The Green Energy Market is Anticipated to Witness High Growth Owing to Rising Concern for Environmental Sustainability
The Green Energy market in Latin America and Middle East & Africa is expected to register fastest growth during forecast period due to rising investm
The green energy market comprises energy generation sources that utilize renewable and are more environment-friendly alternative to conventional sources of energy. This includes solar, wind, hydropower, geothermal and biomass. The rising concerns over environmental degradation due to greenhouse gas emissions from fossil fuels along with the declining costs of renewable energy technologies are driving the growth of green energy market. Green energy helps reduce carbon footprint, ensuring energy security and driving local economic growth.
**Green Energy Market Size is valued at US$ 0.00 Bn by 2024 Request Quote Cart US$ 0.00 to 2031, growing at a compound annual growth rate (CAGR) of 13.8% from 2024 to 2031.
Key Takeaways**
Key players operating in the green energy market includes Siemens Gamesa Renewable Energy, Vestas Wind Systems, Xcel Energy, General Electric, and Orsted. These players are focusing on capacity expansion, mergers & acquisitions and technological innovation to gain competitive edge in the market.
The key opportunities in the Green Energy Market Demand include large untapped markets in developing countries, rise in corporate renewable procurement, and benefits of green hydrogen. Adoption of renewable energy is expected to increase significantly across the globe supported by legislation and policies promoting clean energy usage.
The green energy market is witnessing strong global expansion driven by supportive government policies and regulations, ambitious emission reduction targets by countries, and declining technology costs. Europe currently dominates the green energy industry due to stringent emission norms. However, the Asia Pacific region is emerging as a major market with strong growth in countries like China and India.
Market drivers: Rising environmental concerns due to climate change, supportive government policies and regulations promoting renewable energy, and decline in technology costs are major drivers of green energy market growth.
Market restraints: High initial capital investment requirement and intermittent nature of renewable sources like solar and wind are key challenges restraining widespread adoption of green energy globally.
Key Takeaways
Key players operating in the green energy market includes Siemens Gamesa Renewable Energy, Vestas Wind Systems, Xcel Energy, General Electric, and Orsted. These players are focusing on capacity expansion, mergers & acquisitions and technological innovation to gain competitive edge in the market.
The key opportunities in the green energy market include large untapped markets in developing countries, rise in corporate renewable procurement, and benefits of green hydrogen. Adoption of renewable energy is expected to increase significantly across the globe supported by legislation and policies promoting clean energy usage.
The green energy market is witnessing strong global expansion driven by supportive government policies and regulations, ambitious emission reduction targets by countries, and declining technology costs. Europe currently dominates the green energy industry due to stringent emission norms. However, the Asia Pacific region is emerging as a major market with strong growth in countries like China and India.
Market drivers: High initial capital investment requirement and intermittent nature of renewable sources like solar and wind are major drivers of green energy market growth.
Market restraints: Rising environmental concerns due to climate change, supportive government policies and regulations promoting renewable energy, and decline in technology costs are key challenges restraining widespread adoption of green energy globally.
Segment Analysis
The Green Energy market is dominated by solar energy segment. The solar energy segment accounts for over 35% market share due to increasing solar panel installation in residential and commercial sector. Falling prices of solar panels and supportive government policies promoting use of solar energy has accelerated demand for solar energy solutions. The wind energy segment holds second largest share and is expected to witness strong growth during forecast period. Onshore wind energy constitutes majority share in wind energy segment owing to less installation and maintenance costs compared to offshore wind projects.
Global Analysis
Regionally, Asia Pacific holds largest share in global Green Energy market driven by rapid growth of solar and wind energy sector in China and India. China alone accounts for over 25% global solar panel production and favorable policies to reduce dependency on fossil fuels has propelled APAC's leadership. Europe is second largest market driven by stringent carbon emission reduction targets. Countries like Germany, UK and Spain are major green energy producers in Europe. North America market is witnessing steady growth led by USA solar and hydropower investments. The Green Energy market in Latin America and Middle East & Africa is expected to register fastest growth during forecast period due to rising investments to meet growing energy demand through clean sources.
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)