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The global green power market attained a value of nearly USD 65.13 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 12.8% to reach a value of around USD 191.11 billion by 2032.
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The global green power industry is expected to witness robust growth owing to rising awareness regarding the adverse impact of greenhouse gases (GHGs). Moreover, the extensive emission of carbon dioxide, nitrous oxide, and methane, among others, due to the use of outdated forms of energy extraction through fossil fuels is propelling the market growth. Also, the depletion of fossil fuels owing to their extensive usage is increasing the demand for green power, which is augmenting the industry growth. The growing demand for renewable energy sources, the rapid electrification of the transportation and industrial sectors, and the expansion of the electrical value chain in the oil and gas industry are driving the growth of green power energy. These developments may encourage collaboration, resulting in new business models and a faster energy transition, thus boosting the green power industry.
Various innovations, as well as advantages associated with renewable energy, are resulting in faster energy transition, thus boosting the green power industry. Many industry stakeholders are contemplating hydrogen production and storage projects, in addition to wind and solar, as a strategy to reduce carbon emissions as decarbonisation progresses. This is increasing the development of green hydrogen due to the expansion of power grids and other renewable energy sources. Its potential to operate as a seasonal storage of fuel, which can be accessed on-demand to generate power for grid balancing, is providing impetus to the market growth.
Green power is a subset of renewable energy that includes renewable energy resources and technologies that have the greatest environmental value. Green power is referred to as electricity generated from solar, wind, geothermal, biogas, suitable biomass, and low-impact small hydropower sources. Green power is popular among customers because of its low carbon footprint and zero emissions profile.
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The major power sources of green power are:
The market can be broadly categorised on the basis of its end uses into:
The EMR report looks into the regional markets of green power like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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More power-to-x ventures may emerge at the junction of the power sector and adjacent industries as the timescale to commercialise green hydrogen and novel storage technologies advances. As a result of the increased participation of different cross-sectoral firms, energy industry convergence may be accelerated and deal activity across the electrical value chain may expand. This is expected to augment the market growth. Due to the increasing efficiency of hybrid projects, battery storage business models are proliferating at the front of the metre, as well as behind the metre, according to FERC's recent rule allowing distributed energy resources to engage in wholesale markets. Energy storage is swiftly becoming one of the most popular asset types in the market, which is bolstering the market growth. Storage use cases are becoming more cost-effective due to technological advancements, which are enabling multi-functional storage ranging from supplementary grid services to on-demand electricity, which is anticipated to boost the market growth.
The report presents a detailed analysis of the following key players in the global green power market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Power Source |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global green power market attained a value of nearly USD 65.13 billion.
The market is projected to grow at a CAGR of 12.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 191.11 billion by 2032.
The market is being driven by the rising environmental awareness due to surging greenhouse emissions through conventional forms of energy and the rising demand for green power in the industrial sector.
The key trends of the market include favourable initiatives by various governments to control pollution generated by emission of fuels, incentives provided by these governments to increase the use of green power as an energy source, and technological advancements.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various power sources of green power in the market are wind, solar, low impact hydro, and biomass, among others.
The significant end uses of green power in the market are buildings, industrial, non-combusted, and transport, among others.
The key players in the global green power market are Adani Green Energy Limited, General Electric, JinkoSolar Holding Co. Ltd., NextEra Energy, Inc., and Siemens AG, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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