Global green power market to generate $103.5 billion by 2027, states the report by Allied Market Research
Allied Market Research published a research report on the green power market. The findings of the report state that the global market for green power garnered $41.1 billion in 2019, and is projected to reach $103.5 billion by 2027, witnessing a CAGR of 12.3% from 2020 to 2027. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
“The growing concern toward CO2 emission and net-zero goals for 2050 by several countries largely drive the market growth for green power. However, the high cost involved in the setup and maintenance limits the market growth, thereby restraining further activities. Meanwhile, the growing electronic vehicles market offers opportunities for market growth,” highlighted Eswara Prasad, Manager, Energy & Power at Allied Market Research.
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The report offers a detailed analysis of drivers, restraints, and opportunities to assist market players in strategizing and capitalizing on opportunities. Governments of different countries have launched initiatives to optimize the usage of green power. In addition, they have introduced stringent norms for reducing greenhouse emissions. These factors drive the growth of the green power market. However, high cost related to production hinders market growth. On the other hand, the surge in manufacturing activities of electric vehicles presents new opportunities in the coming years.
The research provides an extensive scenario regarding the effect of the Covid-19 pandemic on the green power market across the globe. The pandemic had a low impact on the green power market as it is self-sustaining and less dependent on factors such as supply chain or raw material procurement. The power generation and transmission infrastructure are self-sufficient to maintain its operation during the pandemic. The research explains each impacting factor in detail. This scenario would assist new entrants, leading market players, and investors to devise necessary strategies and redesign the business practices for the next few years to cope up with the situation.
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The report offers a detailed analysis of segments of the global green power market based on the power source, end-use sector, and region. This analysis is helpful for new entrants, investors, and market players as they can determine the fastest growing and largest revenue-generating segments for devising growth strategies for the next few years.
Based on the power sources, the report segments the market into wind, solar, low-impact hydro, biomass, and others. The solar segment is projected to grow with a CAGR of 12.7% during the forecast period. The end-use sectors analyzed in the report include transport, industrial, non-combustible, buildings, and others. The buildings segment held the largest revenue share in 2019, accounting for nearly two-fifths of the total share, and will maintain its dominance during the forecast period. Based on the region, Asia-Pacific is expected to manifest at the highest CAGR of 12.8% from 2020 to 2027. The report also analyzes regions including North America, Europe, and LAMEA.
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Leading players of the global green power market analyzed in the research include Adani Green Energy Limited, Green Energy Corp., GE Renewable Energy, JinkoSolar Holding Co. Ltd., Iberdrola SA, Orsted A/S, NextEra Energy, Inc., Suzlon Energy Limited, Siemens Gamesa Renewable Energy, and Tata Power.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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