According to the latest report by IMARC Group, titled “Green Power Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global green power market forecast. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global green power market size reached US$ 59.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 96.7 Billion on by 2028, exhibiting a growth rate (CAGR) of 11.56% during 2023-2028.
Green power Market Overview
Green power refers to renewable energy produced from environment-friendly resources. Some commonly known green power sources are solar, wind, geothermal, biogas, low-impact biomass, and hydropower. Their production does not release toxic gases into the atmosphere, resulting in little or no environmental impact. It provides various benefits, including reduced greenhouse gas emissions (GHG), increased reliability, consistent energy prices, and replenished energy sources. Owing to these benefits, green power is extensively utilized in utility, residential, industrial, and commercial sectors across the globe.
Note- We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends in the Green power Market
The market is primarily driven by the escalating demand for electricity due to the growing global population and rapid urbanization. In addition, the expanding industrial sector, and the rising construction of commercial and residential buildings, are contributing to market growth. Moreover, the widespread adoption of naturally replenished green power sources and the expansion of the electrical value chain in the oil and gas sector is accelerating product demand.
Besides this, the rapid electrification of transportation and the growing inclination towards electric vehicles (EVs) to reduce dependence on fossil fuels represents another major growth-inducing factor. Along with this, the rising awareness among individuals about the health and environmental benefits of green power is providing a positive thrust to market growth. Furthermore, various innovations associated with renewable energy resulting in quick energy transition and the implementation of government initiatives to install renewable energy sources are also creating a positive market outlook.
For the competitor segment, the report includes global key players of the Green Power Market.
- ABB Ltd., Acciona S.A.
- Adani Green Energy Limited (Adani Group)
- Électricité de France S.A.
- GE Renewable Energy (General Electric Company)
- Iberdrola S.A.
- Innergex Renewable Energy (Hydro-Québec)
- Invenergy LLC
- NextEra Energy Inc.
- Orsted AS
- Siemens Energy AG
- Suzlon Energy Limited
- and Tata Power Company Limited.
The report has been segmented the market into following categories:
Breakup by Power Source:
Low Impact Hydro
Breakup by End Use Sector:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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