Green Power Market Size to Worth Around US$ 126.7 Bn by 2030

Tokyo, May 25, 2022 (GLOBE NEWSWIRE) -- The green power market is primarily the production of electricity in an ecofriendly manner, with the help of the renewable sources like the biomass, solar low impact, hydropower and wind. There's an increased awareness among the consumers regarding the sources of electricity supply, which are environment friendly and with zero emission. The demand for the giving power sources has increased in the recent times due to various awareness campaigns conducted by the government and initiatives taken taken in order to educate about the availability of green power sources.

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Report Highlights

On the basis of the type of power, the hydroelectric power is there a new aghbal energy source which is expected to grow during the forecast. The hydropower projects are in demand as they are able to supply clean water for agriculture, for businesses and homes. And they also help in combating the impacts of extreme weather events, such as the droughts and floods. The hydropower source of energy happens to be the largest source and it has contributed the largest in the year 2020.

On the basis of application, the transportation segment is expected to grow during the forecast period owing to various government initiatives for zero emission or less emission of the greenhouse gases. The market for E scooters and E bikes is growing rapidly, leading to an increase in demand for transportation. Using green power the introduction of electronic cars has also led to an increase in the. transportation segment on the basis of application of the green power.

Depending upon the regional segmentation, Pacific market is expected to grow during the forecast. China shall be the global leader. And the country's total energy capacity had reached 894 gigawatts in the year 2020. India is also expected to show a significant rise. The Indian market provides. Good opportunity for growth as India is the world's third largest power consumer. The Indian government had already set a target of installing 175 gigawatts of renewable energy capacity by the year 2022. The net power generation capacity of India increased significantly in the recent years due to renewable energy sources and the generation through hydro power.

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Scope of the Report

Regional Snapshot

The Asia Pacific market has dominated in the global green power market through the years and it is expected to grow during the forecast. There is an increased Industrialization rise in infrastructure and the various government initiatives which are leading to a growth in their market. In countries like India and China, many initiatives are taken by the government in order to provide electricity which is generated through green sources. The share for the highest green power market in Asia Pacific goes to China. In order to reduce its dependency on the fossil fuels, China is adopting renewable energy sources for the generation of electricity. In US and in Canada the green power market is rapidly expanding due to the increase in infrastructure and industrialization. The European market is expected to grow at a steady pace due to such developments. In the next five years, Europe is expected to install 105 gigabytes of new wind energy capacity.

Market Dynamics

Drivers

In many regions across the globe the governments are taking initiatives in order to make the green power available for the use of the public. These rising government initiatives are driving the market and they're expected to grow during the forecast. The consumers are also aware about the availability of the environment friendly sources such as wind, solar and other sources for generation of electricity. Many consumers are adopting these sources in order to generate electricity on small scale.

Restraints

Lack of proper battery storage system, old infrastructure, government policies is all responsible for the causing delays in the growth of this market. There are barriers for the entry of the new market players. The cost of installation is also high for some projects.

Opportunities

There is an increased development of solar parks in various nations, which provides a good opportunity for the growth of this market. Governments are taking initiatives to create awareness among the consumers regarding the renewable energy sources. These factors provide opportunity for the growth of this market during the forecast. Governments in nations like Germany, US, India, Japan and China are opening the opportunities for the green power market.

Challenges

The production of electricity through renewable energy requires more land as compared to fossil fuels. It also poses a challenge for the wildlife conservation. The widespread adoption of green energy is a challenge due to the various economical, social, political and structural problems

Related Report

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• Renewable Energy Market Research Report 2022 – 2030
  
  

Recent Developments

• In 2021, Amazon, which is a corporate purchaser of renewable energy announced its investment in Canada. The electricity for this investment will be acquired from a new solar project in Newell Country which is developed by Greengate Power Corp of Calgary.
• Walmart announced in 2021. That it completed 6.5 MW of solar energy systems across 7 California stores. To this project, Bank of America served as a tax equity partner and the portfolio included a mixture of solar energy systems, which were installed at the parking lots, the rooftops and carports.
• The International Renewable Energy Agency and the International Hydropower Association collaborated in 2021. These organizations will work together. For financing, developing and deploying the sustainable hydropower in the future.
  
  

Market Segmentation

By Power

• Wind Energy
• Solar Energy
• Geothermal Energy
• Hydropower
• Bioenergy
  
  

By Application

• Electricity generation
• Transportation
• Heating
• Others

By End User

• Utility
• Residential
• Industrial
• Commercial

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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