Clean Energy Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Wind Energy, Solar Energy, Geothermal Energy, Biomass, Hydro and Ocean Power & Others), By Application (Residential, Commercial, Industrial, Transportation, Power Industry & Others), and Region, Forecast 2019-2030.

Clean Energy Market size was valued at  US$ 1,048.9 billion in 2023 and is projected to reach a value of US$ 3,462.0 billion by 2030, at a CAGR of 18.6% from 2024-2030.
Clean energy is energy that is produced with little or no greenhouse gas emissions and is environmentally friendly. Clean energy works by producing power without having negative environmental impacts, such as the release of greenhouse gases like carbon dioxide.

The growth drivers of clean energy are growing awareness of climate change and its impact on the environment, governments offering subsidies, tax credits, and grants to make renewable energy projects more economically viable. The constraints of the market are sources like solar and wind are dependent on weather conditions leading to intermittent energy supply, fossil fuels are heavily subsidized making them artificially cheaper than clean energy options, shortage of qualified workers who requires specialized skills for designing, installing, and maintaining renewable energy systems. The emerging opportunities of market are expansion of renewable energy, advances in energy storage solutions. The key trends of market are digitalization and AI integration, emergence of energy-as-a-service (EaaS). 

Key Players 

The leading companies highlighted in the clean energy market report include such as Xcel Energy Inc, EDF Energy, Siemens Energy AG, Enel S p A, Andritz AG, Acciona S A, Voith GmbH Co KGaA, Iberdrola SA, ABB Ltd, Vestas Wind Systems and others. Also, a comprehensive analysis of industry verticals and market participants that provides a clear overview of the competitive landscape in relation to the sectors served by the company’s products and services, market share, service offerings, financial reports, significant developments, market strategy, competitive position, and geographic reach.

Key Takeaways

•    Asia Pacific is expected to generate the largest market share over the forecast years 2024 - 2030.
•    The North America is expected to expand at highest CAGR from 2024 to 2030.
•    By type, the solar energy segment dominated the market in 2023.
•    By application, the industrial segment has expected to dominate the market in the coming forecast years.

Facts & Figures

•    Solar energy consumption exhibited remarkable growth during this period, surging from 2,243.84 TWh in 2020 to 3,448.24 TWh in 2022, marking a substantial absolute change of +1,204.40 TWh, equivalent to an impressive 54% increase.
•    In 2022, Renewable energy sources, including geothermal and biomass, experienced notable growth, with consumption increasing from 2,182.70 TWh in 2020 to 2,413.81 TWh. 
•    Tesla continued to expand its Gigafactories, focusing on increasing the production capacity of batteries for electric vehicles (EVs) and energy storage systems like the Powerwall and Powerpack.

Key Developments

• Enel Green Power company, developed hybrid plants that combine solar and wind energy with battery storage, enabling a more reliable supply of renewable energy.

Clean Energy Market Segmentation

By Type: Among all types, the solar energy has experienced the notable growth from 2023. Solar energy has become dominant in the market due to several key factors. Firstly, the transition to cleaner energy sources significantly reduces pollution, contributing to a healthier environment. Secondly, the decreasing costs of solar panels and associated hardware have made solar power more accessible and economically competitive compared to other energy sources. As a result, solar power generation is increasingly regarded as the most competitive supply option in various countries.

By Application: Among the all applications, the industrial segment held the largest market. Energy is used in the industrial sector for a variety of purposes, including air conditioning, lighting, heating, cooling, and steam production. Approximately 54% of the energy produced globally is used by the industrial sector. The rising demand for manufactured goods is predicted to fuel significant growth in industrial production.