Green Power Market Size, Growth, Trends, Report 2023-2032
The global green power market was surpassed at USD 52.91 billion in 2022 and is expected to hit around USD 158.55 billion by 2032, growing at a CAGR of 11.6% from 2023 to 2032.
Key Pointers
Report Scope of the Green Power Market
| Report Coverage | Details |
| Market Size in 2022 | USD 52.91 billion |
| Revenue Forecast by 2032 | USD 158.55 billion |
| Growth rate from 2023 to 2032 | CAGR of 11.6% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Companies Covered | Adani group, Enel Spa, GE renewable energy, Brookfield Renewable Corporation, Siemens Gamesa renewable energy, Tata power, Vestas wind systems, Iberdrola SA, Jinko Solar Holding, Next Era Energy, Suzlon energy limited |
Green power sources are defined as zero-emission energy sources. Green energy sources do not produce additional carbon dioxide or other greenhouse gases during power generation. Green energy sources are environmentally friendly from an emissions standpoint, though if the need for these sources is too high, their overuse could result in other environmental harm.
Overusing some green energy sources, such as solar power, can result in habitat loss due to surplus water usage and the development of sprawling ‘energy farms.’ For thermal energy, problems may occur when additional energy is obtained through drilling into the earth. Although some aspects of green energy may be considered drawbacks, these sources are far less harmful to the environment than traditional energy sources. Both Green Power and renewable energy fall under the umbrella of alternative energy – which can be described as energy from sources other than fossil fuels. Yet, not every renewable energy source is a green energy source.
Green Power describes a low-cost solution for energy demands across the globe. The accessibility of green energy and its low cost makes it a more suitable option for developing nations. Depending on the region’s topography, green energy can substitute fossil fuels in the future. It is a clean source of energy. It is not just good for the earth but also for the health of the people and animals as they have pure air for breathing. Green Power is a stable energy power that may not have a lot of cost fluctuations due to geopolitical crises or supply chain disruptions. To meet the net zero emissions target, numerous jobs are created worldwide in this sector.
The growing global population and rapid urbanization lead to the rising need for electricity generation. This illustrates one of the key factors positively influencing the market. The increasing construction of commercial and residential buildings and the expansion of various industries are driving the consumption of electricity, which is driving market growth. Apart from this, the rising awareness among the masses about Green Power ‘s health and environmental blessings is creating a positive market outlook. The shifting consumer preference toward electric vehicles (EVs) also contributes to market expansion. EVs eradicate tailpipe emissions, minimize dependence on fossil fuels, improve community health, safeguard energy security, and improve employment and upskilling. This, in turn, is catalyzing the market for naturally replenished Green Power sources. The rapid electrification of the transportation and industrial sectors and the expansion of the electrical value chain in the oil and gas industry are stimulating market growth.
Furthermore, rising government initiatives to install renewable energy sources offer manufacturers lucrative growth opportunities. Additionally, governments of various countries are managing awareness campaigns to educate individuals about the availability of Green Power sources. Moreover, numerous innovations and advantages associated with renewable energy result in faster energy transition, thus bolstering the Green Power industry. However, the factor expected to inhibit the market’s growth is the need for environmental awareness and many entry barriers for new entrants. In addition, more unbundling of revenue-cycle services may help the market.
Power Insights
Based on the power, the market is divided into wind energy, solar energy, geothermal energy, hydropower, and bioenergy. The hydropower segment is anticipated to hold the largest market share of the Green Power Market. In the process of generating electricity, with the help of hydropower the fast running water, the falling water is used. The Solar Energy segment is also expected to grow during the projection period. These projects are expected to grow due to the efficiency that it delivers. Besides, solar modules are cost-effective, and they are expanding.
Application Insights
Based on the application, the market is divided into electricity generation, Transportation, Heating, and Others. The application of green power and electricity generation is made in transportation using minimum natural and limited resources like fossil fuels. Segments contain biofuels, solar heating, geothermal heating, heat pumps, and heat exchangers. Many countries are predicted to consume more energy from the heating application than electrical power. The heating transportation segment allows for diversified urban transportation, which is convenient, efficient, causes less pollution, and is safe. The transport segment is anticipated to grow during the forecast. Many renewable energy sources are installed due to the different government initiatives worldwide.
