The market for green energy is predicted to increase at a CAGR of 11.56% over the five-year period from 2022 to 2032, from an estimated US$ 52.89 billion to US$ 157.69 billion.
Green power is basically production of electrical energy from environment friendly and renewable sources such as wind, geothermal, biomass, solar and low-impact hydropower. There has been an increased awareness among consumers regarding use of environment friendly sources of electricity supply.
This in turn has led towards demand for green power sources in the recent past. In order to support green environment campaign, governments of various countries are taking initiatives to enhance consumer awareness as well as availability of green power sources.
Globally, there has been integration of renewable energy and equipment installations. For instance, in Iceland 80% of the electricity is generated from earth’s heat. Similarly in Norway, 98% of electricity is generated using geothermal, hydroelectric and wind energy.
There have been increased number of attempts to offer low-cost, environment-friendly options to low down the negative impact of using non-renewable sources of energy for electricity generation. For instance, in India the untapped market of renewable energy is anticipated to be around US$ 10.5 billion by 2017 end.
In order to tap this potential market, government of India is taking various measures such as promotion of small power plants for both biomass and solar, entrepreneurship development for electricity in rural areas through solar power, biomass waste and rice husk, solar cooking initiatives, green campuses and buildings construction, and projects for off-shore wind generation, among others.
With introduction of programs offering consumer choice for domestic electricity ensuring price stability balancing the increased electricity price volatility in some countries is leading towards increased adoption of green power sources as a mode of electricity generation.
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Green Power Market Segmentation
Green power market is segmented on the basis of energy resources, equipment type. Different type of energy resources include solar, biomass, wind and small hydropower. Of which, biomass is further segmented into landfill gas and agricultural waste.
On the basis of different energy resources, equipment vary and are classified into solar energy equipment, wind energy equipment, geothermal energy equipment and hydropower energy equipment. Further, agricultural waste is sub-segmented into poultry litter and others.
Geographically, the green power market is segmented into seven regions namely North America, Western Europe, Japan, Asia Pacific Excluding Japan, Middle East and Africa and Latin America.
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Green Power Market Dynamics
Factors such as population growth, urbanisation, industrialisation, growing per capita consumption, depletion of conventional reserves and increasing concerns for climatic change are contributing towards increasing adoption of green power sources as mode of electricity generation.
This is further fuelling green power market growth at a robust rate and is expected to gain significant traction in the near future. However, proper balance of environmental stability and economic development is a concern for government and environment control authorities across the globe.
However, barriers towards growth of green power market include low cost of utility default service, high entry barriers for new entrants, lack of existing renewable energy plants and insufficient unbundling of revenue-cycle services.
Despite of the aforementioned challenges, green power market is anticipated to grow significantly in the near future. This is attributed to development of solar parks, government initiatives and programs, increasing awareness regarding use of renewable energy sources, among others.
Green Power Market Key Players
Depending on the equipment manufacturers for energy resources such as wind energy, solar energy, geothermal energy and hydropower energy, some of the key solar panel manufacturers are Trina Solar Limited, Yingli Solar, Canadian Solar and others.
Similarly prominent wind turbine manufacturers include Siemens AG, General Electric Company (GE Power), and Senvion SE among others. Few prominent geothermal energy system manufacturers include FHP Bosch Group, Earthlinked Technologies Inc., Aquatherm Industries, Inc., and Ormat Technologies, Inc. among others.
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Regional analysis for Green Power Market includes
- North America
- US & Canada
- Latin America
- Brazil, Argentina & Others
- Western Europe
- EU5
- Nordics
- Benelux
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- India
- ASEAN
- Rest of Asia Pacific
- Japan
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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