Press release
Key Influencer in the Green Power Market 2025: Urbanization Fueling Growth In The Green Power Market Driver
Green Power Market
The surge in urbanization is projected to be a significant driver in the expansion of the green power market. Urbanization is defined by the intense concentration of people into small territories, forming cities. This process leads to an increased demand for actual and potential energy consumption. In response, metropolitan areas are prioritizing renewable energy sources in an effort to meet this growing need for green power while also reducing emissions. For example, data from the non-governmental World Meteorological Organization based in Switzerland indicates that in 2022, 3.5 billion individuals inhabited urban territories. Projections suggest that this figure will rise to 6.3 billion by 2050, increasing the proportion of the world's population living in cities from 50% to over 70%. Hence, urbanization is a key driver propelling the growth of the green power market.
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What growth opportunities are expected to drive the green power market's CAGR through 2034?
In recent times, there has been a significant surge in the size of the green power market. The market value will escalate from $87.7 billion in 2024 to $100.54 billion in 2025, growing at a compound annual growth rate (CAGR) of 14.6%. The exponential growth during the historical period can be attributed to factors such as corporate sustainability targets, government incentives and subsidies, initiatives for energy independence, environmental apprehensions and regulations, and a decrease in the cost of renewable energy.
In the coming years, the green power market is projected to experience a swift expansion. Its growth is forecasted to reach $186.66 billion by 2029 with a compound annual growth rate (CAGR) of 16.7%. The surge during the projection period can be credited to policy and regulatory modifications, trends in investment and funding, market demand, consumer behavior, cost reduction, and economies of scale, as well as global initiatives to transition towards renewable energy. During this projected period, significant trends are expected to emerge including the decentralization of power generation, advancements in storage solutions, corporate procurement of renewable energy, the rise of offshore wind energy, and the electrification of transportation systems.
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What are the emerging trends shaping the future of the green power market?
The emergence of product innovation as a main trend in the green power market is gaining traction. Major firms involved in the green power market are channeling their efforts into new technological innovations to maintain their market standing. For example, GE (General Electric Company), a conglomerate based in the US, unveiled Lifespan in May 2022. This new digital product portfolio, which includes a wind asset management platform, helps customers enhance the efficiency and operations of renewable assets in their portfolio. The Lifespan suite of products offers integrated, technology-agnostic solutions that were developed in partnership with operators to improve operations.
Which growth-oriented segments of the green power market are leading the industry's development?
The green power market covered in this report is segmented -
1) By Offering: Solutions, Services
2) By Type: Solar Energy, Wind Energy, Hydroelectric Power, Biofuels, Other Types
3) By End-User: Residential, Commercial, Industrial
Subsegments:
1) By Solutions: Renewable Energy Systems, Energy Storage Solutions, Energy Management Systems
2) By Services: Consulting Services, Installation Services, Maintenance And Support Services, Financing Solutions
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What regions are leading the charge in the green power market?
Europe was the largest region in the green power market in 2024. Asia-Pacific is expected to be the fastest-growing region in the green power market report during the forecast period. The regions covered in the green power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the green power market?
Major companies operating in the green power market include 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
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What Is Covered In The Green Power Global Market Report?
• Market Size Forecast: Examine the green power market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the green power market for a structured understanding.
• Key Players Overview: Analyze major players in the green power market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the green power market.
• Segment Contributions: Evaluate how different segments drive overall growth in the green power market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the green power market.
• Industry Challenges: Identify potential risks and obstacles affecting the green power market.
• Competitive Landscape: Review strategic developments in the green power market, including expansions, agreements, and new product launches.
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