelines require companies to follow precautionary safety measures. Stricter hygiene protocols certainly may increase the risk of delays and limit the number of workers allowed on site. This is expected to hamper the growth of green energy market for short period.
- 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
- GE Energy
Few Recent Developments
In August 2020, ABB has signed a contract for the installation of a substation and transformers, plus automation and control systems at a 100MW solar photovoltaic plant in Bangladesh.