Green Energy Market Size was valued at USD 102.6 Billion in 2022. The green energy market industry is projected to grow from USD 112.4 Billion in 2023 to USD 234.12 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.60% during the forecast period (2023 - 2032). Rapid industrialization in both developed and emerging nations, rising oil and gas prices and an increase in government measures to reduce reliance on fossil fuels for power generation are some of the key market drivers anticipated to propel the global market's expansion.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The development of green energy is anticipated to be accelerated by an increase in electricity consumption. Increased industrial activity and technical improvements in both developed and emerging nations are driving up global energy demand. The world population is expanding, which results in increased energy needs, and there is also a rapid rise in energy consumption. Furthermore, because of the necessity for green energy due to its increased energy security, less risk of fuel spills, lack of greenhouse gas emissions from fossil fuels, and reduction in some forms of air pollution, as well as its improved energy security. For instance, the 2022 report from Enerdata, the worldwide energy and climate statistics, shows that after declining by 0.7% in 2020 due to the COVID-19 issue, global power consumption climbed by +5.5% in 2021. Additionally, the International Energy Agency, an intergovernmental body, projects that the demand for energy would rise by roughly 5% in 2021 and 4% in 2022 globally. The market for green energy will therefore be driven by an increase in electricity demand.
The largest global electricity consumer is the residential sector. As a result, it's important to educate people on the benefits of consuming green energy instead of fossil fuels. As a result, it is anticipated to fuel the expansion of the world market for green energy. According to the United States Environmental Protection Agency, burning fossil fuels like coal and natural gas produces around 60% of the electricity used in the country.
The market for green energy is seeing a lot of popularity in the development of technology. Green energy sources are those that use green technologies. In view of current and future economic and societal needs, the efficient use of these resources has little negative environmental effects, generates little secondary waste, and is sustainable. Dual-module solar systems and the utilization of bio-mass energy have recently become popular on the market, both of which can dramatically lower greenhouse gas emissions. Major players in the green energy sector are developing new technologies and conducting research & development to maintain their market share. For instance, the G-2X dual-generation monocrystalline solar modules were introduced in March 2022 by Indian solar panel maker Gautam Solar. It is the perfect choice for usage in rooftop and ground-mounted solar power plants since it generates power from both the front and back of the module, adding 10%–30% more power generation. The total front and rear efficiency of the solar module increases to 25.72%. While improving electricity generation by up to 30% in the same amount of area, the G-2X mono series will reduce BOS and installation costs. Thus, driving the green energy market revenue.
The Green Energy Market segmentation, based on application includes Commercial, Residential and Industrial. The commercial segment dominated the market. The sector's expansion can be ascribed to an increase in energy demand. Additionally, due to a variety of environmental concerns, the majority of businesses are investing more in green energy. Climate change and energy use go hand in hand. Fossil fuels are bad for the environment and their costs are volatile. Therefore, the environment could be protected by switching from fossil fuels to clean energy sources.
