IMARC Group's report titled "Green Power Market Report by Power Source (Wind, Solar, Low Impact Hydro, Biomass, and Others), End Use Sector (Transport, Industrial, Non-combusted, Buildings, and Others), and Region 2024-2032". The global green power market size reached US$ 65.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 160.7 Billion by 2032, exhibiting a growth rate (CAGR) of 10.1% during 2024-2032.
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Factors Affecting the Growth of the Green Power Industry:
- Government Policies and Regulatory Support:
The rising implementation of government policies and regulatory frameworks aimed at reducing carbon emissions and combating climate change is impelling the growth of the market. Many countries are implementing incentives, such as tax rebates, subsidies, and feed-in tariffs, to encourage the adoption of renewable energy sources. These measures are designed to make green power more competitive against traditional fossil fuels, thereby accelerating the deployment of renewable energy technologies. Regulatory support also encompasses the establishment of renewable energy targets and mandates, which compel utilities and industries to incorporate a certain percentage of green power into their energy mix.
- Technological Advancements and Cost Reduction:
Significant improvements in renewable energy technologies, such as solar photovoltaics (PV), wind turbines, and battery storage systems, are leading to increased efficiency and reliability, making green power more accessible and appealing. These technological advancements are resulting in a substantial decrease in the cost of green power generation. This trend is particularly evident in the solar PV and wind energy sectors, where the cost of electricity generation is reaching or falling below that of conventional power in many regions.
- Environmental Awareness and Corporate Social Responsibility (CSR):
Growing environmental awareness among the masses, corporations, and governments alike is driving the demand for green power. The increasing recognition of the urgent need to address climate change and reduce greenhouse gas emissions is leading to a greater preference for renewable over non-renewable energy sources. Additionally, corporate social responsibility (CSR) initiatives are encouraging businesses to adopt green power as part of their sustainability strategies. Companies are increasingly investing in renewable energy projects or purchasing green power directly to reduce their carbon footprint, enhance their brand image, and meet stakeholder expectations for environmental stewardship.
Leading Companies Operating in the Global Green Power Industry:
- ABB Ltd.
- Acciona S.A.
- Adani Green Energy Limited (Adani Group)
- Électricité de France S.A.
- GE Renewable Energy (General Electric Company)
- Iberdrola S.A.
- Innergex Renewable Energy (Hydro-Québec)
- Invenergy LLC
- NextEra Energy Inc.
- Orsted AS
- Siemens Energy AG
- Suzlon Energy Limited
- Tata Power Company Limited
Green Power Market Report Segmentation:
By Power Source:
- Wind
- Solar
- Low Impact Hydro
- Biomass
- Others
Wind represents the leading segment due to its capability to generate electricity.
By End Use Sector:
- Transport
- Industrial
- Non-combusted
- Buildings
- Others
Buildings exhibit a clear dominance in the market owing to the increasing energy demand.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Europe's dominance in the green power market is attributed to the rising focus on lowering electricity expenses.
Global Green Power Market Trends:
The integration of green power into existing electricity grids poses technical challenges, primarily due to the variable and intermittent nature of sources like solar and wind. However, advancements in grid integration technologies and energy storage solutions are mitigating these challenges. Smart grid technologies enable more efficient distribution and management of renewable energy, improving the reliability and stability of power supplies. Similarly, advancements in energy storage technologies, such as lithium-ion (LI-ion) batteries and pumped hydro storage, allow excess energy generated during peak production periods to be stored and released when demand is high, or production is low. These developments enhance the viability of green power as a stable and reliable energy source, facilitating its adoption and integration into national and regional energy systems.
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