End User Insights
Based on the end user, the market is divided into utility, residential, industrial, and commercial. The utility segment provides a higher market share due to growing per capita income. With increasing concerns for climatic change, rising population, better connectivity, and growing urbanization, the utility segment is anticipated to grow during the forecast period.
Regional Insights
On the basis of Geography, the green power market is classified into North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. The Asia Pacific region is expected to hold the largest global green power market share. The green power market in the Asia-Pacific region is also driven by the increase in the green power market, especially in China. Moreover, the growth in the Green Power market, as per BP Statistical Review of World Energy 2020, was primarily driven by China, as the Green Power sector saw tremendous growth in the country. In addition, several countries in the Europe region, such as Sweden, Denmark, Scotland, and Germany, are close to their targets of switching to green sources and are ranked in the top eleven countries leading the change, as per the Climate Council of Australia.
Green Power Market Segmentations:
By Power
By Application
By End User
By Regional
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Power Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Green Power Market
5.1. COVID-19 Landscape: Green Power Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Green Power Market, By Power
8.1. Green Power Market, by Power, 2023-2032
8.1.1 Wind Energy
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Solar Energy
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Geothermal Energy
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Hydropower
8.1.4.1. Market Revenue and Forecast (2020-2032)
8.1.5. Bioenergy
8.1.5.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Green Power Market, By Application
9.1. Green Power Market, by Application, 2023-2032
9.1.1. Electricity generation
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Transportation
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Heating
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Others
9.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Green Power Market, By End User
10.1. Green Power Market, by End User, 2023-2032
10.1.1. Utility
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Residential
10.1.2.1. Market Revenue and Forecast (2020-2032)
10.1.3. Industrial
10.1.3.1. Market Revenue and Forecast (2020-2032)
10.1.4. Commercial
10.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Green Power Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Power (2020-2032)
11.1.2. Market Revenue and Forecast, by Application (2020-2032)
11.1.3. Market Revenue and Forecast, by End User (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Power (2020-2032)
11.1.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.1.4.3. Market Revenue and Forecast, by End User (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Power (2020-2032)
11.1.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.1.5.3. Market Revenue and Forecast, by End User (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Power (2020-2032)
11.2.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.3. Market Revenue and Forecast, by End User (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Power (2020-2032)
11.2.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.4.3. Market Revenue and Forecast, by End User (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Power (2020-2032)
11.2.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.5.3. Market Revenue and Forecast, by End User (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Power (2020-2032)
11.2.6.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.6.3. Market Revenue and Forecast, by End User (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Power (2020-2032)
11.2.7.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.7.3. Market Revenue and Forecast, by End User (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Power (2020-2032)
11.3.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.3. Market Revenue and Forecast, by End User (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Power (2020-2032)
11.3.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.4.3. Market Revenue and Forecast, by End User (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Power (2020-2032)
11.3.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.5.3. Market Revenue and Forecast, by End User (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Power (2020-2032)
11.3.6.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.6.3. Market Revenue and Forecast, by End User (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Power (2020-2032)
11.3.7.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.7.3. Market Revenue and Forecast, by End User (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Power (2020-2032)
11.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.3. Market Revenue and Forecast, by End User (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Power (2020-2032)
11.4.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.4.3. Market Revenue and Forecast, by End User (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Power (2020-2032)
11.4.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.5.3. Market Revenue and Forecast, by End User (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Power (2020-2032)
11.4.6.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.6.3. Market Revenue and Forecast, by End User (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Power (2020-2032)
11.4.7.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.7.3. Market Revenue and Forecast, by End User (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Power (2020-2032)
11.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.5.3. Market Revenue and Forecast, by End User (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Power (2020-2032)
11.5.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.5.4.3. Market Revenue and Forecast, by End User (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Power (2020-2032)
11.5.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.5.5.3. Market Revenue and Forecast, by End User (2020-2032)
Chapter 12. Company Profiles
12.1. Adani group
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Enel Spa
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. GE renewable energy
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Brookfield Renewable Corporation
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Siemens Gamesa renewable energy
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Tata power
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Vestas wind systems
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Iberdrola SA
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Jinko Solar Holding
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Next Era Energy
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers