Global Green Power Market Report and Forecast 2024-2032

Global Green Power Market Outlook

The global green power market attained a value of nearly USD 65.13 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 12.8% to reach a value of around USD 191.11 billion by 2032.

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Rising Environmental Awareness Owing to Rapid Climate Change to Cater to the Growth of the Green Power Industry

The global green power industry is expected to witness robust growth owing to rising awareness regarding the adverse impact of greenhouse gases (GHGs). Moreover, the extensive emission of carbon dioxide, nitrous oxide, and methane, among others, due to the use of outdated forms of energy extraction through fossil fuels is propelling the market growth. Also, the depletion of fossil fuels owing to their extensive usage is increasing the demand for green power, which is augmenting the industry growth. The growing demand for renewable energy sources,  the rapid electrification of the transportation and industrial sectors, and the expansion of the electrical value chain in the oil and gas industry are driving the growth of green power energy. These developments may encourage collaboration, resulting in new business models and a faster energy transition, thus boosting the green power industry.

Various innovations, as well as advantages associated with renewable energy, are resulting in faster energy transition, thus boosting the green power industry. Many industry stakeholders are contemplating hydrogen production and storage projects, in addition to wind and solar, as a strategy to reduce carbon emissions as decarbonisation progresses. This is increasing the development of green hydrogen due to the expansion of power grids and other renewable energy sources. Its potential to operate as a seasonal storage of fuel, which can be accessed on-demand to generate power for grid balancing, is providing impetus to the market growth.

Green Power: Market Segmentation

Green power is a subset of renewable energy that includes renewable energy resources and technologies that have the greatest environmental value. Green power is referred to as electricity generated from solar, wind, geothermal, biogas, suitable biomass, and low-impact small hydropower sources. Green power is popular among customers because of its low carbon footprint and zero emissions profile.

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The major power sources of green power are:

• Wind   
• Solar  
• Low Impact Hydro  
• Biomass 
• Others

The market can be broadly categorised on the basis of its end uses into:

• Buildings 
• Industrial 
• Non-combusted 
• Transport 
• Others

The EMR report looks into the regional markets of green power like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Technological Advancement to Boost the Green Power Industry

More power-to-x ventures may emerge at the junction of the power sector and adjacent industries as the timescale to commercialise green hydrogen and novel storage technologies advances. As a result of the increased participation of different cross-sectoral firms, energy industry convergence may be accelerated and deal activity across the electrical value chain may expand. This is expected to augment the market growth. Due to the increasing efficiency of hybrid projects, battery storage business models are proliferating at the front of the metre, as well as behind the metre, according to FERC's recent rule allowing distributed energy resources to engage in wholesale markets. Energy storage is swiftly becoming one of the most popular asset types in the market, which is bolstering the market growth. Storage use cases are becoming more cost-effective due to technological advancements, which are enabling multi-functional storage ranging from supplementary grid services to on-demand electricity, which is anticipated to boost the market growth.

Key Industry Players in the Global Green Power Market

The report presents a detailed analysis of the following key players in the global green power market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Adani Green Energy Limited 
• General Electric 
• JinkoSolar Holding Co. Ltd. 
• NextEra Energy, Inc. 
• Siemens AG 
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report