Green Power Market Outlook, Opportunity and Demand Analysis Report by 2027

The green power market is anticipated to generate $103.5 billion by 2027. The market is projected to experience growth at a CAGR of 12.3% from 2020 to 2027. Presence of countries, such as China and India, are the major factor that boosts the Asia-Pacific green power market, owing to rise in investment in green power projects. There is significant increase in energy demand due to rapid industrialization and rise in population in countries such as China and India. The buildings and industrial sectors are expected to consume more energy during the forecast period in Asia-Pacific. Furthermore, India has significant growth potential; however, due to its inconsistent policy and business environment the in past, the green power share in the total energy production was less.

The shift in trend toward the use of localized energy procurements has been witnessed in recent years. Various government bodies in countries, such as India, have taken the advantage of community choice aggregation (CCA) policies, which permit governments to procure green power resources on behalf of their constituents while retaining their existing electricity providers for transmission and distribution services. However, high cost involved to set up the base for green power restrains the market growth.

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The global green power market is segmented on the basis of power source, end-user sector, and region. Based on power source, the solar segment is estimated to manifest the highest CAGR of 12.7% during the forecast period. However, the wind segment dominated the market in 2019, contributing to nearly half of the total market.

On the basis of end-use sector, the buildings segment held the lion's share in 2019, accounting for around two-fifths of the total revenue. However, the transport segment is expected to register the highest CAGR of 13.4% from 2020 to 2027.

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By region, the market is analyzed across various regions such as Asia-Pacific, North America, Europe, and LAMEA. The market across Asia-Pacific is anticipated to register the highest CAGR of 12.8% during the forecast period. However, the market across Europe held the largest share in 2019, contributing to more than two-fifths of the market

The key players operating in the green power market are Adani Green Energy Limited, GE Renewable Energy, Green Energy Corp., Iberdrola SA, JinkoSolar Holding Co. Ltd., NextEra Energy, Inc., Orsted A/S, Siemens Gamesa Renewable Energy, Suzlon Energy Limited, and Tata Power. The players in the market have adopted several strategies, such as product launch and business expansion, to sustain the market competition.

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Covid-19 scenario:
• The Covid-19 outbreak has reduced investments in green power and slowed the expansion of key clean energy technologies.
• During the Covid-19 pandemic, the demand for green power has reduced from the industrial and construction sector.
• The uncertainty in the economy and fluctuating oil prices due to country-wide lockdown across the world has reduced investments in new projects of green power.

Key findings of the study
• The green power market size is provided in terms of revenue.
• By region, Asia-Pacific is projected to grow at the highest CAGR of approximately 12.8%, in terms of revenue, during the forecast period.
• By power source, the solar segment is anticipated to grow with CAGR 12.7%, in terms of revenue, during the forecast period.
• By end-use sector, the buildings and industrial dominated the market with a revenue share of over 40.0% and 22.0% in 2019.The report provides a comprehensive analysis of the factors that drive and restrain the green power market growth.
• The qualitative data in this report aims at the market trends, dynamics, and developments in the green power market.
• The green power market forecast and estimations are based on factors impacting the market growth.

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