LONDON, May 23, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Green Power Global Market Report 2023, the market size is expected to grow from $66.8 billion in 2022 to $76.3 billion in 2023, at a compound annual growth rate (CAGR) of more than 14%. Further, the market is expected to reach $131.2 billion by 2027, with a CAGR of more than 14%. Europe held the largest green power market share in 2022.
One of the driving factors behind the growth of the green power market is the escalating process of urbanization. Urbanization involves the concentration of a large population in relatively small regions, resulting in increased energy consumption. To address the rising demand for sustainable energy and reduce emissions, urban areas are actively adopting renewable energy sources as a viable option for the future.
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Several prominent in the green power market are GE Renewable Energy (General Electric Company), Siemens Gamesa Renewable Energy S.A., Trina Solar Co. Ltd., Adani Green Energy Limited, Robert Bosch GmbH are major contributors to the market’s expansion.
Product innovation has emerged as a prominent trend within the green power market. Key market players are committed to developing new technologies to maintain their competitive edge.
For instance, in May 2022, General Electric Company (GE), a leading US-based conglomerate, introduced Lifespan, a novel digital product portfolio known as a wind asset management platform. Lifespan enables customers to optimize the performance and operations of their renewable assets across their entire fleet.
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The global green power market is segmented as-
1) By Type: Solar Energy, Wind Energy, Hydroelectric Power, Biofuels, Other Types
2) By Offering: Solutions, Services
3) By End-User: Residential, Commercial, Industrial
The green power market report provides a thorough analysis of the global green power market, forecasting its growth rate and key factors driving its expansion. The report emphasizes the significant role of increasing urbanization in propelling the demand for green power. The insights in the report will help stakeholders, investors, industry professionals, and decision-makers devise well-informed strategies.
Green Power Global Market Report 2023 by The Business Research Company provides insights on the green power market size, green power market segments, green power market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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