New York, Nov. 17, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on Clean Energy Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component, End User, and Geography. Synergistic Business Strategies with SMEs in the APAC Region and Minimizing Reliance on Conventional Energy Sources are Expected to Provide Lucrative Opportunities for Clean Energy Market Growth during Forecast Period.
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Global Clean Energy Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 479.62 Billion in 2019 |
| Market Size Value by | US$ 1,229.74 Billion by 2027 |
| Growth rate | CAGR of 13 % from 2020 to 2027. |
| Forecast Period | 2020- 2027 |
| Base Year | 2020 |
| No. of Pages | 156 |
| No. Tables | 58 |
| Historical data available | Yes |
| No. of chart and figures | 76 |
| Segments covered | Fuel type, Power Output |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
| Purchase Options | Request customized purchase options to meet your research needs. |
Clean Energy Market: Competitive Landscape and Key Developments
ABB ltd, American Electric Power Company, Inc., Berkshire Hathaway Inc., Électricité De France S.A., General Electric Company, Nextera Energy, Inc., Renewable Energy Group, Inc., Siemens AG, Suzlon Energy Ltd, and Vestas Wind Systems A S are among the clean energy market players. Several other essential clean energy market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed clean energy market insights, which help the key players strategize their growth. A few developments under clean energy market are mentioned below:
- In 2020, EDF Renewables North America announced that the signing of 22-year power purchase agreement with NV Energy for a 200 megawatt solar photovoltaic project coupled with a 180 MW, four-hour battery storage system. The chuckwalla solar and storage project expects to come online by the end of 2023 and would deliver clean electricity annually to power 45 thousand average Nevada homes.
- In 2020, Siemens has won the order for the North Sea grid connections DolWin6 and BorWin5 in July 2017 and August 2020, respectively. The project is scheduled to go into operation in 2023 and 2025. A total of about seven million households will be supplied with electricity generated from wind power.
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Clean energy refers to the energy generated with zero to a minimal amount of carbon emissions. In recent decades as industrialization gained massive traction coupled with the rising rate of population & urbanizations across the globe, especially in Asian countries, the energy needs were majorly sufficed by fossil fuels, which over time had negative impact on ecology. As the world exposed to severe consequences of climate change, the need for clean energy sources started to gain traction initially in the western part of the world and lately over the globe. The contemporary major sources of clean energy which can replace fossil fuel for providing energy are solar, wind, hydro & ocean, biofuel, geothermal, and wind. During the start of the 21st century, the renewal sources of energy were contributing a minimal amount to the entire energy supply of the world, but in recent years’ clean energy sources are significantly contributing to the total energy supply of the world.
The clean energy market size in North America is mainly due to technological advancements across North American countries have led to a highly competitive market. North American clean energy companies are continuously enhancing the overall business processes to meet customers' demand for high-quality products and services. Some of the world's richest solar, wind, geothermal, and hydro and biomass resources are found in North America. Various agencies working towards the clean energy market growth in North American countries are also anticipated to propel the clean energy market during the forecast period. For example, the International Clean Energy Agency and IRENA works closely with both the United States and Mexico. With the help of clean energy roadmap, the agencies have provided viable pathways toward the achievement of clean energy targets. The presence of such agencies and their roadmaps are consistently boosting the clean energy market size in the region.
The Report Insights and Findings
- Market Perception: In-depth and comprehensive information on the product portfolios of the leading players in the Clean Energy Market.
- Competitive Analysis: An in-depth assessment of the market strategies and geographical and business segments of the Clean Energy Market leading players.
- Product Development: Detailed insights into upcoming R&D activities, technologies, and new product launches in the Clean Energy Market.
- Market Diversification: Complete information on new products, untapped geographies, recent developments and investments in the Clean Energy Market.
- Market Recent Development: In-depth information about emerging markets. This report analyzes the market for various segments across regions.
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The clean energy market has been segmented on the basis of type, end user, and geography. Based on type, the clean energy market is segmented into hydro & ocean power, solar energy, bioenergy, geothermal energy, and wind energy. By end user, it is segmented into residential, commercial, and industrial. Based on geography, the clean energy market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The clean energy market in Asia Pacific is projected to witness impressive growth during 2020–2027. The APAC region has tremendous growth potential with developing countries such as China and India and developed nations such as Japan. With the global economy moving quickly towards the automation and digitalization, the APAC region is also making an impressive contribution to this trend. In 2018, with the highest installed capacity of around 1000 gigawatts and generating more than 2000 terawatt-hours of electricity, the region dominated the clean energy market. Also, China is expected to experience significant growth rates in the years to come. To improve urban air quality, China has supported clean transport technologies. Other countries strengthen the value chain for clean energy, such as India, Australia, and Japan. Furthermore, India and China are projected to see substantial profits in the global clean energy market, owing to rising production output and increasing demand for clean energy technologies. India is currently focusing on-grid and line losses applications to enhance the value chain of clean energy technologies.
The clean energy market in APAC is expected to grow at the fastest rate during the forecast period. In India, demand for energy is increasing due to rising industrialization. The country is currently focusing on grid applications to enhance the value chain of clean energy technologies. Also, China encourages the adoption of clean energy technologies in the transportation sector to improve urban air quality. Other countries such as India, Australia, and Brazil are also making efforts to strengthen clean energy value chains. Further, India and China are projected to witness substantial profits in the global clean energy market owing to rising production output and increasing demand for clean energy technologies. The overall growth of the clean energy market in this region is driven by population growth, rapid industrialization, and favorable policies for the clean energy sector.
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North America constitutes of economies such as the US, Canada, and Mexico. The technological advancements across North American countries have led to a highly competitive market. North American companies are continuously enhancing the overall business processes to meet customers' demand for high-quality products and services. Some of the world's richest solar, wind, geothermal, and hydro and biomass resources are found in North America, thereby resulted in the region’s prominent market share in the global clean energy market.
The hydro and ocean power refers to energy generated from wave power, tidal, winds and currents, vertical and horizontal temperature gradients, and dams. . Owing to the ocean advantages such as wide and abundant availability, predictability and reliability, coupled with long life and low maintenance of oceans energy convertors, governments across the world are initiating various wave, tidal, and current energy projects in order to decrease the dependency on fossil fuels for energy. Thus, the hydro and ocean power dominated the clean energy market by type in 2019.
The APAC region comprises the world’s biggest energy consumer and fastest growing economies, investing heavily in minimizing its reliance on conventional energy sources. Over the years, Asian countries, especially China and India, have emerged as the world’s biggest market for clean energy such as solar, wind, hydroelectricity, and bioenergy. Furthermore, the country’s majority of leading manufacturers of components and equipment for solar and other clean energy sources are heavily dominated by the considerably large number of small and medium market players who dominate the region’s clean energy market. Thus, strategic partnership with Asian SMEs could provide significant business growth opportunities for the market players during the coming years.
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