BANGALORE, India, April 16, 2021 /PRNewswire/ — The Green Power Market is segmented by Power Source (Wind, Solar, Low Impact Hydro, Biomass, and Others) and End-Use Sector (Transport, Industrial, Non-Combustible, Buildings, and Others). This report covers Global Opportunity Analysis and Industry Forecast from 2020 to 2027. This report is published on Valuates Reports in the Renewable & Alternative Energy Category.
The Green Power Market size was valued at USD 41.1 billion in 2019 and is anticipated to generate USD 103.5 billion by 2027. The market is projected to experience a growth at a CAGR of 12.3% from 2020 to 2027.
Major factors driving the growth of green power market size are:
- Volatile nature of fossil fuels, rise in stringent government regulations for the reduction of greenhouses gas emissions and rise in industries in developing economies.
- Rise in government funding in the green energy sector and continuous technological advancements to reduce the price of green energy.
- The growing market of electric vehicles also contributes to the green power market growth.
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TRENDS INFLUENCING THE GREEN POWER MARKET SIZE
The factor driving the green power market size is the increasing concern about CO2 emissions. Many countries are aiming for net-zero emission targets by the year 2050 as a part of their plan to reduce global warming.
Furthermore, the increasing government support in the renewable energy sector is expected to provide lucrative opportunities for green power market growth during the forecast period. The green power market size is expected to grow in the developed and developing economies due to the implementation of strict government regulations toward greenhouse gas emissions across the globe.
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GREEN POWER MARKET SHARE ANALYSIS
Based on the source, the wind segment held the largest market share in 2019 and is expected to continue its dominance during the forecast period. This growth is attributed to the strong technological advancements in the segment.
Due to increased customer awareness, the buildings segment dominated the market share in 2019. Moreover, the increase in solar energy acceptance in residential and commercial buildings is also boosting the segment growth.
In 2019, Europe dominated the market, owing to its early acceptance of green energy sources. On the other hand, Asia-Pacific is projected to rise faster than the rest of the world during the forecast period, thanks to increased government investments and subsidies in the sector, as well as numerous schemes and proposals to reduce CO2 emissions.
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KEY MARKET SEGMENTS
By Power Source
- Low Impact Hydro
By End-Use Sector
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA
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– The global renewable energy market size was valued at USD 928.0 Billion in 2017 and is expected to reach USD 1,512.3 Billion by 2025, registering a CAGR of 6.1% from 2018 to 2025.
– The Hydro power market study presents the Hydropower production, revenue, market share and growth rate for each key company, and also covers the breakdown data (production, consumption, revenue and market share) by regions, type and applications. history breakdown data from 2014 to 2019, and forecast to 2025.
– The global Solar PV market size is projected to reach USD 53270 million by 2026, from USD 46630 million in 2019, at a CAGR of 1.9% during 2021-2026.
– Geothermal power is considered a reliable, renewable energy source because the amount of extracted heat for energy generation is very small compared to the actual heat present inside the Earth. The low emissions feature of geothermal energy is one of the major drivers for the market.
– Bioenergy Market study presents the Bioenergy production, revenue, market share, and growth rate for each key company, and also covers the breakdown data (production, consumption, revenue, and market share) by regions, types, and applications. history breakdown data from 2014 to 2019, and forecast to 2025.
– Clean Green Energy Market by Clean Green Energy, Product-Type: Solar Energy, Hydro & Ocean Energy, Wind Energy, Hydrogen Energy, Bio-energy, Others, Application: Electric Power, Traffic, Food and Beverage, Building, Automation, Other, by key players, by Regions: North America, Europe, China and Japan, etc.
– Green Energy Street Lamp Market by Product-Type: Solar Energy, Wind Energy, Other, Application: 0-100W, 100-200W, 200-500W, Above 500W, by key players, by Regions: North America, Europe, China and Japan, etc.
– The global Wind Energy market size is projected to reach USD 9168.4 Million by 2026, from USD 6948.6 Million in 2020, at a CAGR of 4.7% during 2021-2026.
– The global solar energy market size was valued at USD 52.5 Billion in 2018 and is projected to reach USD 223.3 Billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.
– Biomass Energy Market by Product-Type: Bioethanol, Biodiesel, Other, Application: Power Generation, Commercial Heating, Industrial Application, Others, by key players, by Regions: North America, Europe, China and Japan, etc.
– The global Wave and Tidal Energy market size is projected to reach USD 12430 million by 2026, from USD 6970 million in 2020, at a CAGR of 10.1% during 2021-2026.
Click Here To See Related Reports On Green Energy Market
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