Zion Market Research has published a new report titled “Green Energy (Solar Photovoltaic (PV), Wind Energy, Hydroelectric Power, Bio-Fuels and Geothermal Energy) Market for Residential, Commercial and Industrial End-users – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020”. According to the report, global green energy market was valued at around USD 550 billion in 2014 and is expected to reach USD 900 billion in 2020, growing at a CAGR of around 8.5% between 2015 and 2020.
Green energy can be generated from a wide range of sources including the wind, solar, hydro, tidal, geothermal, and biomass. Green energy is a renewable energy which generated from natural resources like sunlight, wind, rain, tides, waves, and geothermal heat etc. By using more renewable sources to meet its energy needs, the world can lower its dependence on fossil fuels and makes energy generation more sustainable. The green energy industry also drives technological innovation and employment across Europe. Green energy possess a natural process that does not create any type of pollution.
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The green energy market is mainly driven by growing awareness regarding environmental concerns, rapidly depleting conventional resources of energy, favorable government policies, etc. Government initiatives and funding has provided a strong boost to green energy market in Europe and North America. Stringent environmental regulations in these regions are a major driving factor for the green energy market. High initial investment and higher cost of energy are expected to hamper the growth of this industry to some extent. However, increased research and development activity in the field of green energy is expected to lower down the overall cost of green energy in the years to come. This is expected to fuel further growth of green energy market across the world between 2015 and 2020.
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Based on types, green energy market can be segmented as solar photovoltaic, hydropower, wind energy, bio-fuels and geothermal. Hydroelectric power dominated the green energy market with large market share in total revenue generated in 2014. However, solar PV is expected to exhibit strong growth during the forecast period. Solar PV’s are gaining popularity among end users owing declining cost and increased efficiency.
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On the basis of the end-users segment, the green energy market is classified into residential, commercial and industrial end users. Commercial and industrial end user segment together accounted for largest share of total revenue generated in 2014. The commercial segment was the largest end-user segment in 2014. North America dominated the global green energy market with over 30% share in total revenue generated in 2014. However, with increased government support and investment in the field of research development, Asia Pacific is expected to witness robust growth during 2015 to 2020. Europe, Latin America, and Middle East & Africa are also expected to experience significant growth of green energy market in the years to come.
The global green energy market is highly competitive, with the presence of well-established global market participants. ABB Ltd., Alterra Power Corporation, Kyocera Solar Inc., Nordex SE, Hanwha Q Cells GmbH, Calpine Corporation, Suzlon Energy Ltd., U.S. Geothermal Inc., Yingli Green Energy Holding Co. Ltd., Enercon GmbH, GE Energy, First Solar Inc., JA Solar Holdings Co. Ltd., Suntech Power Holdings Co. Ltd., Enphase Energy Inc., and Archer Daniels Midland Company are some of the key participants in the green energy market.
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