Global Clean Energy Market, By Type (Hydroelectric Power, Wind Power Energy, Bioenergy, Solar Energy, Geothermal Energy), By End-Use (Residential, Commercial, Industrial, Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global clean energy market is estimated to reach at a value of US$ 875.1 Mn by the end of 2020 and expected to reach at a value of US$ 2,462.9 Mn by 2028 with a significant CAGR of 13.8%.
It is quite clear in the present day and age that we are in a climate emergency, which fossil fuels are majorly helping to create. Numerous giant companies in the global market drain billions on gleaming ad campaigns promoting clean energy, while they carry on to surge production of gas and oil, which discharge harmful emissions that have a catastrophic impact on our planet Earth.
A clean energy revolution taking place across most regions of the world can help us address major environmental concerns. The accelerating transition to clean or renewable energy can prove to be one of the best ways to control the injurious carbon pollution that happens to be a major cause of climate change. Owing to which, the clean energy market is expected to observe healthy growth in the near future.
There is increased emissions of greenhouse gases (GHGs) all around the planet, especially carbon dioxide (CO2) due to the massive utilization of fossil fuels for generation of energy, which ultimately results in environmental degradation.
Whereas, the clean energy technologies transform the energy from various natural sources such as sun, wind, tides, and others, into its functional forms such as electricity. Attributable to which, clean energy is expected to gain enormous momentum in the global markets in the coming timeframe, thereby propelling the growth of the global clean energy market over the forecast period.
However, the heavy usage of fossil fuels to generate electricity, especially in the middle-east, owing to its lower cost and easy affordability, may restrict the growth of the global clean energy market in the forthcoming years.
In addition to that, the generation of electricity from clean or renewable sources is quite upscale and expensive, and many regions across the world might not bear the cost of it, thereby hampering the growth of the global clean energy market over the coming years.
Nevertheless, the emerging technologies in the clan energy market is estimated to discover potential in new niche markets across the world which can further play a positive role in the growth of the global clean energy market in the near future.
Furthermore, governments, worldwide, are also focused on promoting the idea of clean energy and renewable sources owing to the growing awareness regarding clean and green environment, which is further expected to boost the market growth of clean energy in the upcoming years.
MMC Study identifies some of the key participating players in the clean energy market globally are ABB Ltd., General Electric (GE), The Tata Power Company Limited (Tata Power), Innergex, Enel Spa (Enel), Xcel Energy Inc. (Xcel Energy), EDF, Geronimo Energy, Invenergy, and ACCIONA, Vestas Wind Systems A/S, UpWind Solutions, Inc., Senvion S.A., and Sinovel Wind Group Co., Ltd. ENERCON GmbH, among others.
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