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Global Green Power Market to Grow at a CAGR of 12.3% in the Forecast Period of 2022-2027, Driven by the Rising Industrialisation

According to a new report by EMR titled, ‘Global Green Power Market Report and Forecast 2022-2027’, the global green power market attained a value of nearly USD 45.99 billion in 2020. The market is further expected to grow at a CAGR of 12.3% in the forecast period of 2022-2027.

Increased government support for renewable energy is expected to give the forecast period profitable prospects for green power market growth. Because of the global implementation of tight government limits on greenhouse gas emissions, the size of the green power market is likely to expand in both industrialised and developing economies. Government financing for green energy is likely to increase, providing lucrative growth opportunities for the green power industry. There is growth in the regions like North America, Europe, Asia Pacific, mainly due to the support of the Government agencies.

Among the top industry players General Electric’s (NYSE: GE), GE Renewable Energy (a division of General Electric Company), recently won a contract from Continuum Green Energy India Pvt Ltd for the supply, installation, and commissioning of onshore wind turbines. For the 148.5 MW wind farm in Morjar, Gujarat, GE Renewable Energy will be responsible for supplying 55 sets of 2.7-132 onshore wind turbines. The agreement is expected to help the wind farm generate enough electricity to power 125,000 homes, meeting consumers' growing demand for green and sustainable energy. In addition, a long-term full-service contract for the wind turbine is also included in the contract, as said on June 17, 2021.

Market Analysis by Power Source, End-Use, and Region:

  • The market based on power source can be divided into wind, solar, low impact hydro, and biomass, among others.
  • Based on end-use, the industry can be divided into buildings, industrial, non-combusted, and transport.
  • The regional markets for green power include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

  • Rising awareness for a clean and pollution-free environment has helped boost the green power industry.
  • The emergence of government activities and initiatives to lower fossil fuels has helped the green power industry.
  • With the advancement in technology and equipment, there is growth in the green power industry.
  • The use of renewable energy in conjunction with equipment installations and boosting public awareness of the value of renewable energy sources to cater to the growth of the green power industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global green power market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the power source, end-use, and regions of green power.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for green power are Adani Green Energy Limited, General Electric, JinkoSolar Holding Co. Ltd., NextEra Energy, Inc., and Siemens AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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