Dublin, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The "Green Power Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global green power market is on a trajectory of impressive growth, projected to surge from $66.81 billion in 2022 to $76.37 billion in 2023, driven by a robust compound annual growth rate (CAGR) of 14.3%. The market's journey is expected to continue with steadfast momentum, reaching $131.21 billion in 2027, fueled by a CAGR of 14.5%.
Urbanization's Energy Boost
Urbanization is propelling the growth of the green power market as cities become magnets for populations and energy consumption. With urban areas becoming hubs of concentrated human activity, energy usage surges. To tackle rising energy needs while prioritizing sustainability, urban centers are increasingly turning to green power options. Renewables are emerging as the future's sustainable energy solution, ensuring cleaner energy and reduced emissions. A telling example is the projection by the World Meteorological Organization that urban population will soar from 3.5 billion in 2022 to 6.3 billion by 2050, accounting for over 70% of the global population. This profound urban shift is at the heart of the green power market's growth story.
Innovating Towards a Greener Future
Innovation is a compelling trend shaping the green power market. Key players in this market are deeply focused on innovating new technologies to fortify their market standing. An exemplar of this drive is General Electric Company (GE), a US-based conglomerate, launching Lifespan in May 2022. Lifespan, a wind asset management platform, embodies a suite of digital products that enables customers to optimize renewable asset performance. This innovation underscores the industry's dedication to enhancing operations through digital solutions.
Strategic Transformations and Synergies
The landscape of the green power market is witnessing strategic shifts and transformative acquisitions. Chevron Corporation, a US-based energy powerhouse, made a significant move by acquiring Renewable Energy Group, Inc. This $2.75 billion acquisition positions both companies to grow more efficiently, combining forces to drive the growth of renewable fuels such as biodiesel and sustainable diesel.
Regional Leadership
Europe led the pack as the largest region in the green power market in 2022. However, the Asia-Pacific region is gearing up for the fastest growth in the forecast period. As the market's spotlight shifts, Asia-Pacific's emergence as a key player is a noteworthy trend. The global green power market report encompasses regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Trailblazing Market Players
Leading players shaping the green power market include GE Renewable Energy (General Electric Company), Siemens Gamesa Renewable Energy S.A., Trina Solar Co. Ltd., Adani Green Energy Limited, Robert Bosch GmbH, Earthlinked Technologies Inc., Ormat Technologies Inc., Senvion S.A., Orsted A/S, Tata Power Company Limited, Iberdrola Sociedad Anonima, Brookfield Renewable Energy, Enel S.p.A., First Solar Inc., Nordex SE, and Yingli Solar. These industry leaders are steering the market's growth through innovation, strategic collaborations, and transformative acquisitions.
Conclusion: Paving the Path to a Greener Future
The global green power market is in full throttle, driven by the twin forces of urbanization and innovation. Urban centers' growing energy demands coupled with a steadfast commitment to sustainability are breathing life into the green power market. The market's growth is further propelled by industry innovation, exemplified by digital solutions optimizing renewable asset performance. Strategic acquisitions also mark the market's landscape, with industry players joining forces for transformative growth. As regional dynamics evolve, Asia-Pacific's ascent stands out, promising to reshape the green power market's landscape. The journey ahead is one of transformative change, innovation, and sustainable energy solutions, paving the way to a greener future for all.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $76.37 Billion |
| Forecasted Market Value (USD) by 2027 | $131.21 Billion |
| Compound Annual Growth Rate | 14.5% |
| Regions Covered | Global |
Key Topics Covered
1. Executive Summary
2. Green Power Market Characteristics
3. Green Power Market Trends and Strategies
4. Green Power Market - Macro Economic Scenario
5. Green Power Market Size and Growth
6. Green Power Market Segmentation
7. Green Power Market Regional and Country Analysis
8. Asia-Pacific Green Power Market
9. China Green Power Market
10. India Green Power Market
11. Japan Green Power Market
12. Australia Green Power Market
13. Indonesia Green Power Market
14. South Korea Green Power Market
15. Western Europe Green Power Market
16. UK Green Power Market
17. Germany Green Power Market
18. France Green Power Market
19. Eastern Europe Green Power Market
20. Russia Green Power Market
21. North America Green Power Market
22. USA Green Power Market
23. South America Green Power Market
24. Brazil Green Power Market
25. Middle East Green Power Market
26. Africa Green Power Market
27. Green Power Market Competitive Landscape and Company Profiles
28. Key Mergers and Acquisitions in the Green Power Market
29. Green Power Market Future Outlook and Potential Analysis
30. Appendix
A selection of companies mentioned in this report includes:
- GE Renewable Energy (General Electric Company)
- Siemens Gamesa Renewable Energy SA
- Trina Solar Co. Ltd.
- Adani Green Energy Limited
- Robert Bosch GmbH
- Earthlinked Technologies Inc.
- Ormat Technologies Inc.
- Senvion SA
- Orsted A/S
- Tata Power Company Limited
- Iberdrola Sociedad Anonima
- Brookfield Renewable Energy
- Enel S.p.A.
- First Solar Inc.
- Nordex SE
- Yingli Solar
For more information about this report visit https://www.researchandmarkets.com/r/8q25yq
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