According to Allied Market Research, “Green Power Market by Power Source (Wind, Solar, Low Impact Hydro, Biomass, and Others) and End-Use Sector (Transport, Industrial, Non-Combustible, Buildings, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027”. As per the report, the global green power industry was pegged at $41.1 billion in 2019, and is projected to garner $103.5 billion by 2027, growing at a CAGR of 12.3% from 2020 to 2027.
Drivers, restraints, and opportunities
Favorable government initiatives, stringent regulations toward greenhouse gas emissions, and increase in presence of market players in the Asia-Pacific region drive the growth of the global green power market. However, high manufacturing cost hampers the market growth. On the contrary, increase in electric vehicles is expected to open new opportunities for the market players in the future.
The Covid-19 outbreak has reduced investments in green power and slowed the expansion of key clean energy technologies.
During the Covid-19 pandemic, the demand for green power has reduced from the industrial and construction sector.
The uncertainty in the economy and fluctuating oil prices due to country-wide lockdown across the world has reduced investments in new projects of green power.
The solar segment to manifest the highest CAGR through 2027
By power source, the solar segment is expected to register the highest CAGR of 12.7% during the forecast period, due to increased acceptance and ease of installation. However, the wind segment held the largest share in 2019, accounting for nearly half of the global green power market, as the technological growth in the sector is strong.
The buildings segment dominated the market
By end-use sector, the buildings segment held the largest share in 2019, contributing to around two-fifths of the global green power market, due to increased consumer awareness and the acceptance of solar energy sources. However, the transport segment is anticipated to portray the highest CAGR of 13.4% during the forecast period, due to the inclination towards electric vehicle in the Asia-Pacific region.
By region, the market across Asia-Pacific, followed by North America, is estimated to register the highest CAGR of 12.8% from 2020 to 2027, owing to increased government investments and subsidies to reduce CO2 emissions. However, the global green power market across Europe held the lion’s share in 2019, accounting for more than two-fifths of the market, as the region adopted the green sources at an early stage.
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