Figure 1: Green Energy Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Green Energy Market segmentation, based on type, includes Solar Energy, Hydro Energy, Wind Energy, Tidal Energy, Bio-Gas, Geothermal Energy and Other. The hydro energy category generated the most income. The quick development of hydropower facilities and their widespread applicability across industries can be attributed to the segment's expansion. Moreover, hydropower, which currently provides about half of the world's electricity, is the foundation of low-carbon electricity generation. Nuclear power is outperformed by hydropower by 55%, as are all other green sources combined, such as wind, solar PV, biofuel, and geothermal.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American green energy market area will dominate this market. Growth in the region is being accelerated by international cooperation on expanding power sources. For instance, in March 2021, the United States and India decided to structure their strategic power relationship to cooperate in more environmentally friendly power sectors like hydrogen production and biofuels. The two nations would increase their efforts to benefit from cutting-edge American technologies and India's rapidly developing electricity sector.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Green Energy Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe green energy market accounts for the second-largest market share due to countries like Norway and Denmark increasingly embracing green energy. Additionally, the region's green energy market is primarily driven by the rapidly expanding solar and wind power businesses. Europe's largest market for green energy is Germany. The nation has been a pioneer in the creation and application of technologies for green energy. Further, the German green energy market held the largest market share, and the UK green energy market was the fastest growing market in the European region
The Asia-Pacific Green Energy Market is expected to grow at the fastest CAGR from 2023 to 2032. The region had experienced a tremendous rise in pollution due to the growing industrialisation and urbanization. The need for power is also being fueled by the region's rapid population growth and rise in home construction projects. Additionally, the market for green energy is expanding quickly in emerging nations like China and India due to the high economic growth brought on by increased industrialization. Moreover, China’s green energy market held the largest market share, and the Indian green energy market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the green energy market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, green energy industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global green energy industry to benefit clients and increase the market sector. In recent years, the green energy industry has offered some of the most significant advantages to medicine. Major players in the green energy market are attempting to increase market demand by investing in research and development operations includes SynTech Bioenergy, Canadian Solar Inc., Ocean Power Technologies, Invenergy LLC, Innergex, Tocardo BV, TATA Power, Ørsted, ONPOWER Business Energy, ABB Product Group Solar, NextEra Energy, Inc., Vestas, Siemens AG and EDF.
The company Canadian Solar Inc. (Canadian Solar) offers solar energy products. The business creates, develops, and produces solar ingots, wafers, modules, cells, and other products for solar power. Its solar modules are used in a wide variety of commercial, residential, and industrial solar power generating systems. Specialty solar goods include solar modules that are made to order and that customers can combine into their own creations, such as portable solar home systems.
Offering ocean energy solutions is Ocean Power Technologies Inc (OPT). The business creates, produces, and markets goods utilizing ocean wave power conversion technology. To capture energy from ocean waves, the PB3 PowerBuoy product combines hydrodynamics, electronics, energy conversion, and computer control systems technology. In Asia, North America, and Europe, OPT provides offshore power and real-time data communications applications for the defense, security, ocean observing, oil and gas, and communications industries.
July 2022: In a partnership that was finalized by ACCIONA and FORTIA, the latter will offer more than 1TWh of green electricity physically over a five- to ten-year period together with an energy management platform for significant industrial clients.
June 2022: With an investment of USD 1.53 billion, Ayana Green Power Pvt Ltd (Ayana) announced ambitions to establish green energy projects in Karnataka totaling up to 2 GWs.
March 2021: Orange and Total Quadran have a corporate power purchase agreement (CPPA) that will supply Orange with 100 GWh/y of solar-generated electricity over the course of 20 years and allow the construction of 12 new solar power plants in France with a combined capacity of 80 MW.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 102.6 Billion |
| Market Size 2023 | USD 112.4 Billion |
| Market Size 2032 | USD 234.12 Billion |
| Compound Annual Growth Rate (CAGR) | 9.60% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | SynTech Bioenergy, Canadian Solar Inc., Ocean Power Technologies, Invenergy LLC, Innergex, Tocardo BV, TATA Power, Ørsted, ONPOWER Business Energy, ABB Product Group Solar, NextEra Energy, Inc., Vestas, Siemens AG and EDF |
| Key Market Opportunities | Market expansion is being fueled by a rise in consumer awareness of the benefits of using green energy for electricity |
| Key Market Dynamics | ·      Green energy development is anticipated to be accelerated by an increase in electricity consumption ·      Technology development is a crucial trend that is becoming more and more popular in the green energy sector |
Frequently Asked Questions (FAQ) :
The Green Energy Market size was valued at USD 102.6 Billion in 2022.
The global market is projected to grow at a CAGR of 9.60% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are SynTech Bioenergy, Canadian Solar Inc., Ocean Power Technologies, Invenergy LLC, Innergex, Tocardo BV, TATA Power, Ørsted, ONPOWER Business Energy, ABB Product Group Solar, NextEra Energy, Inc., Vestas, Siemens AG and EDF.
The commercial category dominated the market in 2022.
The hydro energy category had the largest share in the global market.
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