What Has Driven the Growth of the Green Power Market in Recent Years?
The green power market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant surge in the size of the green power market. The market value will escalate from $87.7 billion in 2024 to $100.54 billion in 2025, growing at a compound annual growth rate (CAGR) of 14.6%. The exponential growth during the historical period can be attributed to factors such as corporate sustainability targets, government incentives and subsidies, initiatives for energy independence, environmental apprehensions and regulations, and a decrease in the cost of renewable energy.
What Are the Future Growth Projections for the Green Power Market By 2029?
The Green Power market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the green power market is projected to experience a swift expansion. Its growth is forecasted to reach $186.66 billion by 2029 with a compound annual growth rate (CAGR) of 16.7%.
The surge during the projection period can be credited to policy and regulatory modifications, trends in investment and funding, market demand, consumer behavior, cost reduction, and economies of scale, as well as global initiatives to transition towards renewable energy. During this projected period, significant trends are expected to emerge including the decentralization of power generation, advancements in storage solutions, corporate procurement of renewable energy, the rise of offshore wind energy, and the electrification of transportation systems.
What Are The Core Factors Supporting Growth In The Green Power Market?
The surge in urbanization is projected to be a significant driver in the expansion of the green power market. Urbanization is defined by the intense concentration of people into small territories, forming cities. This process leads to an increased demand for actual and potential energy consumption. In response, metropolitan areas are prioritizing renewable energy sources in an effort to meet this growing need for green power while also reducing emissions. For example, data from the non-governmental World Meteorological Organization based in Switzerland indicates that in 2022, 3.5 billion individuals inhabited urban territories. Projections suggest that this figure will rise to 6.3 billion by 2050, increasing the proportion of the world's population living in cities from 50% to over 70%. Hence, urbanization is a key driver propelling the growth of the green power market.
What Are The Major Segments Within The Global Green Power Market?
The green power market covered in this report is segmented –
1) By Offering: Solutions, Services
2) By Type: Solar Energy, Wind Energy, Hydroelectric Power, Biofuels, Other Types
3) By End-User: Residential, Commercial, Industrial
Subsegments:
1) By Solutions: Renewable Energy Systems, Energy Storage Solutions, Energy Management Systems
2) By Services: Consulting Services, Installation Services, Maintenance And Support Services, Financing Solutions
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Which Trends Are Expected To Transform The Green Power Market?
The emergence of product innovation as a main trend in the green power market is gaining traction. Major firms involved in the green power market are channeling their efforts into new technological innovations to maintain their market standing. For example, GE (General Electric Company), a conglomerate based in the US, unveiled Lifespan in May 2022. This new digital product portfolio, which includes a wind asset management platform, helps customers enhance the efficiency and operations of renewable assets in their portfolio. The Lifespan suite of products offers integrated, technology-agnostic solutions that were developed in partnership with operators to improve operations.
Who Are the Key Players In The Green Power Market?
Major companies operating in the green power market include:
• General Electric Renewable Energy LLC
• Siemens Gamesa Renewable Energy S.A.
• Trina Solar Co. Ltd.
• Adani Green Energy Limited
• Robert Bosch GmbH
• Earthlinked Technologies Inc.
• Ormat Technologies Inc.
• Senvion S.A.
• Ørsted A/S
• Tata Power Company Limited
• Iberdrola S.A.
• Brookfield Renewable Energy Partners L.P.
• Enel S.p.A.
• First Solar Inc.
• Nordex SE
• Yingli Solar Holdings Co. Ltd.
• Constellation Energy Corporation
• NextEra Energy
• Vestas Wind Systems A/S
• Canadian Solar Inc.
• Daqo New Energy Corp
• Plug Power Inc.
• Algonquin Power & Utilities Corp.
• Capstone Green Energy Corporation
• VivoPower International Plc
• Xcel Energy Inc.
• Duke Energy Corporation
• American Electric Power Company Inc.
• Dominion Energy Inc.
• Bloom Energy Corporation
What Is The Most Dominant Region In The Green Power Market?
Europe was the largest region in the green power market in 2024. Asia-Pacific is expected to be the fastest-growing region in the green power market report during the forecast period. The regions covered in the green power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
