The Clean Energy Market was nearly USD 743.1 billion in 2023, and it is anticipated to grow over USD 1,735.5 billion by 2033, at a CAGR of over 8.9% during the forecast period.
Clean energy is derived from natural sources such as wind and sunlight. Solar, geothermal, wind, bioenergy, hydropower, and ocean power are some of the major renewable energy sources. Currently, clean energy is utilized in the heating, electricity, cooling, and transport sectors. Clean energy collectively provides around 7% of the world’s energy demand. Clean energy is relatively more expensive than fossil fuels. Several factors are responsible for driving the usage of renewable energies, the most crucial being the attribution of global warming due to carbon dioxide (CO2) emissions from the combustion of fossil fuels.
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The concern about the reduction of greenhouse gas emissions, the increase in the search for energy security, the aversion to traditional nuclear power, and the lack of progression in the application of nuclear power are expected to drive the demand for the geothermal power market during the forecast period. Governments of various developing and developed countries have focused on promoting clean energy sources due to an increase in output efficiency, less pollution, and low maintenance costs. All these factors collectively surge the demand for clean energy, thereby augmenting global clean energy market growth.
Key Trends
The key trends in clean energy technology are the use of renewable energy sources, the development of more efficient ways to use energy, and the use of cleaner energy sources.
Renewable energy sources, such as solar and wind power, are becoming more popular as technology improves and the costs of these sources decrease. In addition, more efficient ways to use energy are being developed, such as better insulation and energy-efficient appliances. And finally, cleaner energy sources, such as natural gas and nuclear power, are becoming more popular as alternatives to fossil fuels.
Moreover, because of continuing cost reductions and legislative assistance, the annual deployment of several critical technologies has accelerated recently, contributing to the rapid growth of clean energy. Investment in clean energy climbed by almost 50% between 2019 and 2023, hitting USD 1.8 trillion in 2023 and increasing at a rate of about 10% annually during that time. The global economy benefits greatly from the clean energy economy, which is a significant industrial sector. Its advantages are still overly concentrated, though, as the majority of renewable energy is used in developed nations like China and Western countries.
Key Drivers
There are various renewable sources of energy, such as wind, hydropower, solar, geothermal, and bioenergy. The rising awareness regarding the harmful effects of fossil fuels on the environment, rising government initiatives to promote the adoption of clean and green energy, rising public and private efforts to curb carbon emissions, and growing adoption of green energy among consumers are the major factors that are expected to foster the growth of the global clean energy market. The rising industrialization and urbanization in developing countries across the globe is expected to drive demand for various clean energy sources like geothermal energy and solar energy during the forecast period.
Due to significant solar PV capacity expansions throughout Europe, with Germany setting the standard, this energy is expected to soar by roughly 50 TWh in 2024, expanding for the first time more than any other production source. The production of wind energy is also anticipated to rise in 2024. But the growth rate won’t be as high as it was in 2023, when more capacity construction and a windier year—especially in the final quarter of 2023—caused the output of wind energy to rise by 50 TWh. Besides, Germany became a net importer of power in 2023 after years as a big exporter. Due to the closure of nuclear power plants, decreased solar energy generation, and the availability of cheaper electricity from other markets, Germany produced less conventional coal than in prior years. Germany consequently became more dependent on imports from Denmark and France. This demonstrated how crucial it is to diversify energy sources in order to guarantee energy security and lessen dependency on imports.
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The increasing developments in technology are resulting in a decline in the costs of clean energy, and the increasing competitiveness of battery storage systems is positively impacting the growth of the clean energy market. The government in various developed and developing economies is offering subsidies to the corporate sector to shift towards clean and green energy in order to promote sustainability and preserve the environment. These factors are prominent in the growth of the clean energy market across the globe.
Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Clean Energy Market Segments
The clean energy market has been segmented into type, application, and region.
Clean Energy Market, by Type
Based on type, the clean energy market has been segmented into hydropower, wind power, solar power, bioenergy, and geothermal. In 2023, the hydropower segment held the largest market share. The installed capacity of hydropower worldwide increased by 2.2% to 1,393 gigawatts (GW) in 2022, according to the International Renewable Energy Agency. With new hydroelectric projects and technological developments, it is anticipated that the installed capacity of hydropower will increase. For instance, the West Seti Hydro Project and the Seti River Hydropower Project are two hydropower projects that the Indian government developed in Nepal in August 2022. It is anticipated that these initiatives will cost a total of about USD 2.4 billion. Besides, between 2010 and 2022, the United States’ conventional hydropower capacity grew by 2.1 GW as a result of retirements (-0.2 GW), new projects (0.7 GW), and upgrades to existing plants (1.6 GW). In 2022, hydropower output (262 TWh) accounted for 28.7% of electricity from renewable sources and 6.2% of all electricity generated in the United States. As a result, it is anticipated that the hydropower segment will rule the market during the projection period.
Clean Energy Market, by Application
By application, it is segmented into residential, commercial, and industrial. The residential sector is expected to exhibit the fastest growth during the forecast period. The need for an alternative energy source, the desire to reduce the danger of climate change, and the anticipated savings in electricity prices are the main factors driving the growing use of clean energy in the residential sector. In recent years, there has been a sharp decrease in the cost of electricity for solar PV applications. Residential PV capacity has increased dramatically as a result of the declining price. According to data from the Solar Energy Industry Association (SEIA), residential solar PV installed capacity in the U.S. made up roughly 5.1 GW in 2022. Comparing this year to last, the total installed capacity increased by 23%. Besides, globally, there has been an enormous demand for renewable energy for household purposes, including heating. Due to the growing need for electricity brought on by urbanization, clean power demand in the residential sector is anticipated to rise dramatically in the near future. The adoption of renewable energy sources is anticipated to be fueled by growing consumer awareness in both established and developing economies throughout the forecast period, resulting in the residential segment’s continued growth.
Clean Energy Market Key Players
The clean energy market includes players such as ABB Ltd (Switzerland), Acciona, S.A. (Spain), Enel S.p.A. (Italy), General Electric Company (U.S.), Innergex Renewable Energy Inc. (Canada), INVENERGY (U.S.), Siemens Gamesa Renewable Energy, S.A. (Spain), Suzlon Energy Limited (India), Tata Power (India), and Xcel Energy Inc. (U.S.).
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