Green Power Market Growth:
The goal of green power projects is to lessen dependency on non-renewable energy sources while promoting sustainability. By acquiring renewable energy certificates (RECs) or taking part in programs provided by utilities or independent energy suppliers that supply electricity generated from renewable sources, consumers and companies can support green power. Using green power helps to reduce greenhouse gas emissions, enhance air quality, encourage energy independence, and spur the expansion of the renewable energy industry.
The exchange and use of electricity produced by renewable energy sources, including solar, wind, hydro, geothermal, and biomass, is included in the green power market. It involves a wide range of stakeholders, including utilities, customers, regulatory agencies, and providers of renewable energy. Renewable Energy Certificates (RECs), which can be sold separately and represent the environmental qualities of renewable electricity, are essential to this market. Customers can choose to support renewable energy by enrolling in green power programs provided by independent providers or utilities. The green power market is growing and developing due to a number of factors, including government regulations, technological breakthroughs, pricing dynamics, and market rivalry. This industry is being pushed by growing awareness of the environmental benefits of green power and the necessity of switching to sustainable energy sources.
According to Straits Research, In 2022, the size of the global green power market was estimated to be USD 57 million. It is anticipated to increase at a CAGR of 12.50% from 2023 to 2031, reaching USD 166 million. The industry is growing due to factors including increased investment in green power projects.
Competitive Landscape
Some of the prominent players operating in the Green Power Market are
- Trina Solar
- First Solar
- Canadian Solar
- ABB
- GE
- Tata Power Solar Systems Limited
- Innergex
- Enel Green Power
- Xcel Energy
- EDF
- Geronimo Energy
- Invenergy LLC
- ACCIONA
- Vestas
- UpWind Solutions Inc.
- Senvion
- Sinovel Wind Group Co. Ltd.
Several factors are driving the market for green power's expansion:
- Environmental Concerns: The need for clean, renewable energy sources as an alternative to fossil fuels is being driven by growing awareness of climate change and the need to minimize carbon emissions.
- Policies and Incentives of the Government: Policies that promote investment in green power infrastructure and expedite market expansion include feed-in tariffs, carbon pricing mechanisms, renewable energy objectives, and tax incentives.
- Technological Progress: Technological developments in renewable energy are driving down costs and improving the efficiency of green power generation. Examples of these developments include advances in solar panels, wind turbines, and energy storage systems.
- Cost Competitiveness: Green power is becoming more and more cost-competitive with traditional fossil fuel-based electricity generation due to the decreasing costs of renewable energy technology and rising efficiency.
- Corporate Sustainability Initiatives: As more businesses commit to sustainability objectives and look for ways to lower their carbon footprint through the purchase of renewable energy, the market for green electricity is growing.
- Public Support and Customer Preferences: The demand for green power among residential and business users is being driven by rising consumer desire for goods and services with less of an impact on the environment as well as growing public knowledge of environmental issues.
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Global Green Power Market: Segmentation
As a result of the Green Power Market segmentation, the market is divided into sub-segments based on product type, application, as well as regional and country-level forecasts.
- By Power Source
- Wind
- Solar
- Low Impact Hydro
- Biomass
- Others
- By End-User Sector
- Transport
- Industrial
- Non-Combusted
- Buildings
- Others
The report forecasts revenue growth at all geographic levels and provides an in-depth analysis of the latest industry trends and development patterns from 2022 to 2030 in each of the segments and sub-segments. Some of the major geographies included in the market are given below:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy)
- Asia Pacific (China, India, Japan, Singapore, Malaysia)
- Latin America (Brazil, Mexico)
- Middle East & Africa
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The following are the report's key features:
- It gives useful information on the Global Green Power Market.
- Information for the years 2022-2030 is provided.
- Market-related important factors are highlighted.
- The latest technological innovations, government restrictions, and developments are presented.
- This paper investigates advertising and marketing techniques, market trends, and analysis.
- Growth projections and analyses by forecast 2030.
- The statistical analysis of the market's leading competitors is emphasized.
- Green Power Market summary based on extensive study.
Other aspects of the report include:
- Provides a complete review of important tactics in numerous firms, with an emphasis on corporate structure, R&D processes, localization strategies, manufacturing capabilities, sales, and performance.
- Provides essential product portfolio information, including product planning, development, and positioning.
- Analyzes the role of significant market participants, as well as their collaborations, mergers, and acquisitions.
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