Green Energy Market to Reach $2.4 trillion, Globally, by 2032 at 8.9% CAGR: Allied Market Research

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Prime determinants of growth

The growth in green energy demand, surge in power consumption, and increase in legislative and financial incentives drive the development of the market. These factors collectively drive innovation and adoption of the green energy market. However, huge investments to build infrastructure and energy storage challenges restrain the development of the market. Furthermore, emerging economies are expected to provide ample opportunities for the development of the green energy market.

Report coverage & details:

•  Increase in legislative and financial incentives

Impact Scenario

Environmental regulations significantly influence the green energy market in major countries and regions.

Environmental regulations impact

The U.S.:

European Union:

China:

The hydroelectric energy segment to maintain its leadership status throughout the forecast period

On the basis of type, the hydroelectric energy segment held the highest market share in 2022, accounting for more than one-fourth of the global green energy market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the solar energy segment is projected to manifest a CAGR of 10.0% from 2023 to 2032. The market for solar energy in the green energy market is expected to continue its upward trajectory, driven by evolving technological advancements, rise in energy demands, and the pursuit of more sustainable practices within the sector.

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The industrial segment to maintain its leadership status throughout the forecast period

On the basis of end-user, industrial segment held the highest market share in 2022, accounting for nearly half of the global green energy market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, commercial segment is projected to manifest a CAGR of 9.2% from 2023 to 2032. Commercial sectors have used geothermal power to generate electricity. Several new geothermal plants have been established to boost market growth. The Larderello Geothermal Complex, Italy with 769MW capacity, and Cerro Prieto Geothermal Power Station, Mexico with 720MW capacity is one such example. These power plants are established to overcome the demand for energy in the commercial sectors of the Europe and North America regions. An increase in the deployment of standalone PV systems in the commercial sector boosts the growth of the market.

Asia-Pacific to maintain its dominance by 2032

On the basis of region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global green energy market revenue, and is likely to dominate the market during the forecast period. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.8% from 2023 to 2032. The presence of developing countries in this region, and the presence of larger economic countries in this region have led to an increase in the demand for energy that is sustainable and eco-friendly which led to the demand for the green energy market in this region.

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Leading Market Players: -

The report provides a detailed analysis of these key players in the global green energy market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.

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