IMARC Group has recently released a new research study “Green power Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Green Power Industry?
The global green power market size reached US$ 59.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 96.7 Billion on by 2028, exhibiting a growth rate (CAGR) of 11.56% during 2023-2028.
What is a Green Power Market?
Green power refers to renewable energy produced from environment-friendly resources. Some commonly known green power sources are solar, wind, geothermal, biogas, low-impact biomass, and hydropower. Their production does not release toxic gases into the atmosphere, resulting in little or no environmental impact. It provides various benefits, including reduced greenhouse gas emissions (GHG), increased reliability, consistent energy prices, and replenished energy sources. Owing to these benefits, green power is extensively utilized in utility, residential, industrial, and commercial sectors across the globe.
What are the major market drivers in the Green Power Market?
The market is primarily driven by the escalating demand for electricity due to the growing global population and rapid urbanization. In addition, the expanding industrial sector, and the rising construction of commercial and residential buildings, are contributing to market growth. Moreover, the widespread adoption of naturally replenished green power sources and the expansion of the electrical value chain in the oil and gas sector is accelerating product demand.
Besides this, the rapid electrification of transportation and the growing inclination towards electric vehicles (EVs) to reduce dependence on fossil fuels represents another major growth-inducing factor. Along with this, the rising awareness among individuals about the health and environmental benefits of green power is providing a positive thrust to market growth. Furthermore, various innovations associated with renewable energy resulting in quick energy transition and the implementation of government initiatives to install renewable energy sources are also creating a positive market outlook.
Global Green Power Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Green Power Companies:
GE Renewable Energy (General Electric Company), Iberdrola S.A., Innergex Renewable Energy (Hydro-Québec), ABB Ltd., Acciona S.A., Adani Green Energy Limited (Adani Group), Électricité de France S.A., Invenergy LLC, NextEra Energy Inc., Orsted AS, Siemens Energy AG, Suzlon Energy Limited and Tata Power Company Limited.
The report has segmented the market on the basis of power source, end use sector and region.
Breakup by Power Source:
- Wind
- Solar
- Low Impact Hydro
- Biomass
- Others
Breakup by End Use Sector:
- Transport
- Industrial
- Non-combusted
- Buildings
- Others
Breakup by Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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