Green Power Market: By Energy Source (Solar Energy, Wind Energy, Geothermal Energy, Hydroelectric Power, Bioenergy, and Others), By Application (Electricity Generation, Transportation, Heating, Others), By End User (Residential, Commercial, Industrial, Utility), and Geography

Green Power Market size was valued at USD 45,372.4 million in 2022 and is expected to grow at a 11.3% CAGR from 2023 to 2029. Green power is the electrical energy produced from various eco-friendly and renewable sources such as wind, solar, geothermal, hydropower. The increasing awareness of the eco-friendly renewable energy among the population, and growing government campaigns and initiatives in various countries to support the green environment and enhance the green power sources availability is expected to increase the demand of green power and drive the growth of the green power market over the significant rate. For instance, Indian government is providing subsidies to setup residential solar panels. In addition, the cost of green energy is low as compared to conventional source of energy, and the capability of green energy to replace fossil fuel in the future is expected to boost the market growth over the forecast years. Furthermore, various government bodies across the globe are shifting to renewable energy sources like wind, solar, hydropower by replacing with conventional electricity sources. For instance, Indian government has taken the advantage of community choice aggregation policies, which permits the government bodies across the globe to procure renewable energy resources on behalf of their constituents while retaining their existing electricity provider for transmission and distribution services, and increasing investments in renewable energy sources in countries like India, China is expected to trigger the market growth in the Asia Pacific region over the forecast years. However, the factors like huge initial investments in the setup of renewable energy sources, procurement and monitoring of acceptable solar sites to determine whether they are suitable or not, and training of personnel to install operate and maintain advanced technologies are expected to hamper the growth of green power market over the forecast years.

Green Power Market Key Developments:

• In April 2021, Amazon, a corporate buyer of renewable energy invested in Canada to acquire electricity from the new solar projects in Newell County built by Greengate Power Corp.