Green Power Market 2024 - By Share, Size, Trend, Demand, Analysis By Top Leading Players And Forecast Till 2033

The Business Research Company recently released a comprehensive report on the Global Green Power Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The green power market size has grown rapidly in recent years. It will grow from $76.54 billion in 2023 to $87.88 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to corporate sustainability goals, government incentives and subsidies, energy independence initiatives, environmental concerns and regulations, cost reduction in renewable energy..

The green power market size is expected to see rapid growth in the next few years. It will grow to $157.3 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to policy and regulatory changes, investment and funding trends, market demand and consumer behavior, cost reduction and economies of scale, global energy transition initiatives.. Major trends in the forecast period include decentralization of energy generation, storage solutions advancements, corporate renewable procurement, emergence of offshore wind, electrification of transportation..

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Market Drivers and Trends:

Increasing urbanization is expected to propel the growth of the green power market going forward. Urbanization is the process by which huge numbers of people become permanently concentrated in relatively small regions, establishing cities. Urbanization causes significant increases in both real and ideal energy usage. To meet rising green power needs and reduce emissions, urban areas prioritize the use of renewable energy sources as a future sustainable energy option. For instance, according to the World Meteorological Organization (WMO), a Switzerland-based non-governmental organization, 3.5 billion people resided in urban areas in 2022. This number is projected to reach 6.3 billion by 2050, increasing from 50% to more than 70% of the world's population. Therefore, increasing urbanization is driving the growth of the green power market.

Product innovation has emerged as a key trend gaining popularity in the green power market. Major companies operating in the green power market are focused on innovating new technologies to sustain their position in the market. For instance, in May 2022, GE (General Electric Company), a US-based conglomerate company launched Lifespan, a new digital product portfolio (wind asset management platform) that enables customers to optimize the performance and operations of renewable assets across their fleet. The Lifespan product suite is completely integrated, technology agnostic, and was built in collaboration with operators to achieve enhanced operations.

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Major Key Players of the Market:

General Electric Renewable Energy LLC; Siemens Gamesa Renewable Energy S.A.; Trina Solar Co. Ltd.; Adani Green Energy Limited; Robert Bosch GmbH; Earthlinked Technologies Inc.; Ormat Technologies Inc.; Senvion S.A.; Ørsted A/S; Tata Power Company Limited; Iberdrola S.A.; Brookfield Renewable Energy Partners L.P.; Enel S.p.A.; First Solar Inc.; Nordex SE; Yingli Solar Holdings Co. Ltd.; Constellation Energy Corporation; NextEra Energy; Vestas Wind Systems A/S; Canadian Solar Inc.; Daqo New Energy Corp; Plug Power Inc.; Algonquin Power & Utilities Corp.; Capstone Green Energy Corporation; VivoPower International Plc; Xcel Energy Inc.; Duke Energy Corporation; American Electric Power Company Inc.; Dominion Energy Inc.; Bloom Energy Corporation

Green Power Market 2024 Key Insights:

• The green power market will grow to $157.3 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%.
• Urbanization Fueling Growth In The Green Power Market
• Innovative Product Offerings Drive Momentum In The Green Power Market
• Europe was the largest region in the green power market in 2023

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