Green Power Market Size, Share & Industry Analysis, By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, Geothermal Energy), By Application (Electricity Generation, Heating, Transportation), By End-user (Utility, Residential, Commercial, Industrial) And Regional Forecast, 2024-2032

Green power is primarily the production of electrical energy from environment-friendly and renewable sources such as wind, geothermal, biomass, solar and low-impact hydropower. There is an increased awareness among consumers regarding the use of environment-friendly sources of electricity supply. This has led to the demand for green power sources in the recent past period. The government is conducting campaigns to support the green environment, governments of various countries are taking initiatives to enhance consumer awareness as well as the availability of green power sources.

Based on type, the market is divided into wind power, bioenergy, hydropower, solar energy, and geothermal energy.  The hydropower segment is expected to dominate the green power market during the forecast period due to escalated capacity. Hydropower is the use of falling or fast-running water to produce electricity or to power machines. The process is achieved by converting the kinetic energy of water into electrical or mechanical energy. Further, the solar energy segment is expected to grow at the highest rate during the forecast period owing to the falling cost of solar modules and escalated efficiency. Global solar installations are expected to reach 142 GW in 2020.

Based on application, the market is divided into electricity generation, heating, transportation. Electricity generation in green power is done using minimum natural and limited resources like fossil fuels. The heating segment includes biofuels, solar heating, geothermal heating, heat pumps, and heat exchangers to recover lost heat. Many colder countries are expected to consume more energy from heating than from electrical power. Transportation refers to the convenient, safe, efficient, low-pollution, humanized, and diversified urban transportation system.

Based on the end-user, the market is segmented into utility, residential, commercial, and industrial. The utility segment contributes to the highest share in the market; this is owing to the factors such as rising population, increased urbanization, better connectivity, growing per capita consumption, and growing concerns for climatic change.

The major market driver for the green power market is the increasing awareness about the use of environment-friendly sources of energy such as solar, wind, and others. The rising government initiatives for the installation of renewable energy sources play a major role in boosting the market’s growth. In addition, the rise in industrialization and urbanization across the globe is a key driver for the market. 

The factor that is expected to inhibit the growth of the market is the lack of environmental awareness and a large number of entry barriers for new entrants. In addition, insufficient unbundling of revenue-cycle services may hinder the market.

Key Players Covered:

Some of the major companies that are present in the green power market are Trina Solar, First Solar, Canadian Solar, ABB, GE, Tata Power Solar Systems Limited, Innergex, Enel Green Power, Xcel Energy, EDF, Geronimo Energy, Invenergy LLC, ACCIONA, Vestas, UpWind Solutions, Inc., Senvion, and Sinovel Wind Group Co., Ltd.

Regional Analysis:

The green power market has been studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific has dominated the global green power market. The market in the region is projected to expand during the forecast period, owing to a rise in industrialization, infrastructure, and government initiatives. The initiatives are generated to provide electricity to all parts of the countries such as China and India. China accounts for the highest market share in the Asia Pacific green power market; the country aims to reduce its dependency on fossil fuels by adopting renewable energy for the generation of electricity. In India, the government is taking various measures such as promoting small power plants for biomass and solar energy, solar cooking initiatives, offshore wind generation projects, etc., to tap into the potential market.

The market in North America expands significantly during the forecast period due to the rapid increase in infrastructure and industrialization in the U.S. and Canada. Europe’s market Europe is estimated to expand at a steady pace during the forecast period due to steady industrial and infrastructural development. Europe installed a new wind capacity of 14.7 GW in 2020. Europe could install 105 GW of new wind energy capacity over the next five years if Governments adopt their promised measures and aims.

Segmentation

Key Industry Developments

• In April 2021, Amazon, a corporate purchaser of renewable energy in the world, announced its first such investment in Canada. It will acquire electricity from a new solar project in Newell County, to be built by Greengate Power Corp. of Calgary.


• In May 2020, Abengoa formed an association with Acciona to build the Cerro Dominador solar thermal plant owned by EIG Global Energy Partners. The trust has led the melting process of 46,000 tons of salts from the Chilean Atacama Desert having a capacity of 110 MW.