Green Energy Market, By Product Type (Solar photovoltaic, Wind energy, Hydroelectric power, Biofuels, and Geothermal energy), By End User (Residential, Commercial, and Industrial), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1,134.65 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 13.8% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
Green energy is clean and renewable energy and these include biofuels, wind, solar photovoltaic, and geothermal. Green energy is gaining huge demand on the account of rising fossil fuel prices and growing environmental concerns. Power generation (grid-scale), rural energy (off-grid) and transportation fuels are some of the key applications of green energy.
Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has significantly impacted the market. The renewable energy sector has faced challenges such as major production disruptions, supply chain delays, and reduced access to financing and government incentives. The pandemic has curbed investments and threatened to slow the expansion of key clean energy technologies, thus leading to uneven progress in the clean energy transition. However, there are also opportunities for the green energy market, such as the potential for greener recovery spending, increased employment opportunities, and the growing push for sustainable finance. Despite the challenges, there are indications of resilience in the industry, with promising steps such as the addition of jobs and an increase in worldwide clean energy investment.
The COVID-19 pandemic has had a significant impact on the growth of renewable energy. The pandemic led to a 6% drop in energy demand, which increased the share of renewables in the generation mix. However, it also caused major production disruptions, supply chain delays, and reduced access to financing and government incentives, thereby slowing the global transition to sustainable energy. The pandemic-induced economic crisis affected renewable energy supply chains and financing, by putting the progress made in the past decade at risk. Despite these challenges, there are opportunities for the green energy market, such as the potential for greener recovery spending and increased employment opportunities. The renewable energy sector has shown resilience, with indications of increased clean energy investment, and the addition of jobs.
Market: Key Developments
- In March 2021, India and the U.S. agreed to restructure their strategic energy partnership to concentrate on cleaner energy sectors including biofuels and hydrogen production
- In March 2021, JICA (Japan International Cooperation Agency) entered a loan agreement with Tata Cleantech Capital Limited (TCCL) for US$ 90.31 million (JPY 10 Bn) to enable the firm provide loans to companies in India for renewable energy production, e-mobility solutions and energy conservation in order to help offset the effects of climate change by reducing greenhouse gas (GHG) emissions (in line with the Green Loan Principles). JICA is part of Japan's official development assistance effort, with a role in providing technical cooperation, capital grants and yen loans.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Green Energy Market”- Forecast to 2031, Global Green Energy Market, By Product Type (Solar photovoltaic, Wind energy, Hydroelectric power, Biofuels, and Geothermal energy), By End User (Residential, Commercial, and Industrial), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
Link: https://www.coherentmarketinsights.com/market-insight/green-energy-market-4604
Key Takeaways of this Market:
- Global green energy market is valued at US$ 1,134.65 Bn in 2024 and is forecast to reach a value of US$ 2,804.51 Bn by 2031 at a CAGR of 13.8% between 2024 and 2031.
- Among application segment, the commercial segment was valued US$ 455.05 Bn in 2020 and is expected to witness a CAGR of 7.9% over the forecast Continuous technological advancements and increased government investment in the renewable energy sector, on the other hand, would provide significant growth opportunities during the evaluation timeframe.
