- Solar Energy
- Wind Energy
- Hydro Energy
- Geothermal Energy
- Biomass
- Biofuels
The 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 the 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 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 market's growth in the future years.
By Type: 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.
By Application: 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.
By End-user: 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.
The global market size is inclusive of several green energy companies such as NextEra Energy, Brookfield Renewable, Canadian Solar, First Solar, EDF Renewables, Enel Green Power, Orsted, Jinko Solar, Adani Green Energy Limited, Vestas among others.
Study Period
2024 - 2030Base Year
2023CAGR
12.3%Largest Market
North AmericaFastest Growing Market
Asia pacific
The worldwide green energy market is being fuelled by a significant growth in power consumption, which is supported by rising industrial activity and technical developments in both developed and developing countries. The expanding global population, combined with higher energy demands, is contributing to the growth in consumption. Furthermore, the demand for increased energy security, lower greenhouse gas emissions, and the prevention of fuel spills has made green energy the ideal option to fossil fuels. The residential sector, the world's largest energy consumer, contributes significantly to the market's growth. As a result, developing public knowledge about the benefits of green energy is critical to promoting wider adoption.
Furthermore, technical advancements such as dual-module solar systems and biomass energy solutions are gaining traction due to their capacity to reduce greenhouse gas emissions. Companies in the sector are investing in R&D to remain competitive. For instance, Gautam Solar's development of the G-2X dual-generation monocrystalline solar modules in March 2022 exemplifies such innovation, which provides up to 30% more energy generation while lowering installation costs.
Despite the potential expansion of green energy, growing energy prices have had an inflationary influence on many sectors, harming both households and industries. These exorbitant expenses have driven some households into poverty and compelled industries to reduce production. Many governments have responded by looking for alternatives to fossil fuels or giving subsidies to protect consumers from rising prices. This reliance on fossil fuels, even as renewables gain traction, remains a fundamental impediment to industry expansion.
Furthermore, while renewable energy integration has increased in numerous sectors, fossil fuels remain dominant, particularly in transportation and industrial uses. Although renewable energy percentages have increased, overall energy consumption remains high, frequently overtaking renewable energy supplies.
The green energy market has great development potential due to breakthroughs in renewable technologies and increased electrification across industries. The increased electricity demand, fuelled by developing markets and the need for cooling during heatwaves, produces a strong demand for renewable energy. Many nations including Barbados, Cambodia, and Nigeria, implement National Cooling Action Plans, the demand for green energy solutions is expected to increase.
The transportation sector also presents prospects, with increasing electrification of roads and increased investment in electric vehicles and accompanying infrastructure. In 2022, investment in electric vehicles increased by 54%, primarily in Asia, as countries such as India doubled their spending on this technology. Another important possibility is the increased use of renewable-powered industrial parks and corporate power purchase agreements (PPAs), which provide energy cost stability and assurance to businesses.
With the growing intensity and frequency of worldwide heatwaves, particularly in India and China, there has been a significant increase in electricity demand for cooling solutions. Cooling is becoming one of the most important drivers of future electricity demand, necessitating the development of efficient, renewable-powered cooling systems to meet this growing challenge. In addition, Renewable energy technologies such as agrivoltaics (agriculture combined with solar energy) and bioenergy are progressively being adopted by the agricultural sector to increase energy access, lower fuel costs, and increase self-reliance. This trend is especially noticeable in Africa and Asia, where decentralized renewable energy solutions are being implemented to boost productivity and sustainability.
By Type
By Application
By End User
The green energy market 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%.
One of the primary drivers of the green energy industry is by rising industrial activity and technical developments in both developed and developing countries
Technological improvements like home battery storage systems (e.g., Tesla Powerwall) and smart energy management systems are popular in the green energy sector, driving up demand.
The residential sector has been one of the most rapidly developing applications of renewable energy, notably solar electricity. Rooftop solar system adoption and home energy storage integration have increased because of lower costs and the availability of government incentives such as tax rebates and feed-in tariffs.
Asia-Pacific is estimated to emerging with the highest CAGR over the forecast period. Due to rising energy consumption, government backing, and rapid industrialization.
