The global Green Energy Market is estimated to be valued at US$ 1144.49 Bn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Green energy comprises renewable sources such as solar, wind, hydro and geothermal for power generation. These energy sources have less environmental impact compared to fossil fuels and help reduce carbon emissions.
Market key trends:
One of the key trends in the green energy market is growing demand for renewable energy. Strict government regulations regarding carbon emission cuts and focus on achieving carbon neutrality targets have accelerated adoption of green and clean energy sources globally. Many countries have outlined agressive targets to increase the share of renewable energy in their total energy mix. For instance, China aims to derive around 25% of its total energy requirement from non-fossil fuel sources by 2030. Supportive policies and incentives for solar rooftop installation and electric vehicles adoption have also boosted the green energy market.
SWOT Analysis
Strength: The green energy market is driven by supportive government policies and regulations towards sustainable development. Technologies like solar, wind, hydro and biomass have matured significantly reducing costs.
Weakness: High initial capital investments and intermittent nature of some renewable sources like solar and wind requiring high storage needs. Long permitting processes and local opposition delays some projects.
Opportunity: Increasing global focus on reducing carbon footprint opens up opportunities. Developing economies increasing investments to meet rising energy demand through renewable sources. Advancements in battery technologies improving storage economics.
Threats: Cheaper conventional fossil fuels and subsidies threatens demand. Trade policies and tariffs impact investments. Changing political support and priorities poses risks to policy led growth targets.
Key Takeaways
The Global Green Energy Market is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing governmental support through policies promoting clean energy usage. Countries have announced targets to increase renewable energy capacity and reduce dependence on fossil fuels to meet climate goals.
Regional analysis
Europe dominated the green energy market in 2023 with a share of over 30%, supported by the region's climate change commitments. The Asia Pacific region is expected to grow the fastest during the forecast period, driven by countries like China and India expanding solar and wind energy to fuel economic growth. Countries have ambitious renewable energy targets, with China targeting to have renewable sources meet 25% of its energy needs by 2030.
Key players
Key players operating in the Green Energy Market are 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. Players are focusing on technology innovations and portfolio expansion through investments and mergers across renewable sectors.
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