Global Green Energy Market 2018 Share, Trend, Segmentation and Forecast to 2025
Green energy is the form of energy derived from clean sources such as solar photovoltaic, hydropower, wind energy, bio-fuels and geothermal and producing minimal pollution. Green energy includes sources of energy from sun, hydro, wind, geothermal, and biofuel. Green certificates, green tags, and tradable renewable certificates are few of the green energy certificates to promote a widespread application of green energy and reduces the dependency on fossil fuel resources coupled with diminishing the environmental hazards. With the upsurge of smart cities in emerging economies, the demand in the green energy market is anticipated to grow at a high CAGR over the forecast period.
Rising investments in technology, continuous R&D activities, supportive regulatory frameworks, growing awareness and energy security issues coupled with environmental concerns are fuelling the growth in demand for clean and green energy. With energy prices spiraling out of control, many organizations are searching for ways to reduce and control energy costs. Rising trend of green energy implementation fosters a great deal of interest to various global players. Wind power source has been anticipated to be the fastest growing alternative energy segment owing to attractive cost structure as compared to other alternative energy and distributed generation solutions, such as cogeneration and solar power.
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The wind power segment has been expected to dominate owing to large horizontal wind turbines. Owing to factors such as efficient economics of horizontal wind turbines favoring large units, multiple-megawatt installations and current technology dynamics, many companies install wind power plant at manufacturing unit Climatic variation, environmental issues, need for energy security driving demand for green energy, and increased reliability and reducing costs fueling consumer demand for the energy over the forecast period. However, higher relative costs of green energy technologies tend to hinder the market growth over the forecast period. Although, new markets and green energy industries are anticipated to witness huge opportunities for the growth.
The global green energy industry has been segmented on the basis of energy type and end users. Based on energy type, the market has been segregated as solar photovoltaic, wind energy, hydroelectric power, bio-fuels and geothermal energy. Solar photovoltaic segment is further bifurcated into solar PV inverter, micro-inverters, string inverters and central inverters. End user segment for green energy technology comprises of commercial, residential and industrial.
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Hydroelectric power segment has been anticipated to dominate green energy industry owing to large pre-installed base capacity. Solar PV is projected to be the fastest growing renewable source of energy, in terms of revenue. Demand for solar PV is expected to grow owing to increased efficiency and declining costs. The global market for solar PV inverters has been expected to have a steady growth in terms of revenue despite rise in PV inverter shipments as average selling prices is estimated to stabilize over the forecast period. Residential sector has been expected to be the fastest emerging end-user segment in terms of green energy consumption over the forecast period. Significant growth in residential photovoltaic installations has been witnesses owing to rising rational net metering policies and attractive cost economics. Furthermore, green energy sector growth in the commercial sector is predicted to rise due to compliance requirements and strict government regulations.
The overall green energy sector is fragmented with several international and domestic players competing across different segments. Prominent players operating in the industry includes First Solar Inc, Alterra Power Corporation, Enphase Energy Inc ABB Ltd., Kyocera Solar Inc, Hanwha Q Cells GmbH, Suzlon Energy Ltd., U.S. Geothermal Inc, Enercon GmbH, Yingli Green Energy Holding Co. Ltd., GE Energy, Calpine Corporation, JA Solar Holdings Co. Ltd., Nordex SE, Suntech Power Holdings Co. Ltd., and Archer Daniels Midland Company.
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