Green Energy Market growth is driven by rising energy costs, strict regulations, corporate sustainability focus, tech advancements, and financial incentives during the forecast period.
According to TechSci Research’s report, Green Energy Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030F, the Global Green Energy Market was valued at USD 20.36 billion in 2023. The market is expected to grow at a compound annual growth rate (CAGR) of 9.23% throughout the forecast period. The rise in adoption of renewable energy sources is a key driver for this growth. This trend is mainly influenced by global efforts to combat climate change and transition towards sustainable energy systems.
Renewable energy sources such as solar, wind, hydro, and biomass are seeing significant growth. Governments, corporations, and individuals are increasingly recognizing their environmental and economic benefits. Technological advancements have made renewable energy more efficient and cost-effective. For instance, solar photovoltaic (PV) technology has seen dramatic cost reductions due to innovations in manufacturing processes and economies of scale. Wind energy has also expanded, with larger and more efficient turbines being deployed in both onshore and offshore installations.
The push for renewable energy is also supported by favorable policies like subsidies, tax incentives, and renewable energy mandates, which encourage investment and deployment. Moreover, growing awareness of environmental issues and consumer demand for cleaner energy options are driving the adoption of green energy. This shift is transforming the energy landscape, creating new opportunities for market players and contributing to a more sustainable energy system. As costs decline and technology continues to evolve, the role of renewable energy in meeting global energy demands will further expand.
The industrial segment held the largest share of the Green Energy Market in 2023. A major factor driving growth in this sector is the increasing adoption of sustainable practices and energy efficiency measures aimed at reducing operational costs and enhancing corporate sustainability. Industries, particularly those with high energy consumption such as manufacturing, chemicals, and heavy industries, are recognizing the benefits of transitioning to renewable energy sources.
The shift is driven by factors like rising energy costs, stringent regulatory requirements, and growing corporate social responsibility (CSR) mandates. As energy prices fluctuate and increase, industries are turning to green energy solutions like solar, wind, and bioenergy to stabilize their energy costs and reduce dependence on fossil fuels. Renewable energy technologies not only help control long-term energy expenses but also provide a hedge against the volatility of traditional energy markets.
Governments and regulatory bodies are also imposing stricter emissions standards and offering incentives to businesses that reduce their carbon footprints. Many corporations are setting ambitious sustainability targets as part of their CSR strategies. Embracing green energy is seen as a way to improve market position, enhance brand reputation, and appeal to environmentally conscious consumers. Technological advancements in energy management systems, energy storage, and renewable energy technologies have also made it easier for industries to integrate green energy into their operations.
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The growing availability of financing options, such as green bonds and investment incentives, further supports this transition by easing the financial burden of adopting renewable energy. The industrial sector is also investing in energy-efficient technologies, such as advanced heat pumps and smart grids, which complement green energy initiatives and contribute to overall operational efficiency. The drive towards energy resilience, ensuring continuous operations despite potential energy disruptions, is also a key factor in the adoption of green energy solutions by industries.
Europe is the fastest-growing region in the Global Green Energy Market, thanks to strong policy support, technological advancements, and a growing commitment to sustainability. The European Union has set ambitious climate goals, such as achieving net-zero emissions by 2050, driving significant investments in renewable energy sources like solar, wind, and bioenergy. Many European countries have introduced incentives and subsidies to accelerate the adoption of green technologies.
Europe has become a hub for clean energy innovation, attracting both public and private investments. The region’s focus on reducing carbon emissions and promoting energy efficiency is helping to drive its rapid growth in the green energy sector, making it a leader in the global renewable energy transition.
Major companies operating in the Global Green Energy Market are:
NextEra Energy, Inc.
Orsted Services A/S
Iberdrola, S.A
Enel Green Power S.p.A.
Siemens AG
Vestas Wind Systems A/S
Brookfield Corporation
First Solar, Inc.
Canadian Solar Inc.
SunPower Corporation
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“The Global Green Energy Market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The Green Energy Market offers substantial growth opportunities due to rising demand for sustainable energy solutions and technological advancements. Government initiatives, including subsidies, tax incentives, and strict emissions regulations, are accelerating market expansion. Innovations in solar panels, wind turbines, and energy storage systems are improving efficiency and lowering costs, making green energy more viable. Increased consumer awareness and corporate sustainability targets are driving higher adoption rates.
Moreover, the need for energy diversification and resilience is creating new project opportunities. These elements collectively position the market as a dynamic and promising sector for significant investment and development. Therefore, the Market of green energy is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“Green Energy Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented by Type (Solar Energy, Wind Energy, Hydroelectric Energy, Bioenergy, and Others), By End-User (Residential, Commercial, and Industrial), By Region, By Competition, 2019-2029F”, has evaluated the future growth potential of Global Green Energy Market and provides statistics & information on the Market size, structure, and future Market growth. The report intends to provide cutting-edge Market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Green Energy Market.
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