Green Power Market Development Status and Growth Projection to 2027

The growing concern toward CO2 emission and net zero goals for 2050 by several countries largely drive the market growth for green power. However, high cost involved in the setup and maintenance limit the market growth, thereby restraining further activities. Meanwhile, the growing electronic vehicles market offers opportunities for the market growth.

Presence of countries, such as China and India, are the major factor that boosts the Asia-Pacific green power market, owing to rise in investment in green power projects. There is significant increase in energy demand due to rapid industrialization and rise in population in countries such as China and India. The buildings and industrial sectors are expected to consume more energy during the forecast period in Asia-Pacific. Furthermore, India has significant growth potential; however, due to its inconsistent policy and business environment the in past, the green power share in the total energy production was less. The shift in trend toward the use of localized energy procurements has been witnessed in recent years.

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The wind segment dominated the market in 2019 while the solar segment is expected to grow at a higher CAGR during the forecast period. Based on the end-use sector, the market is categorized into transport, industrial, non-combustible, buildings, and others. 

COVID-19 impact

The green power market has low impact of COVID-19 as the sector is less dependent on macro factors such as supply chain or lockdowns. Moreover, the power generation and transmission infrastructure are self-sufficient to continue their working during the pandemic.

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Key findings of the study

• The green power market size is provided in terms of revenue.
• By region, Asia-Pacific is projected to grow at the highest CAGR of approximately 12.8%, in terms of revenue, during the forecast period.
• By power source, the solar segment is anticipated to grow with CAGR 12.7%, in terms of revenue, during the forecast period.
• By end-use sector, the buildings and industrial dominated the market with a revenue share of over 40.0% and 22.0% in 2019.The report provides a comprehensive analysis of the factors that drive and restrain the green power market growth.