Green Energy Market is Expected to Surpass US$ 1,704.88 Bn by The End of 2028 - Coherent Market Insights

Definition of Market/Industry:

Green energy is clean and renewable energy and these include biofuels, wind, solar photovoltaic, and geothermal. Green energy is gaining huge demand on the account of rising fossil fuel prices and growing environmental concerns. Power generation (grid-scale), rural energy (off-grid) and transportation fuels are some of the key applications of green energy.

Market Statistics:

The global green energy market is expected to surpass US$ 1,704.88 Bn in terms of value by the end of 2028.

Drivers:

The rising need for energy safety and security is projected to propel the market growth of green energy. The growing need for the safety of energy due to the increasing population and increasing consumption of energy around the globe. Hence, the concern of energy safety and security is a major concern over conventional resources of energy. Moreover, governments across countries such as the U.S., Germany, UK, France, China, and India are taking various steps to diversify their energy portfolio mix which is expected to foster the market growth of green energy over the forecast period.

Market Opportunities

The growing popularity of hybrid energy generation is expected to provide lucrative market opportunities to the market. The growing focus of manufacturers to introduce more advanced and cost-effective green sources technology is again expected to foster market growth. Growing awareness regarding the green energy sources across rural and remote areas coupled with the growing investment in the green sources is further expected to augment the market growth over the forecast period.

Global Green Energy Market: Recent Developments

• In March 2021, India and the US agreed to restructure their strategic energy partnership to concentrate on cleaner energy sectors including biofuels and hydrogen production.

• In March 2021, JICA (Japan International Cooperation Agency) entered a loan agreement with Tata Cleantech Capital Limited (TCCL) for JPY 10 billion (US$ 90.31 million) to enable the firm provide loans to companies in India for renewable energy production, e-mobility solutions and energy conservation in order to help offset the effects of climate change by reducing greenhouse gas (GHG) emissions (in line with the Green Loan Principles).

Market Restraints

The high cost of green energy technologies to conventional sources is expected to restrict market growth. For example, electricity production from natural or shale gas is more cost-effective as compared to solar or wind resources. Thus, the high cost of green energy technologies is projected to restrict market growth.

Global Green Energy Market - Impact of Coronavirus (Covid-19) Pandemic

Like other industries, the green energy market was also hit by the Covid-19 impact badly. There was a disruption in the research programs due to strict containment laws such as lockdown and social distancing. These conditions have has a negative impact on green energy.

To know the latest trends and insights prevalent in the Global Green Energy Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/green-energy-market-4604

Key Takeaways:

• The global green energy market was valued at US$ 901.02 Bn in 2020 and is forecast to reach a value of US$ 1,704.88 Bn by 2028 at a CAGR of 8.3% between 2021 and 2028.
• The Commercial in application segment was valued US$ 336.05 Bn in 2020 and is expected to witness a CAGR of 7.9% over the forecast period. Continuous technological advancements and increased government investment in the renewable energy sector, on the other hand, would provide significant growth opportunities during the evaluation timeframe.

Figure 1. Global Green Energy Market Share, By Application, 2020

Market Trends

Burgeoning middle-class population across the Asia Pacific region has resulted in an increase in energy demand. According to the International Renewable Energy Agency, Asia accounted for 61 percent of total new renewable energy installations and grew installed renewables capacity by 11.4 percent in 2017. Moreover, in the region, China and India are making a huge investment in installing the renewable energy sources system, which is further fueling the market growth of green energy.

Growing efforts by the government to tackle the increasing level of pollution in the environment and to adopt the eco-friendly power generation system is one of the current trends in the market. Growing environmental impact and increasing exploration of new energy resources due to the growing need for sustainable energy and the environment is expected to again bolster the market growth of the green energy. Thus, growing environmental concern around the globe will favor the market growth of green energy in the near future.

Competitive Section:

Company Names 

1. ABB Ltd.
2. Alterra Power Corporation
3. Kyocera Solar, Inc.
4. Nordex SE
5. Hanwha Q Cells GmbH
6. Sharp Corporation
7. Calpine Corporation
8. Suzlon Energy Ltd.
9. U.S. Geothermal Inc.
10. Yingli Green Energy Holding Co. Ltd.
11. Enercon GmbH
12. GE Energy