Green Power Market Growth, Size, Share, Trends, and Forecast 2030

It is estimated that the size of the global green electricity market was approximately USD 42.16 billion in 2022 and would reach approximately USD 103.49 billion by 2030, growing at a compound yearly growth rate (CAGR) of approximately 12.11% between 2023 and 2030.

Global Green Power Market: Overview

The subset of renewable energy known as “green power” refers to the renewable energy sources and technologies that have the greatest potential to improve the environment. Air pollution and greenhouse gas emissions can be produced at a considerable pace using conventional energy. Green power resources are zero-emission energy sources, meaning that during the power generating process, they do not release any more carbon dioxide or other greenhouse gases. Green power is described as energy generated by geothermal, wind, sun, suitable biomass, small hydroelectric sources with low environmental impact, and biogas. Although these sources are environmentally friendly, over usage of them could harm the ecosystem.

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Global Green Power Market: Growth Factors

The market for green power is expanding significantly on a global scale. The main factors driving the growth of the global green power market are the increasing demand for environmentally friendly energy sources like solar, wind, and other sources due to increased awareness of their use and the increasing integration of renewable energy with equipment installations. Furthermore, using green power minimizes the carbon footprint associated with electricity purchases, helps mitigate the risk of future price increases for electricity, and promotes the development of renewable energy sources.

Green power can help organizations by improving their public image, generating favorable publicity, showcasing civic leadership, differentiating their brand, and inspiring staff pride and loyalty among stakeholders, customers, and investors. The need for the expansion of the global market is rising as a result of all these advantages of using green electricity. In addition, the expanding number of companies in emerging nations and growing worries about greenhouse gas emissions are factors driving the market’s growth. Moreover, during the course of the projection period, a rise in solar parks can facilitate the expansion of the worldwide green power industry. But the existence of obstacles to entrance for new competitors may restrain the growth of the global green power market.

Global economic expansion has been hampered by the Covid-19 pandemic. The outbreak has had a negative impact on the power sector in addition to all the other industries. The countries most severely impacted by the pandemic are the US, India, Italy, Spain, France, Germany, and the UK. The installation of solar and wind was dropped as the developers quit working on the projects as soon as lockout requirements were imposed by the government. After easing in lockdown, construction activities restarted but the delay in site inspection, lack of labor, and disruption in the supply chain have set back its development. Additionally, the demand for power dropped. Due to all of these elements, renewable plants’ performance is being.

Global Green Power Market: Segmentation

Based on end-user, geography, energy source, and kind of equipment, the worldwide green power market is divided into two halves. The geothermal energy equipment, wind energy equipment, hydroelectric energy equipment, and solar energy equipment segments make up the global green power market based on equipment type. The market is separated into categories according to the energy source, including biomass, solar energy, hydroelectric power, wind energy, and biofuels. The market is divided into commercial, industrial, and residential segments based on the end-user.

Global Green Power Market: Regional Analysis

Europe is predicted to lead the world market for green power among the regions. The market in this region is expanding as a result of factors such the increasing use of green sources, growing worries about greenhouse gas emissions, and the quickly depleting conventional supplies. It is projected that Asia Pacific would grow at a faster rate and represent a sizable portion of the market. This is explained by the rise in government attempts to employ renewable energy sources, the expansion of industrialization, and the rising use of solar energy in nations like China and India.

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