Green Power Global Market Report 2024

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 observed in the historical period can be attributed to several factors, including corporate sustainability goals, government incentives and subsidies, initiatives promoting energy independence, environmental concerns and regulations, as well as the drive for cost reduction in renewable energy sources.

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 anticipated growth in the forecast period can be attributed to factors such as policy and regulatory changes, trends in investment and funding, market demand and consumer behavior, cost reduction and economies of scale, and global energy transition initiatives. Major trends expected in the forecast period include the decentralization of energy generation, advancements in storage solutions, corporate procurement of renewable energy, the emergence of offshore wind projects, and the electrification of transportation.

The anticipated rise in urbanization is set to drive the expansion of the green power market in the foreseeable future. Urbanization, characterized by the concentration of a large population in relatively small regions to form cities, leads to a substantial surge in both actual and ideal energy consumption. In response to the escalating demand for green power and the imperative to curb emissions, urban areas are increasingly prioritizing renewable energy sources as a sustainable energy solution. The World Meteorological Organization (WMO) reported that in 2022, 3.5 billion people resided in urban areas, a figure expected to reach 6.3 billion by 2050. This surge from 50% to over 70% of the world's population underscores how increasing urbanization is a driving force behind the growth of the green power market.

The growing impact of climatic change is poised to propel the expansion of the green power market. Climatic change, denoting long-term alterations in the average weather patterns on a regional or global scale, has sparked global concerns due to its detrimental effects. Governments worldwide are responding with policies and regulations that support the advancement and adoption of green power. These measures often include renewable energy targets, incentives, and subsidies to expedite the transition to sustainable energy sources. According to a report by the World Health Organization (WHO) in October 2023, approximately 3.6 billion individuals reside in regions highly vulnerable to the impacts of climate change. The projected increase in climate-related deaths, estimated at around 250,000 annually from 2030 to 2050, emphasizes the role of climatic change in driving the growth of the green power market.

Product innovation has emerged as a prominent trend in the green power market, with major companies dedicated to developing new technologies to maintain their market position. General Electric Company (GE), a U.S.-based conglomerate, exemplifies this trend with the launch of Lifespan in May 2022. Lifespan, a digital product portfolio and wind asset management platform, empowers customers to optimize the performance and operations of renewable assets seamlessly. This technology-agnostic suite, developed in collaboration with operators, aims to enhance operational efficiency across fleets.

Advanced technologies such as renewable power technologies are being developed by major companies in the green power market to cater to a broader customer base, increase sales, and boost revenue. Emerson Electric Co., a U.S.-based technology company, introduced Ovation Green in February 2023. This exclusive portfolio of renewable power technology and software solutions assists power generation companies in meeting the demands of customers transitioning to green energy. Offering an integrated set of data-driven asset control and management solutions, Ovation Green facilitates secure and standardized data access across single or multiple sites, empowering informed decision-making and optimizing renewable operations.

InFebruary 2022, Chevron Corporation, a U.S.-based energy corporation, acquired Renewable Energy Group, Inc. for $2.75 billion. This acquisition aims to enhance the growth and efficiency of both companies, with Renewable Energy Group specializing in manufacturing and distributing renewable fuels, including biodiesel and sustainable diesel.

Major companies operating in the green power market report are 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.

Europe was the largest region in the green power market in 2023. 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. The countries covered in the green power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of green power include solar energy, wind energy, hydroelectric power, biofuels, and various others. Solar energy, for instance, involves the generation of mechanical power or electricity through the sun's nuclear fusion process and is particularly valuable in green power technology as an alternative to fossil fuel usage in the economy. These offerings include solutions and services catering to various end-users, including residential, commercial, and industrial sectors.

The green power market research report is one of a series of new reports that provides green power market statistics, including the green power industry global market size, regional shares, competitors with a green power market share, detailed green power market segments, market trends and opportunities, and any further data you may need to thrive in the green power industry. This green power market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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