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| Global Green Energy Market |
The global Green Energy Market is estimated to be valued at US$ 1,144.49 Bn in 2023 and is expected
to exhibit a CAGR of 8.3% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Green energy includes renewable sources like solar, wind, tidal and hydroelectric
power which produce little to no greenhouse gas emissions. Green energy helps
reduce carbon footprint and dependency on fossil fuels which causes pollution.
Renewable sources of energy are widely available and are becoming more
cost-effective with technological advancements. Countries worldwide are
shifting focus towards developing renewable sources to meet growing energy
demands in a sustainable manner.
Market key trends:
One of the major trends in the green energy market is growing investments in solar
and wind energy projects across the globe. According to International Renewable
Energy Agency (IRENA), total investments in renewable energy grew by 2% to
$303.5 billion in 2018. Rapid cost declines of solar modules and ease of
installation have made solar energy highly lucrative for both commercial and
residential sectors. Additionally, advancements in battery storage technologies
are supporting increased adoption of solar and wind energy by solving issues
around intermittency of these sources. Growing public awareness regarding
climate change and carbon emissions is also driving demand for cleaner sources
of energy.
Porter’s Analysis
Threat of new entrants: The green energy market has high capital requirements
for setting up plants and distribution network which acts as a barrier for new
players.
Bargaining power of buyers: Large utility companies and industrial buyers have
significant bargaining power over green energy producers due to availability of
alternatives.
Bargaining power of suppliers: Suppliers of key components like solar panels
and wind turbines have moderate bargaining power due to availability of
substitutes.
Threat of new substitutes: Ongoing R&D makes this a potential threat as
technologies like hydrogen fuel cells can replace existing green technologies
over the long-run.
Competitive rivalry: The market has high competitive rivalry due to presence of
numerous global and regional players competing on cost and innovation.
Key Takeaways
The Global
Green Energy Market is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period
2023 to 2030, due to increasing government support through policies and
subsidies for adoption of clean energy sources.
Regional analysis: Asia Pacific dominated the global green energy market in
2022 and is expected to maintain its lead over the forecast period due to
accelerating renewable capacity additions in major countries like China and
India. Countries in Europe are also expanding their green energy infrastructure
to reduce dependence on fossil fuels.
Key players: Key players operating in the green energy market are 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
Read More: https://www.trendingwebwire.com/green-energy-market-analysis/