Green Power Market to Grow at 11.70% CAGR During 2022-2027 | Industry Report, Size, Share, Forecast

The latest research study "Green Power Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" by IMARC Group, finds that the global green power market size reached US$ 52.41 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 104.18 Billion by 2027 exhibiting a growth rate (CAGR) of 11.70% during 2022-2027.

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Green power represents electrical energy that is generated from renewable and environment-friendly sources, such as wind, geothermal, solar, low-impact hydropower, and biomass. The production of these power variants does not release toxic greenhouse gases into the atmosphere.

Green power generation has minimal or absolutely no environmental effect and aid in offsetting the emissions of carbon oxide, sulfur, and nitrogen dioxide, thereby causing less damage to human health as compared to their conventional counterparts. Consequently, they find extensive applications in several sectors, including residential, commercial, transport, etc.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Green Power Market Trends and Drivers:

The increasing need for electricity generation, on account of the growing global population and the rapid urbanization are primarily driving the green power market. In addition to this, the escalating construction of residential and commercial buildings and the elevating awareness among the masses about the health and environmental benefits of green power are acting as significant growth-inducing factors.

Moreover, the rising demand for naturally replenished power sources, owing to the shifting consumer preferences toward electric vehicles (EVs) that eliminate tailpipe emissions, minimize dependency on fossil fuels, improve community health, safeguard energy security, etc., is also positively influencing the global market. Besides this, the emerging trend of electrification of the transportation and industrial sectors and the expanding electrical value chain in the oil and gas industry are further stimulating the market growth.

Apart from this, the launch of numerous policies by government bodies aimed at promoting the installation of renewable energy and educating individuals about the availability of sustainable power sources is expected to propel the green power market over the forecasted period.

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Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Power Source:
• Wind
• Solar
• Low Impact Hydro
• Biomass
• Others

Breakup by End Use Sector:
• Transport
• Industrial
• Non-combusted
• Buildings
• Others

By Geography:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

List of Major Key Players:

The major players in the market are
• ABB Ltd.
• Acciona S.A.
• Adani Green Energy Limited (Adani Group)
• Électricité de France S.A.
• GE Renewable Energy (General Electric Company)
• Iberdrola S.A.
• Innergex Renewable Energy (Hydro-Québec)
• Invenergy LLC
• NextEra Energy Inc.
• Orsted AS
• Siemens Energy AG
• Suzlon Energy Limited
• Tata Power Company Limited.

Browse Other Reports by IMARC Group:

Shale Gas Processing Equipment Market Report 2022-2027: https://www.imarcgroup.com/shale-gas-processing-equipment-market

Waste to Energy Market Forecast: https://www.imarcgroup.com/waste-to-energy-market

Bioenergy Market Size 2022-2027: https://www.imarcgroup.com/bioenergy-market

Hydropower Market Trends: https://www.imarcgroup.com/hydropower-market

Wind Energy Market Forecast 2022-2027: https://www.imarcgroup.com/wind-energy-market

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This release was published on openPR.