Green energy plans are not always more expensive than conventional rates. They are available from many different sources, including renewable energy. Natural processes produce fossil fuels, but they're too slow to replenish them at the rate humans use them. The only solution to the fossil fuel problem is to use more renewable sources of energy. Renewable energy, such as solar energy, has the added benefit of not causing greenhouse gases. It's also less expensive than fossil fuels, which are produced through mining and burning. Solar energy is a great source of green energy. Residential solar power systems have been around for a long time. Mega solar arrays, sometimes referred to as solar farms, are growing in popularity.
Green energy, also known as renewable energy, refers to energy sources that are naturally replenished and do not emit harmful pollutants or greenhouse gases. These sources include wind, solar, hydro, geothermal, and biomass, among others. Green energy is seen as a solution to the world's dependence on finite fossil fuels, which are not only finite but also emit harmful pollutants when burned.
Green energy is gaining popularity globally as nations seek to reduce their carbon footprint and meet sustainability goals. Governments and private organizations are investing in research and development of green energy technologies, and many countries are implementing policies and incentives to encourage the adoption of green energy.
Competitive Landscape
Major companies contributing to the global green energy market include Calpine Corporation, Hanwha Q Cells GmbH, Nordex SE, Kyocera Solar, Inc., Alterra Power Corporation, ABB Ltd., GE Energy, Enercon GmbH, Yingli Green Energy Holding Co. Ltd., U.S. Geothermal Inc., Sharp Corporation, and Suzlon Energy Ltd.
Drivers
Widespread adoption of renewable energy solutions across diverse sectors in the wake of depleting reserves of non-renewable energy resources is expected to augment the growth of the green energy market during the forecast period.
Moreover, increasing government measures to promote the adoption of green energy resources amidst growing emissions of greenhouse gases are expected to further cushion the growth of the green energy market over the forecast period.
Summary of the COVID-19 Aftermath
The global green energy market took a steep downturn due to the prevalence of the COVID-19 pandemic. Due to the crisis-driven shutdown of manufacturing plants in the midst of delayed/cancelled raw material supplies, energy output plummeted. On the bright side, increasing efforts from various governments in parallel to the ease in restrictions is renewing the market's potential.
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Key Takeaways
- The green energy market is anticipated to grow at a CAGR of % during the forecast period owing to the huge investments in the power sector to increase power generation capacity. For instance, the India Brand Equity Foundation (IBEF) reported in March 2022 that green energy capacity in India increased by 250 percent between 2014 and 2021.
- Considering the territorial landscape, the Asia Pacific region is exceptionally overshadowing other regions in the global green energy market at the helm of an increasing power generation capacity to cater to the large consumer base present in China and India.
- Finishing in the runner-up spot, the North American region is also projected to participate heavily in the global green energy market on the heels of high investments in on-shore and off-shore wind power stations, combined with the growing popularity of solar farms.
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