Green energy is the energy that comes from natural sources such as wind, rain, sunlight, plants, geothermal, and heat. These are renewable energy sources and the energy produced by them is called green energy which is free of all environmental hazards. Renewable energy technologies convert energy from different natural sources such as sun, tides, wind, and others, into its usable forms such as electricity. The renewable energy sector in India is the fourth renewable energy market in the world. It is ranked fourth in wind power, fifth in renewable power, and fifth in solar power.
Global Green Energy Computing Market registered a high rate of CAGR of 17.28% in the FY14-19 and is expected to grow at a CAGR of XX% till 2030. The market accounted for USD 8.7 billion in 2019 and is expected to grow to USD XXX billion by 2030. The International Energy Agency (IEA) reported that wind, solar and hydropower projects are rising at their fastest rate and are expected to expand by 50% in the upcoming years. The growing demands of the products that are environmentally friendly and increasing awareness about the same are major factors driving the growth of the green technology and sustainability market. The global energy market is expected to grow in the upcoming years due to the increased pollution and greenhouse emissions in the country, particularly co2. Limited sources such as that of fossil fuels as well as the shoot in its prices give way to the renewable market. However, this market requires huge investments which can be a hindrance to the growth of this sector.
Recent highlights in the Green energy market
- According to the International Renewable Energy Agency (IRENA), the renewable generating capacity across the globe rose by 176GW in 2019, up by 7.4%, while solar energy took the largest share with an increase of 98GW. It also anticipates the share of renewable energy to reach 36% of the global energy mix by 2030, increasing from 19.2% in 2014.
- According to GWEC, wind energy could supply over 20% of total global electricity by 2030 with an estimated installed capacity of 2,110GW renewable energy market across the globe.
- According to Hatem Al Mosa, CEO, Sharjah National Oil Corporation (SNOC)-Green energy will capture most of the energy market within the next two decades.
Green energy market: Segments
Global Green Energy Computing Market is segmented on the basis of type, end-user, and region.
On the basis of type, it can be further classified into solar photovoltaic (PV), hydroelectric power, wind energy, geothermal energy, and biofuels. Solar energy is further classified according to inverter types such as micro inverter, string inverter, and central inverters which store the power generated from PV cells. Hydroelectric power dominates the market by fulfilling 15-21% demand for electricity. Although, solar energy is expected to sweep the market in the upcoming years due to the declining cost of equipment and increased efficiency. Wind energy can be further categorized on the type of wind energy turbines into the horizontal axis and vertical axis. Similarly, the biofuels market can be categorized into biodiesel and bioethanol. Geothermal energy is another green energy source that is used for electricity generation.
According to the end-users market can be categorized into residential, industrial, and commercial. The residential end-user category as well as commercial end-user applications is going to increase in the upcoming years due to government regulations.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
Global Green Energy Computing Market: Dynamics
Government’s initiatives to drive the green energy market
A major driver in the green energy market is the government’s initiative to encourage renewable sources of energy. Seeing the advantages of the green energy market, various projects such as cleaner power sources are carried across the world. They are promoting initiatives such as granting of subsidies to green energy products and target-based growth of such projects. Developing countries such as China and India aspire to meet a significant proportion of energy requirements from green energy projects to meet market growth. An increase in awareness and rising concerns give way to the usage of green energy among consumers.
High cost and underutilization of resources to act as market restraints
The high cost of the extraction technology restraints the growth of this sector to some major extent. Another restraint recognized in the green energy market is the nature of certain green energy sources like solar and wind energy. They cannot be used at their full capacity because of the power load factors.
Global Green Energy Computing Market: Regions
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA. Among all the regions APAC held the largest share in the market driven by increasing the development of solar-powered projects in countries such as China, India, and Japan. The large-scale consumption of solar projects is expected to uplift the market during the forecast period.
Global Green Energy Computing Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Global Green Energy Computing Market: Key players
- IBM Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- LO3 Energy
- Oracle Corporation
- Tech Mahindra Limited
- Other Prominent Players
Global Green Energy Computing Market report also contains analysis on:
- Green energy market segments:-
- By type:
- solar photovoltaic (PV)
- hydroelectric power
- wind energy
- geothermal energy
- By End-user :
FAQs on Global Green Energy Computing Market
- Which segment is anticipated to hold the largest market share?
- At what CAGR is the market anticipated to grow between 2020 and 2030?
- Who are the key players in the green energy market?
- What could be the challenging factors for the growth of Global Green Energy Computing Market?
- What are the growth drivers for Global Green Energy Computing Market?
For More Information on the Research Report, refer to below links: –
Ankur Gupta, Head Marketing & Communications