Green Energy Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Solar Energy, Wind Energy, Hydro Energy, Geothermal Energy, Biomass, Biofuels), By Application (Commercial, Residential, and Industrial), By End-User (Buildings, Transport, Agriculture, Industry, Others) By Region Forecast 2019-2030

Green Energy Market size was valued at USD 110,352.7 million in 2023 and is projected to reach USD 247,351.5 million by 2030, growing at a CAGR of 12.3% from 2024-2030. Moreover, the U.S. green energy market is expected to offer healthy growth opportunities in near future. Green energy is referred to as energy produced from natural resources such as sunlight, wind, and water and harnessed via renewable technologies such as solar panels, wind turbines, geothermal systems, biomass, and hydroelectric power plants. Each of these technologies works differently, harnessing the power of the sun, wind, or water flow to generate clean energy. Solar panels, for example, transform sunlight into electricity, whereas wind turbines generate power by harnessing the kinetic energy of wind.

Many factors are expected to fuel the growth of the global green energy market. Rapid industrialization in both industrialized and emerging nations raises energy consumption, while rising oil and gas costs drive a transition toward more cost-effective and sustainable energy sources. Furthermore, government attempts to reduce reliance on fossil fuels, mitigate environmental damage, and promote energy security are hastening the adoption of renewable energy technologies. These market drivers, combined with increased awareness of climate change and the need for cleaner, more sustainable power solutions, are expected to drive the green energy market's growth in the future years.

Solar energy is currently the most popular renewable energy source worldwide. By the end of 2022, solar energy was responsible for more than 60% of global renewable energy capacity additions. This rapid expansion has been spurred by the reducing cost of solar panels, with the average cost of solar photovoltaics (PV) falling by roughly 90% over the last decade. Countries like as China, the United States, and India dominate the worldwide solar market. China is the world's largest producer and user of solar energy, with more than 400 GW of installed capacity by 2023, accounting for approximately 35% of the country's total renewable energy generation Whereas in the U.S., solar power capacity passed 150 GW by 2022, and the solar business continues to develop due to federal tax breaks and state-level renewable energy targets. Advancements in dual-module solar systems and rooftop installations have increased demand for solar energy, making it more efficient and affordable for both residential and commercial customers.

The industrial sector has the biggest demand for renewable energy, which is fuelled by large-scale energy consumption and the need to reduce carbon footprints. As industries account for approximately 40% of worldwide energy consumption, there is a strong emphasis on shifting to renewable energy sources such as solar, wind, and bioenergy. In 2022, industrial demand for renewable energy accounted for 16.8% of the sector's total energy consumption, with estimates of more than 20% by 2030. Wind energy and solar electricity are widely used in industries due to their scalability. Amazon and Google, for example, have pledged to run their global operations entirely on renewable energy, mostly through large-scale solar and wind installations. Moreover, Renewable-powered industrial parks are increasingly gaining popularity, offering firms a hedge against variable energy prices and stability. For example, in South Africa, the Renewable Energy Industrial Park exemplifies how enterprises are integrating renewable energy to reduce costs and assure energy security. In addition, corporate power purchase agreements (PPAs) let industries acquire renewable energy at a lower cost. The number of corporate PPAs increased by 21% in 2022, demonstrating industry' strong desire to lock in predictable energy rates amidst the global energy crisis.

The industrial sector is the most significant end user of renewable energy, driven by the requirement for large-scale, dependable power for production, processing, and manufacturing activities. With the growing need to cut carbon emissions, many sectors are turning to renewable energy sources such as solar, wind, and bioenergy to power their operations. In 2022, the industrial sector is estimated to accounted for 16.8% of total renewable energy consumption, making it the biggest end-user. This transition is primarily driven by the sector's efforts to meet severe environmental rules and sustainability standards, particularly in energy-intensive industries such as steel, cement, and chemicals. In nations such as Germany, China, and the United States, large-scale industrial users are rapidly adopting wind and solar energy. For example, Germany's industrial sector gets a significant portion of its energy from renewables, which helps the country transition to a low-carbon economy. By 2022, renewable energy will account for around 42% of Germany's energy consumption, primarily in the industrial sector.

 Green Energy Market Key Developments:

• In September 2024, Deutsche Windtechnik Sweden has secured a full maintenance contract with Wallenstam for 23 Vestas V90 wind turbines spread over nine wind farms in southern Sweden. The contract will cover the turbines' maintenance until they reach 30 years of age, much above the usual operational lifespan of 20 years. This long-term agreement is Deutsche Windtechnik Sweden's first foray into extending turbine lifespans by an extra ten years, thereby increasing operational duration by 50%.
• In September 2024: Suzlon has announced that it has acquired India's largest wind energy order of 1,166 MW from NTPC Green Energy Limited, NTPC's renewables business. This achievement solidifies Suzlon's status as a leader in India's wind energy sector.