The global green energy market is experiencing rapid growth, driven by expanding policy support, increasing energy security concerns, surging energy consumption, and improved competitiveness compared to fossil fuel alternatives. These positive factors are overcoming challenges like rising interest rates, higher investment costs, and persistent supply chain issues.

Nevertheless, certain factors, including slow permitting processes, supply chain constraints, volatile commodity prices, and insufficient investment in grid infrastructure, act as restraints on the market's growth.

Download A Free Sample Now To Gain A Better Understanding Of

https://www.blackridgeresearch.com/reports/global-green-energy-market

Global Green Energy: Current Scenario

In 2022, overall renewable energy capacity additions increased by almost 13% to nearly 335.7 GW. However, solar PV was the only technology that set a deployment record last year, with net additions of nearly 220 GW, marking a 35% increase from 2021. Expansions in China and the European Union alone accounted for over 85% of the growth in annual PV capacity additions.

In contrast, wind power additions experienced a decline of 21% from 2021 to 2022, marking the second consecutive year of decline following record-level expansion in 2020. During that year, developers in China were rushing to complete projects before subsidies from the central government ended. In 2022, COVID-related restrictions delayed the commissioning of multiple wind energy projects in China, resulting in a drop in annual additions.

According to the International Energy Agency (IEA), global renewable capacity additions are anticipated to increase significantly by 107 gigawatts (GW) in 2023, marking the largest absolute increase ever and bringing the total to more than 440 GW. Notably, two-thirds of this year's projected increase in global renewable capacity is attributed to solar PV capacity, encompassing both large utility-scale and small distributed systems.

Market Drivers

Expanding Policy Support

Governments worldwide are establishing renewable energy targets and implementing policies that indirectly foster the adoption of renewables. These policies encompass climate change initiatives, economic and green recovery plans, the phasing out of fossil fuels, and targets for achieving net-zero greenhouse gas emissions. The impact of these policies extends to both the demand and supply sides of the green energy market.

These policies establish more favorable market conditions for renewables, fostering innovation, reducing costs and emissions, creating economic opportunities, and enhancing global energy security. Recent events, such as the Russian Federation's invasion of Ukraine and rising inflation, have prompted policymakers to prioritize energy security. This has resulted in many comprehensive policies across the globe.

Segment Analysis

Solar power market is taking the lead in the green energy landscape regarding capacity additions. Solar PV emerged as the sole technology that set a deployment record last year, achieving net additions of nearly 220 GW, marking a 35% increase from 2021. The substantial growth in annual PV capacity additions was predominantly driven by expansions in China and the European Union, contributing to over 85% of the overall increase.

Annual PV growth increased in all major markets last year, with the exception of the United States, where it contracted by almost 15% due to supply chain challenges and rising costs. Following solar PV, hydroelectric power emerged as the next-largest contributor to the record-level expansion of renewable energy globally. This was attributed to the commissioning of numerous large projects, primarily in Asia.

What Do We Cover in the Report?

Green Energy Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.

Green Energy Market Segmentation & Forecast

The report dissects the Global Green Energy Market into various segments based on type (solar, hydro, wind, bioenergy, and others which include tidal power, geothermal energy, etc.). A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.

Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for a "bespoke" market segmentation to better align the research report with your requirements.

This report helps to:-

• Gain a deeper understanding the global green energy market.
• Equip yourself with rigorous analysis and forward-looking insight into the global green energy market across various regions.
• Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development
• Assess market data and forecasts to understand how the demand for different segments evolve over the next five years
• Gain a comprehensive view of the emerging market trends and developments to assess market opportunities
• Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
• Keep on top of M&A developments, JVs, and other agreements to assess the evolving competitive landscape and enhance your competitive position.

Who need this report?

• Government Organizations and Industry Associations
• Solar and Wind Energy Companies
• Power Utilities

Download Free Sample

https://www.blackridgeresearch.com/reports/global-green-energy-market

About Blackridge Research and Consulting:

Blackridge Research & Consulting is a premier market research and consulting organization covering the Global energy transformation. We provide objective, independent and holistic view of the markets and present critical insights that are essential not only to help you make better business decisions but also to develop transformational business growth strategies.

Contact Blackridge Research and Consulting:

2nd Floor, Vaishnavi Cynosure Building

Gachibowli, Hyderabad, Telangana, India, Pin - 500032.

✆ +1 (917) 993 7467

✆ +91 8500 460 460

🖂 info@blackridgeresearch.com

🌐 www.blackridgeresearch.com