1. Executive Summary |
2. Global Green Energy Market Introduction |
2.1.Global Green Energy Market - Taxonomy |
2.2.Global Green Energy Market - Definitions |
2.2.1.Type |
2.2.2.End User |
2.2.3.End Users |
2.2.4.Region |
3. Global Green Energy Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Product Landscape |
3.6. New Product Launches |
3.7. Impact of COVID 19 on Market |
4. Global Green Energy Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5. Global Green Energy Market By Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
5.1. Solar Energy |
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Wind Energy |
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
5.3. Hydro Energy |
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.3.3. Market Opportunity Analysis |
5.4. Geothermal Energy |
5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.4.3. Market Opportunity Analysis |
5.5. Biomass |
5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.5.3. Market Opportunity Analysis |
5.6. Biofuels |
5.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.6.3. Market Opportunity Analysis |
6. Global Green Energy Market By End User, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
6.1. Commercial |
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Residential |
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. Industrial |
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
7. Global Green Energy Market By End Users, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
7.1. Buildings |
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Transport |
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
7.3. Agriculture |
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.3.3. Market Opportunity Analysis |
7.4. Industry |
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.4.3. Market Opportunity Analysis |
7.5. Others |
7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.5.3. Market Opportunity Analysis |
8. Global Green Energy Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
8.1. North America |
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Europe |
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Asia Pacific (APAC) |
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
8.4. Middle East and Africa (MEA) |
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.4.3. Market Opportunity Analysis |
8.5. Latin America |
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.5.3. Market Opportunity Analysis |
9. North America Green Energy Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
9.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.1.1.Solar Energy |
9.1.2.Wind Energy |
9.1.3.Hydro Energy |
9.1.4.Geothermal Energy |
9.1.5.Biomass |
9.1.6.Biofuels |
9.2. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.2.1.Commercial |
9.2.2.Residential |
9.2.3.Industrial |
9.3. End Users Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.3.1.Buildings |
9.3.2.Transport |
9.3.3.Agriculture |
9.3.4.Industry |
9.3.5.Others |
9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.4.1.United States of America (USA) |
9.4.2.Canada |
10. Europe Green Energy Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
10.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.1.1.Solar Energy |
10.1.2.Wind Energy |
10.1.3.Hydro Energy |
10.1.4.Geothermal Energy |
10.1.5.Biomass |
10.1.6.Biofuels |
10.2. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.2.1.Commercial |
10.2.2.Residential |
10.2.3.Industrial |
10.3. End Users Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.3.1.Buildings |
10.3.2.Transport |
10.3.3.Agriculture |
10.3.4.Industry |
10.3.5.Others |
10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.4.1.Germany |
10.4.2.France |
10.4.3.Italy |
10.4.4.United Kingdom (UK) |
10.4.5.Spain |
10.4.6.Rest of EU |
11. Asia Pacific (APAC) Green Energy Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
11.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.1.1.Solar Energy |
11.1.2.Wind Energy |
11.1.3.Hydro Energy |
11.1.4.Geothermal Energy |
11.1.5.Biomass |
11.1.6.Biofuels |
11.2. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.2.1.Commercial |
11.2.2.Residential |
11.2.3.Industrial |
11.3. End Users Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.3.1.Buildings |
11.3.2.Transport |
11.3.3.Agriculture |
11.3.4.Industry |
11.3.5.Others |
11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.4.1.China |
11.4.2.India |
11.4.3.Australia and New Zealand (ANZ) |
11.4.4.Japan |
11.4.5.Rest of APAC |
12. Middle East and Africa (MEA) Green Energy Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
12.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.1.1.Solar Energy |
12.1.2.Wind Energy |
12.1.3.Hydro Energy |
12.1.4.Geothermal Energy |
12.1.5.Biomass |
12.1.6.Biofuels |
12.2. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.2.1.Commercial |
12.2.2.Residential |
12.2.3.Industrial |
12.3. End Users Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.3.1.Buildings |
12.3.2.Transport |
12.3.3.Agriculture |
12.3.4.Industry |
12.3.5.Others |
12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.4.1.GCC Countries |
12.4.2.South Africa |
12.4.3.Rest of MEA |
13. Latin America Green Energy Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
13.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.1.1.Solar Energy |
13.1.2.Wind Energy |
13.1.3.Hydro Energy |
13.1.4.Geothermal Energy |
13.1.5.Biomass |
13.1.6.Biofuels |
13.2. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.2.1.Commercial |
13.2.2.Residential |
13.2.3.Industrial |
13.3. End Users Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.3.1.Buildings |
13.3.2.Transport |
13.3.3.Agriculture |
13.3.4.Industry |
13.3.5.Others |
13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.4.1.Brazil |
13.4.2.Mexico |
13.4.3.Rest of LA |
14. Competition Landscape |
14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
14.2.1.NextEra Energy |
14.2.2.Brookfield Renewable |
14.2.3.Canadian Solar |
14.2.4.First Solar |
14.2.5.EDF Renewables |
14.2.6.Enel Green Power |
14.2.7.Orsted |
14.2.8.Jinko Solar |
14.2.9.Adani Green Energy Limited |
14.2.10.Vestas among others. |
15. Research Methodology |
16. Appendix and Abbreviations |