Market Overview:

Green energy is renewable energy that is commercially viable and is used to generate energy around the globe. Green energy extract energy from natural sources such as tides, solar photovoltaic, sun, and wind. Green energy is widely used across residential, commercial, and industrial sectors. Green energy is an ideal alternative to fossil fuels.

The global green energy market is estimated to be valued at US$ 975.79 billion in 2021 and is expected to exhibit a CAGR of 8.3 % over the forecast period (2021-2028).



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Market Drivers

Growing environmental issues due to fluctuating weather conditions are predominantly fueling the market growth of green energy. Changing climatic conditions is one of the major concerns and this has increased the need for reducing carbon emissions. This has created a huge demand for an alternative source of energy. Emerging economies coupled with the rapid industrialization and urbanization around the globe have also increased the carbon emission level and harsh weather conditions which is again driving the demand for green energy.

The increasing reliability of consumers on green energy sources is expected to augment the market growth. Increasing investments in the research and development activities by the key manufacturer for making energy sources reliable and economically feasible is expected to bolster the market growth of green energy. Also, the declining price of PV modules and onshore wind turbines is further anticipated to boost the adoption of green energy sources which is again fueling the market growth.


Market Opportunities

Increasing biodiesel initiatives and the advent of new feedstock are expected to bring new market opportunities over the forecast period. Growing focus on clean energy sources coupled with the growing need for reducing carbon emission caused due to burning petrol-based products is also expected to augment the market growth. Thus, increasing the use of biodiesel for reducing fuel costs as these are clean and efficient sources of energy is expected to propel the market growth of green energy.

Expansion of green energy projects around the globe is projected to serve key opportunities in the market. The increasing number of biodiesel and bioethanol producers across developing regions is again expected to foster the market growth of green energy. Moreover, the growing development of solar PV systems around the globe coupled with the emergence of the geothermal energy system is further expected to accelerate the market growth of green energy over the forecast period.



Major players operating in the market include, 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



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