green energy market encompasses renewable energy sources harnessed for commercial energy generation worldwide. It derives power from natural elements like tides, solar photovoltaic cells, sunlight, and wind. This sustainable energy form finds extensive applications in residential, commercial, and industrial sectors, presenting a promising alternative to traditional fossil fuels.
As of 2021, the global green energy market was estimated to be valued at approximately US$ 975.79 billion. It is anticipated to experience a robust Compound Annual Growth Rate (CAGR) of 18.3% during the forecast period spanning from 2023 to 2029.
Recent Notable Developments:
- Gram Ujala Initiative (March 2021, India): India introduced the groundbreaking Gram Ujala program, offering the world's most affordable LED bulbs for just Rs. 10 (approximately US$ 0.14) in rural areas. This initiative not only advances India's climate change agenda but also reinforces its self-reliance credentials.
- EU Joins Coalition for Disaster Resilient Infrastructure (CDRI) (March 2021): In a significant move, the European Union became part of the Coalition for Disaster Resilient Infrastructure (CDRI), an initiative led by India. CDRI's primary focus is to ensure sustainable development while addressing the adverse impacts of climate change.
The Asia Pacific region claimed a dominant position in the global green energy market in 2020, representing a substantial 30.8% share in terms of market value. Following closely were Europe and North America. Asia-Pacific is poised for the highest growth rate during the forecast period, driven by surging energy demands resulting from rapid industrialization in countries like China and India.
- Environmental Concerns: The market for green energy is being propelled by growing environmental issues arising from unpredictable weather patterns. Fluctuating climatic conditions have heightened the urgency to reduce carbon emissions, making the search for alternative energy sources imperative. Emerging economies, rapid urbanization, and industrialization have contributed to increased carbon emissions and adverse weather conditions, further driving the demand for green energy.
- Consumer Trust in Green Energy: The increasing trust of consumers in green energy sources is poised to boost market growth. Key manufacturers are investing significantly in research and development to make energy sources more reliable and economically viable. Additionally, the decreasing costs of photovoltaic (PV) modules and onshore wind turbines are expected to drive the adoption of green energy sources, further fueling market growth.
- Biodiesel Initiatives: The emergence of new feedstock and initiatives in the biodiesel sector presents promising market opportunities. The focus on clean energy sources aligns with the goal of reducing carbon emissions caused by the combustion of petroleum-based products. Utilizing biodiesel to cut fuel costs, given its efficiency and eco-friendly attributes, is expected to drive the green energy market.
- Global Expansion of Green Energy Projects: The expansion of green energy projects worldwide offers significant opportunities in the market. The increasing number of biodiesel and bioethanol producers in developing regions is expected to stimulate market growth. Furthermore, the proliferation of solar PV systems and the emergence of geothermal energy systems are set to accelerate the adoption of green energy over the forecast period.
- Rising Solar Power Systems: An emerging trend in the market is the increased introduction of solar power generation systems by key manufacturers. For example, in April 2019, Okaya Power Group unveiled its solar power generation system to meet the growing customer demand for such products. This comprehensive system includes a variety of components like PV panels, solar inverters, charge controllers, and solar batteries, available in various ratings to accommodate different installation and application requirements.
- Strategic Partnerships and Agreements: Another noteworthy trend is the growing number of strategic partnerships and agreements among key players, aimed at expanding their business presence both regionally and globally. As an illustration, in November 2019, LONGi, a solar technology firm, partnered with Adani Green Energy, a prominent photovoltaic power station developer in India. This partnership involves LONGi supplying its new-generation Hi MO4 modules to Adani Green Energy for use in India.
- The product type with the dominant market position was Hydroelectric power, which accounted for 53.8% of the global green energy market share in 2020. This segment is projected to reach a market value of US$ 803.42 billion by 2028. Hydroelectricity harnesses the energy of flowing water without depleting its quantity to generate electricity, aligning with the renewable energy concept.
- Lack of Awareness: A significant challenge hindering market growth is the lack of awareness about renewable energy sources in developing countries. Manufacturers need to focus on advertising and awareness campaigns to establish their products in the market effectively.
- Intermittency of Green Energy: The intermittent nature of green energy sources like wind and solar energy is expected to limit their adoption rate. These sources can only operate at full capacity intermittently, posing a constraint on their widespread use. This intermittency factor is likely to impede the market growth of green energy sources in the forecast period.
