Clean Energy Market Projected to Reach US$ 1,229.74 Billion by 2027

According to our latest market study on "Clean Energy Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Hydro and Ocean Power, Solar Energy, Bioenergy, Geothermal Energy, and Wind Energy) and End User (Residential, Commercial, and Industrial)," the market was valued at US$ 479.62 Bn in 2019 and is projected to reach US$ 1,229.74 billion by 2027; it is expected to grow at a CAGR of 13.0% from 2020 to 2027.The report highlights the key factors driving the market growth and prominent players with their developments in the market.

Clean energy is an essential segment in the European Union's (EU) energy system. Demand for clean energy solutions is growing across Europe owing to increasing adoption of technology-based solutions among businesses. The share of clean energy consumption in gross energy consumption rose to 18% in 2018 from 8.5% in 2004. The Europe 2020 strategy targets to lift this share to 20% by 2020 and at least 32% by 2030. The figures are projected by considering the use of all forms of energy across three key sectors heating and cooling, electricity, and transportation. Europe was one of the largest contributors to wind and solar energy in the first half of 2020 globally.

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Key Players : ABB Ltd.,American Electric Power Company, Inc.,Berkshire Hathaway Energy,Électricité de France S.A.,General Electric Company,NextEra Energy, Inc.,Renewable Energy Group, Inc.,Siemens AG,Suzlon Energy Limited,Vestas Wind Systems A/S

The report segments the global clean energy market as follows:-
By Type :
• Hydro and Ocean Power
• Solar Energy
• Bioenergy
• Geothermal Energy
• Wind Energy

By End User :
• Residential
• Commercial
• Industrial

According to the US Energy Information Administration, clean energy accounted for ~11% of total primary energy consumption in the country and ~17% of the domestic electricity production in 2018. The US's Hydroelectric power is among the largest clean electricity producers; it generated ~6.5% of the nation's total electricity in 2016 and 45.71% of this was generated using clean energy sources. After China, Canada, and Brazil, the US is the fourth-largest hydroelectricity producer across the world.

According to Electric Power Annual 2018 capacity projections, the expected changes in energy generating capacity through clean fuel sources would increase to 55,873 GW of capacity coming by the beginning of 2024. By 2024, this would avail a total of 277.77 gigawatts of clean energy, 23.1% increase than that in 2018. In 2023

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