New York, United States, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Green technologies transform these resources into sound energy, including electrical and mechanical energy, using renewable energy sources like wind, solar, water, waste, biomass, and geothermal energy. Green energy, also known as clean energy, is created with no waste that endangers the environment. The volatility of fossil fuel prices and the tightening of government regulations on greenhouse gas emissions are two factors affecting the growth of the green energy industry.
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Market Dynamics
Asia-Pacific's Prominence in the Green Power Market Drives the Global Market
The expansion of investment in green power projects in countries like China and India is the primary factor driving the growth of the Asia-Pacific green power market. Due to the rapid industrialization and population growth in countries like China and India, the energy demand has dramatically increased. The home and industrial sectors are expected to utilize more energy throughout the predicted time in Asia-Pacific. Additionally, India has a lot of space for growth. Still, historically unpredictable economic circumstances and legal frameworks have led to a lower share of green power in the nation's overall energy production. India is one of the major countries with the quickest development in the Asia-Pacific green power industry due to the rapid increase in financial assistance for green power projects.
Government Initiatives Create Tremendous Opportunities
Several government bodies in countries like India have used community choice aggregation (CCA) policies, which allow governments to purchase green energy resources on behalf of constituents while keeping their current electricity providers for transmission and distribution services. These programs enable customers to purchase electricity from a distributed off-site solar system if they cannot install solar at their residences or places of business. The installed capacity of community solar systems was anticipated to triple between 2015 and 2016.
Regional Analysis
Europe is the most significant revenue contributor and is anticipated to exhibit a CAGR of 12.35% over the projection period. The European green power market examination covers Europe, including Germany, France, the UK, Spain, Italy, Sweden, and the remainder of the continent. In terms of market share in the region, France is surpassed by Germany. Italy has the lowest market share as well. The first area in Europe to make efforts toward renewable energy. According to the Climate Council of Australia, countries in the region like Denmark, Sweden, Scotland, and Germany are among the top 10 countries promoting green energy. Additionally, these countries are almost at the desired level of green energy contribution. The market for green electricity receives the most volume and financial support from Germany.
Asia-Pacific is anticipated to exhibit a CAGR of 12.90% during the forecast period. The Asia-Pacific green power market research covers China, Japan, India, Australia, South Korea, and the remainder of the Asia-Pacific area. China, followed by Japan, holds the largest market share in the region. South Korea also holds the smallest market share. In 2019, China and India led the growth of the Asia-Pacific green power market. The usage of green energy increased significantly in both countries and the region as a whole. The market in the area also grew due to the economy's ongoing expansion.
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Key Highlights
- Based on power sources, the global green power market is bifurcated into the wind, solar, low-impact hydro, biomass, and others. The wind segment is the highest contributor to the market and is estimated to boost at a CAGR of 12.45% during the forecast period.
- Based on end-users, the global green power market is bifurcated into transport, industrial, and non-combusted buildings. The buildings segment is the highest contributor to the market and is estimated to boost at a CAGR of 12.20% during the forecast period.
- Europe is the most significant revenue contributor and is expected to grow at a CAGR of 12.35% during the forecast period.
Competitive Players
- Trina Solar
- First Solar
- Canadian Solar
- ABB
- GE
- Tata Power Solar Systems Limited
- Innergex
- Enel Green Power
- Xcel Energy
- EDF
- Geronimo Energy
- Invenergy LLC
- ACCIONA
- Vestas
- UpWind Solutions Inc.
- Senvion
- Sinovel Wind Group Co. Ltd.
Recent Developments
- February 2023- GreenPower launched the next round of all-electric school bus pilot projects in four new school districts in West Virginia.
- March 2023- Ørsted acquired the Irish solar project Garrenleen from renewable energy developer Terra Solar. The 160 MW solar farm is the company’s second solar project in Ireland and will be able to power up to 56,000 homes annually, making it one of the largest solar farms in the country.
Segmentation
- By Power Source
- Wind
- Solar
- Low Impact Hydro
- Biomass
- Others
- By End-User Sector
- Transport
- Industrial
- Non-Combusted
- Buildings
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Middle East And Africa
- Latin America
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