Global Green Energy Market: By Type (Solar Energy, Wind, Hydroelectric, Bio and others), By End-Use (Commercial, Industrial and Residential Sector) and Geography, and by Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2028

Description

Market Overview:

The global green energy market platform market size was valued at USD 1.06 trillion in 2023 and is projected to expand at a CAGR of 7.7% from 2024 to 2028. The surging technological advancements, and rising environmental awareness, together with the increasing corporate sustainability initiatives, are predicted to escort the growth of the market in the upcoming years.

Market Size for Global Green Energy Market on the Basis of Revenues in USD Bn , 2018-2023

Source: Maven Market Research

What Factors are Leading to the Growth of the Global Green Energy Market

• The rapid integration of technological innovations in solar panels, wind turbines, and energy storage solutions has made renewable energy more efficient and cost-effective. Moreover, the advancements in smart grids are also facilitating better integration of renewable energy sources, hence driving the overall growth of the market.
• The rising public awareness of climate change and environmental issues is driving demand for the green energy market. Moreover, end users and businesses alike are increasingly opting for renewable energy solutions to reduce their carbon footprints. This contributes to the expansion of the global green energy market.
• Furthermore, the cost of renewable energy technologies, especially solar and wind energy, has been declining steadily. The improved manufacturing processes coupled with the competitive pricing have made green energy more accessible and affordable. These aspects are readily propelling the growth of the market.

Which Industry Trends have been Fueling the Growth of the Green Energy Market?

Performance By Key Players: Major key companies are focusing on aligning their strategies with government initiatives that tend to perform better in the market. Regular efficiency improvements and cost reductions hold a significant advantage. Tesla, Inc., a leader in solar energy and energy storage solutions, focuses on SolarCity subsidiary and Powerwall energy storage systems. The company is striving to develop advanced technologies, to elevate the growth of the market.

Policies Implemented by Government: Several governments worldwide are implementing policies and incentives to promote the adoption of renewable energy. Subsidies, tax rebates, and renewable energy mandates are significantly driving the growth of the green energy market.

What is the Current Structure of the Global Green Energy Market?

By End-User Type, the Commercial Sector has Dominated the Largest Market Share in the Global Market

The commercial industries are adopting renewable energy solutions to power offices, manufacturing plants, and data centers, driven by cost savings and corporate social responsibility goals. Additionally, in the residential sector, homeowners are increasingly installing solar panels and home battery systems to reduce energy costs and reliance on grid power. These elements are predicted to augment the growth of the market in the forthcoming years.

By Type

According to type, the hydroelectric energy segment had the most market share in 2022 and generated over 25% of the revenue from the global green energy market. It is predicted that this segment would continue to lead the market for the duration of the forecast. It is anticipated that the market for solar energy within the green energy space will keep growing due to the industry’s pursuit of more sustainable practices, growing energy demands, and changing technology breakthroughs.

By Region Type, North America Leads the Market

North America, especially the United States and Canada, is leading market for green energy, driven by technological advancements, governmental support, and strong corporate sustainability initiatives. Furthermore, countries like Brazil and Chile are investing heavily in renewable energy, particularly in solar and wind, to diversify their energy mix and reduce reliance on hydroelectric power, hence driving the growth of the market in the regions of Latin America.

Competitive Analysis

The growth of the global energy market is majorly attributed to supportive government policies, technological advancements, increasing environmental awareness, corporate sustainability commitments, and declining costs. Moreover, key players leading the charge by contributing competitive strategies will continue to shape the future of the green energy landscape in the forthcoming years. Some of the major players includes Iberdrola, Enel, BP, Vestas, Siemens Gamesa, JinkoSolar, Sunpower, Tesla, First Solar, Invenergy

Market Segmentation

Global Green Energy Market, By End-Use

• Residential
• Commercial
• Industrial
• Utilities
• Transportation

Global Green Energy Market, By Channel Type

• Direct Sales
• Distributors
• Online Retail

Global Green Energy Market, By Application Type

Solar Energy

• Photovoltaic Systems
• Solar Thermal Systems

Wind Energy

• Onshore Wind
• Offshore Wind

Hydropower

• Small Hydro
• Large Hydro

Biomass Energy

• Biofuels
• Biogas
• Solid Biomass

Ocean Energy

• Tidal Energy
• Wave Energy

Global Green Energy Market, By Region Type

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy

Asia-Pacific

• China
• India
• Japan
• South Korea
• Australia

Latin America

• Brazil
• Mexico
• Argentina

Middle East & Africa

• South Africa
• UAE

Key Players

• Siemens AG
• General Electric
• Vestas Wind Systems A/S
• NextEra Energy, Inc.
• Schneider Electric SE
• ABB Ltd.
• Enel Green Power
• Duke Energy Corporation
• First Solar, Inc.
• Iberdrola, S.A.
• Canadian Solar Inc.
• Tesla, Inc.