- Company Names:
- 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
1 Market Overview
1.2 Market Analysis by Type
1.2.1 Overview: Global Revenue by Type: 2022 Versus 2023 Versus 2029
1.3 Market Analysis by Application
1.3.1 Overview: Global Revenue by Application: 2022 Versus 2023 Versus 2029
1.4 Global Market Size & Forecast
1.4.1 Global Sales in Value (2017-2029))
1.4.2 Global Sales in Volume (2017-2029)
1.4.3 Global Price by Type (2017-2029) & (US$/Unit)
1.5 Global Production Capacity Analysis
1.5.1 Global Total Production Capacity (2017-2029)
1.5.2 Global Production Capacity by Geographic Region
1.6 Market Drivers, Restraints and Trends
1.6.1 Market Drivers
1.6.2 Market Restraints
1.6.3 Trends Analysis
2 Manufacturers Profiles
**This is for each company**
2.1.1 Company Details
2.1.2 Company Major Business
2.1.3 Company Product and Services
2.1.4 Company Sales, Price, Revenue, Gross Margin and Market Share (2019-2022)
3 Sales by Manufacturer
3.1 Global Sales in Volume by Manufacturer (2020-2022)
3.2 Global Revenue by Manufacturer (2020-2022)
3.3 Key Manufacturer Position in Market
3.4 Market Concentration Rate
3.4.1 Top 3 Manufacturer Market Share
3.4.2 Top 6 Manufacturer Market Share
3.5 Global Production Capacity by Company
3.6 Manufacturer by Geography: Head Office and Production Site
3.7 New Entrant and Capacity Expansion Plans
3.8 Mergers & Acquisitions
4 Market Analysis by Region
4.1 Global Market Size by Region
4.1.1 Global Sales in Volume by Region (2017-2029)
4.1.2 Global Revenue by Region (2017-2029)
4.2 North America Revenue (2017-2029)
4.3 Europe Revenue (2017-2029)
4.4 Asia-Pacific Revenue (2017-2029)
4.5 South America Revenue (2017-2029)
4.6 Middle East and Africa Revenue (2017-2029)
5 Market Segment by Type
5.1 Global Sales in Volume by Type (2017-2029)
5.2 Global Revenue by Type (2017-2029)
5.3 Global Price by Type (2017-2029)
6 Market Segment by Application
6.1 Global Sales in Volume by Application (2017-2029)
6.2 Global Revenue by Application (2017-2029)
6.3 Global Price by Application (2017-2029)
7 North America by Country, by Type, and by Application
7.1 North America Sales by Type (2017-2029)
7.2 North America Sales by Application (2017-2029)
7.3 North America Market Size by Country
7.3.1 North America Sales in Volume by Country (2017-2029)
7.3.2 North America Revenue by Country (2017-2029)
7.3.3 United States Market Size and Forecast (2017-2029)
7.3.4 Canada Market Size and Forecast (2017-2029)
7.3.5 Mexico Market Size and Forecast (2017-2029)
8 Europe by Country, by Type, and by Application
8.1 Europe Sales by Type (2017-2029)
8.2 Europe Sales by Application (2017-2029)
8.3 Europe Market Size by Country
8.3.1 Europe Sales in Volume by Country (2017-2029)
8.3.2 Europe Revenue by Country (2017-2029)
8.3.3 Germany Market Size and Forecast (2017-2029)
8.3.4 France Market Size and Forecast (2017-2029)
8.3.5 United Kingdom Market Size and Forecast (2017-2029)
8.3.6 Russia Market Size and Forecast (2017-2029)
8.3.7 Italy Market Size and Forecast (2017-2029)
9 Asia-Pacific by Country, by Type, and by Application
9.1 Asia-Pacific Sales by Type (2017-2029)
9.2 Asia-Pacific Sales by Application (2017-2029)
9.3 Asia-Pacific Market Size by Region
9.3.1 Asia-Pacific Sales in Volume by Region (2017-2029)
9.3.2 Asia-Pacific Revenue by Region (2017-2029)
9.3.3 China Market Size and Forecast (2017-2029)
9.3.4 Japan Market Size and Forecast (2017-2029)
9.3.5 Korea Market Size and Forecast (2017-2029)
9.3.6 India Market Size and Forecast (2017-2029)
9.3.7 Southeast Asia Market Size and Forecast (2017-2029)
9.3.8 Australia Market Size and Forecast (2017-2029)
10 South America by Country, by Type, and by Application
10.1 South America Sales by Type (2017-2029)
10.2 South America Sales by Application (2017-2029)
10.3 South America Market Size by Country
10.3.1 South America Sales in Volume by Country (2017-2029)
10.3.2 South America Revenue by Country (2017-2029)
10.3.3 Brazil Market Size and Forecast (2017-2029)
10.3.4 Argentina Market Size and Forecast (2017-2029)
11 Middle East & Africa by Country, by Type, and by Application
11.1 Middle East & Africa Sales by Type (2017-2029)
11.2 Middle East & Africa Sales by Application (2017-2029)
11.3 Middle East & Africa Market Size by Country
11.3.1 Middle East & Africa Sales in Volume by Country (2017-2029)
11.3.2 Middle East & Africa Revenue by Country (2017-2029)
11.3.3 Turkey Market Size and Forecast (2017-2029)
11.3.4 Egypt Market Size and Forecast (2017-2029)
11.3.5 Saudi Arabia Market Size and Forecast (2017-2029)
11.3.6 South Africa Market Size and Forecast (2017-2029)
12 Sales Channel, Distributors, Traders and Dealers
12.1 Sales Channel
12.1.1 Direct Marketing
12.1.2 Indirect Marketing
12.2 Typical Distributors
12.3 Typical Customers
13 Research Findings and Conclusion
14.2 Research Process and Data Source
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analysing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.