Green Power Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

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The Green Power by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/green-power-global-market-report

According to The Business Research Company’s Green Power, 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 in the historic period can be attributed to corporate sustainability goals, government incentives and subsidies, energy independence initiatives, environmental concerns and regulations, cost reduction in renewable energy..

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

Increasing urbanization is expected to propel the growth of the green power market going forward. Urbanization is the process by which huge numbers of people become permanently concentrated in relatively small regions, establishing cities. Urbanization causes significant increases in both real and ideal energy usage. To meet rising green power needs and reduce emissions, urban areas prioritize the use of renewable energy sources as a future sustainable energy option. For instance, according to the World Meteorological Organization (WMO), a Switzerland-based non-governmental organization, 3.5 billion people resided in urban areas in 2022. This number is projected to reach 6.3 billion by 2050, increasing from 50% to more than 70% of the world’s population. Therefore, increasing urbanization is driving the growth of the green power market.

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The green power market covered in this report is segmented –

1) By Offering: Solutions, Services

2) By Type: Solar Energy, Wind Energy, Hydroelectric Power, Biofuels, Other Types

3) By End-User: Residential, Commercial, Industrial

Product innovation has emerged as a key trend gaining popularity in the green power market. Major companies operating in the green power market are focused on innovating new technologies to sustain their position in the market. For instance, in May 2022, GE (General Electric Company), a US-based conglomerate company launched Lifespan, a new digital product portfolio (wind asset management platform) that enables customers to optimize the performance and operations of renewable assets across their fleet. The Lifespan product suite is completely integrated, technology agnostic, and was built in collaboration with operators to achieve enhanced operations.

The green power market report table of contents includes: