The market for green energy is predicted to increase at a CAGR of 11.56% over the five-year period from 2022 to 2032, from an estimated US$ 52.89 billion to US$ 157.69 billion.
In several countries around the world, governments are taking action to increase public access to green energy. These expanding government initiatives, which are expected to increase, are driving the industry. Consumers are also aware of the availability of ecologically friendly options for electricity generation, including wind, solar, and other sources. Several individuals are using these sources to generate little amounts of electricity.
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The demand for energy-efficient solutions has increased in both developed and developing countries. The green power market refers to the market for renewable energy sources such as solar, wind, hydro, geothermal, and biomass. These sources of energy are considered green because they produce little or no greenhouse gas emissions, and are therefore seen as a more sustainable alternative to traditional fossil fuels.
The market for green power is driven by factors such as the growing concern over climate change and the need to reduce greenhouse gas emissions, as well as government policies and incentives to promote the use of renewable energy sources.
The market for green power is segmented based on technology, application, and region. Based on technology, the market is segmented into solar, wind, hydro, geothermal, and biomass. Based on application, the market is segmented into residential, commercial, and industrial. Geographically, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW).
Some of the key trends in the green power market include the increasing use of energy storage technologies such as batteries and pumped hydro storage to address the intermittency of renewable energy sources, the growing adoption of smart grid technologies to improve the efficiency of energy distribution, and the development of new renewable energy technologies such as wave and tidal power.
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Green Power Market Key Players
Depending on the equipment manufacturers for energy resources such as wind energy, solar energy, geothermal energy and hydropower energy, some of the key solar panel manufacturers are
- Trina Solar Limited,
- Yingli Solar,
- Canadian Solar and others.
Similarly prominent wind turbine manufacturers include
- Siemens AG,
- General Electric Company (GE Power), and
- Senvion SE among others.
Few prominent geothermal energy system manufacturers include FHP Bosch Group, Earthlinked Technologies Inc., Aquatherm Industries, Inc., and Ormat Technologies, Inc. among others.
Green Power Market Segmentation
Green power market is segmented on the basis of energy resources, equipment type. Different type of energy resources include solar, biomass, wind and small hydropower. Of which, biomass is further segmented into landfill gas and agricultural waste.
On the basis of different energy resources, equipment vary and are classified into solar energy equipment, wind energy equipment, geothermal energy equipment and hydropower energy equipment. Further, agricultural waste is sub-segmented into poultry litter and others.
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