The global green energy market has witnessed a huge change in its growth dynamics over the past few years, thanks to factors such as the rising global focus on renewable energy sources, initiatives from government and private bodies aimed at reducing the carbon footprint of the power generation industry, and rising awareness among the masses regarding the need to switch to cleaner energy sources.A recent market research report published by Transparency Market Research presents a detailed perspective of the current state of the global green energy market and, with the help of quantitative and qualitative facts pertaining to key market elements and several industry-best analytical methods, presents forecasts for the market for the period from 2013 to 2019.The report, titled “Global Green Energy Market – Industry Analysis, Market Size, Share, Growth, Trends and Forecast, 2013 – 2019,” states that the market will rise from US$470.1 bn in 2012 to US$831.9 bn by 2019, witnessing expansion at a healthy 8.3% CAGR therein.
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Green energy refers to energy derived from natural sources such as wind, rain, sunlight, plants, tides, and geothermal heat. As these energy sources are naturally replenished and their reserves are virtually infinite, they will never diminish with use. Green energy sources have much less impact on the environment than traditional energy sources such as natural gas, oil, and coal, which contribute significantly to climate change by producing pollutants such as greenhouse gases.
Based on the type of the energy, the global green energy market has been segmented into solar photovoltaic (PV), wind energy, biofuels, hydroelectric power, and geothermal energy. Key end users of green energy analyzed in the report are residential, industrial, and commercial. From a geographical perspective, the global green energy market has been segmented into Europe, Asia Pacific, North America, and Rest of the World (RoW).
Of the key end users of green energy market analyzed in the report, the commercial sector led the market in 2013, followed by the industrial sector. However, it will be the residential sector where the market for green energy will witness the fastest growth over the report’s forecast period, with a 9.4% CAGR expected for the segment during the forecast period.
North America was the leading regional market for green energy in 2012 in terms of revenue, accounting for a dominant share of 32% in the global market. Over the report’s forecast period, however, the Asia Pacific market for green energy is projected to witness the fastest growth, at a 10.3% CAGR.
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Based on the type of green energy harnessed, hydropower been the dominant sector for the past many years, primarily owing to its vast pre-installed capacity. However, the solar PV sector is witnessing the fastest development and is expected to expand at a favorable 14.6% CAGR over the report’s forecast period. Vast technological advancements, innovations, and development of more reliable and efficient solar PV technologies are leading to their increased adoption worldwide.
The global green energy market is highly fragmented, featuring a vast number of small-, medium-, and large-scale regional and international companies. Some of the market’s most influential companies are First Solar Inc, Kyocera Solar Inc, Alterra Power Corporation, JA Solar Holdings Co. Ltd., Calpine Corporation, U.S. Geothermal Inc, Hanwha Q Cells GmbH, Suzlon Energy Ltd., Yingli Green Energy Holding Co. Ltd., GE Energy, ABB Ltd., Nordex SE, Enphase Energy Inc., Archer Daniels Midland Company, and Enercon GmbH.