The Green Power Market size was valued at USD 41.1 billion in 2019 and is anticipated to generate USD 103.5 billion by 2027. The market is projected to experience a growth at a CAGR of 12.3% from 2020 to 2027.
Major factors driving the growth of green power market size are:
- Volatile nature of fossil fuels, rise in stringent government regulations for the reduction of greenhouses gas emissions and rise in industries in developing economies.
- Rise in government funding in the green energy sector and continuous technological advancements to reduce the price of green energy.
- The growing market of electric vehicles also contributes to the green power market growth.
TRENDS INFLUENCING THE MARKET SIZE
The factor driving the green power market size is the increasing concern about CO2 emissions. Many countries are aiming for net-zero emission targets by the year 2050 as a part of their plan to reduce global warming.
Furthermore, the increasing government support in the renewable energy sector is expected to provide lucrative opportunities for green power market growth during the forecast period. The green power market size is expected to grow in the developed and developing economies due to the implementation of strict government regulations toward greenhouse gas emissions across the globe.
GREEN POWER MARKET SHARE ANALYSIS
Based on the source, the wind segment held the largest market share in 2019 and is expected to continue its dominance during the forecast period. This growth is attributed to the strong technological advancements in the segment.
Due to increased customer awareness, the buildings segment dominated the market share in 2019. Moreover, the increase in solar energy acceptance in residential and commercial buildings is also boosting the segment growth.
In 2019, Europe dominated the market, owing to its early acceptance of green energy sources. On the other hand, Asia-Pacific is projected to rise faster than the rest of the world during the forecast period, thanks to increased government investments and subsidies in the sector, as well as numerous schemes and proposals to reduce CO2 emissions.