Clean Energy Market to Reach $1.4 trillion, Globally, by 2032 at 9.1% CAGR: Allied Market Research
The increase in demand for sustainable energy resources across the globe has led to the utilization of clean energy in residential, commercial, and industrial buildings. The rise in awareness of carbon emissions in the environment has led to the shutdown of fossil fuel combustion power generation plants, and a shift towards the application of wind, solar, geothermal, biomass, and others, which positively impact the clean energy market growth.
Wilmington, Delaware, April 15, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Clean Energy Market by Type (Wind Energy, Solar Energy, Geothermal Energy, Biomass, and Others), and Application (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the clean energy market was valued at $0.6 trillion in 2022, and is estimated to reach $1.4 trillion by 2032, growing at a CAGR of 9.1% from 2023 to 2032.
Download PDF Brochure: https://www.alliedmarketresearch.com/request-sample/A43785
Prime determinants of clean energy market growth
The global clean energy market is experiencing growth due to several factors such as technological advancements in green energy, policy and regulation, and energy security of developing and developed countries. However, high initial investment costs and competition with fossil fuels hinder market growth. Moreover, the demand for energy storage solutions, and green building technologies provides opportunities for expansion of the clean energy market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $0.6 trillion |
| Market Size in 2032 | $1.4 trillion |
| CAGR | 9.1% |
| No. of Pages in Report | 265 |
| Segments Covered | Type, and Application. |
| Region Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Country Scope | U.S., Canada, Mexico; Germany; the UK; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Saudi Arabia; and South Africa. |
| Drivers |
|
| Opportunity |
|
| Restraint |
|
The wind energy segment is expected to grow faster throughout the forecast period.
By type, the wind energy segment held the highest market share in 2022, accounting for more than one-third of the clean energy market revenue, and is estimated to maintain its leadership status throughout the forecast period. The increase in the utilization of wind power plants is due to their scalability, reliability, and abundant resource availability. Wind turbines harness the power of the wind to generate electricity on a large scale, offering a proven and cost-effective solution for renewable energy generation across diverse regions. However, the geothermal energy segment is projected to manifest the highest CAGR of 10.1% from 2023 to 2032. The geothermal energy market share in clean energy is growing rapidly due to its continuous and reliable power generation, minimal environmental impact, and scalability. With abundant heat reservoirs beneath the Earth's surface, geothermal energy offers a sustainable and accessible source of electricity and heat, thereby increasing its adoption globally.
Buy This Report (265 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3xJ97hY
The industrial segment will dominate the market by 2032
By application, the industrial segment held the highest market share in 2022, accounting for more than half of the clean energy market revenue, and is estimated to dominate during the forecast period. The increase in demand for emergency backup power in industrial buildings has led to the utilization of renewable power generation facilities such as wind, solar, geothermal, and biomass power generation to power the instruments during a power outage, which boosts the industrial clean energy market.
However, the commercial segment is projected to manifest the highest CAGR of 9.5% from 2023 to 2032. The rapid growth of clean energy is mostly due to an increase in commercial infrastructure development in developing countries such as India, China, and Brazil, which has driven the installation of various types of power generation facilities. In addition, the shift towards sustainable power generation capability from the construction industries is expected to drive the clean energy market.
Asia-Pacific is expected to dominate the market by 2032.
By region, Asia-Pacific held the highest market share in 2022, accounting for more than one-third of the clean energy market revenue, and is estimated to dominate during the forecast period. The major developing countries in this region are heavily investing in infrastructure, which led to the demand for clean energy. This has led to the utilization of unused space in residential and commercial buildings for power generation through solar and wind-type power generation tools. Asia-Pacific is projected to manifest the highest CAGR of 9.5% from 2023 to 2032.
For Purchase Inquiry: https://www.alliedmarketresearch.com/clean-energy-market/purchase-options
Leading Market Players: -
- JinkoSolar Holding Co., Ltd.
- Suzlon Energy Ltd.
- Yingli Green Energy Holding Company Ltd.
- Suntech Power Holdings Co., Ltd.
- JA Solar Holdings
- Goldwind Science and Technology Co., Ltd.
- Vestas Wind Systems A/S
- Alstom SA
- Constellation Energy Corporation
- NTPC Limited.
The report provides a detailed analysis of these key players in the clean energy market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Trending Reports in Clean Energy Industry:
Renewable Energy Market Size, Share, Competitive Landscape and Trend Analysis Report by Type and End Use: Global Opportunity Analysis and Industry Forecast, 2021-2030
Green Hydrogen Market Size, Share, Competitive Landscape and Trend Analysis Report by Technology, By Application, By End-use industry: Global Opportunity Analysis and Industry Forecast, 2023-2032
Carbon Capture, Utilization, and Storage (CCUS) Market Size, Share, Competitive Landscape and Trend Analysis Report by Service, by Technology, by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032
Green Power Market Size, Share, Competitive Landscape and Trend Analysis Report by Power Source and End-Use Sector: Global Opportunity Analysis and Industry Forecast, 2020-2027
Geothermal Power Market Size, Share, Competitive Landscape and Trend Analysis Report by Power Station Type and End Use: Global Opportunity Analysis and Industry Forecast, 2019-2026
Renewable energy certificate Market Size, Share, Competitive Landscape and Trend Analysis Report by Energy Type, capacity and End use: Global Opportunity Analysis and Industry Forecast, 2021-2030
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com/reports-store/energy-and-power
Follow Us on | Facebook | LinkedIn | YouTube
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
