The report is titled as ‘Clean Energy Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the clean energy market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The clean energy market is expected to grow at a significant rate in the near future.
The global clean energy market is estimated to reach at a value of US$ 875.1 Mn by the end of 2020 and expected to reach at a value of US$ 2,462.9 Mn by 2028 with a significant CAGR of 13.8%
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Clean Energy Introduction
In the current times, the environment around the world is constantly degrading as a result of numerous processes, including intensification of agriculture, industrial pollution, mining, physical crowing and many others. These processes are also causing climate change, which is estimated to be one of the greatest challenges to tackle as it already had observable effects on the environment. For instance, glaciers have shrunk, ice on lakes and rivers is cracking up earlier, a wide range of animals and plants and animals have shifted as well as trees are flowering sooner, more intense heat waves, and many more. It is believed that clean or renewable energy can help us tackle these environmental challenges and can be the backbone of a secure and prosperous future.
Primarily, clean energy, also referred to as renewable energy, can be understood as the energy obtained from renewable and zero-emissions sources as well as energy conserved by means of energy efficiency measures. To put it simply, clean energy is obtained from natural sources or processes that are continually replenished. For example, wind or sunlight keep blowing or shining, even if their accessibility relies on weather and time.
The employment of clean or renewable energy is one of the most necessary actions that can be taken to cut off the impact on the environment. Production of electricity is a primary source of greenhouse gases, and clean energy also lessens injurious smog, toxic buildups in the water and air, and the consequences caused by gas extraction and coal mining.
Clean Energy Market Dynamics
Renewable energy technologies transform the energy from various natural sources such as sun, wind, tides, and others, into functional forms such as electricity. The raised emissions of greenhouse gases (GHGs) all around the world, in particular carbon dioxide (CO2) due to the heavy usage of fossil fuels for generation of energy, resulting in depletion of the environment, is further driving the clean energy market.
By the same token, fossil fuels are available in a limited quantity on the earth and thus have highly volatile prices, owing to which, the global clean energy market is further projected to evolve rapidly in the forthcoming years. Although, there is a requirement of heavy investments for the generation of energy from renewable sources, which might not be affordable in every region across the world, which in turn is likely to act as a restraining factor for the growth of the global clean energy market in the years to come.
In addition to that, there is major usage of fossil fuels in the middle-east to generate energy as it is more cost-effective, which may further hold back the growth of the global clean energy market over the forecast period. However, the constant advancements in technologies, as well as abundant government funding in the renewable energy sector, is yet estimated to provide lucrative growth opportunities for the global clean energy market in the coming timeframe.
In other respects, the government and regulatory authorities have applied various stringent regulations and policies owing to the growing concerns regarding environment depletion and climate change in the developed and developing economies, which is further expected to positively fuel the growth of the global clean energy market in the near future.
Furthermore, the emergent technologies in the clean energy market can conquer new niche markets through the execution of fresh business models. This is why the penetration of new technologies, market creation, and progressions of emerging technologies are a few of the leading measures of progress in the implementation of clean energy. Therefore, the global clean energy market is expected to witness significant growth in the coming years.
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Clean Energy Market Segmentation
The global clean energy market is segmented on the basis of type, end-use, and regions. On the basis of type, the clean energy market is segmented into Hydroelectric Power, Wind Power Energy, Bioenergy, Solar Energy, Geothermal Energy. On the basis of end-use, the market is categorized into Residential, Commercial, Industrial, Others.
The research report classifies the global clean energy market based on type, end-use, and regions.
By Type
- Hydroelectric Power
- Wind Power Energy
- Bioenergy
- Solar Energy
- Geothermal Energy
By End-Use
- Residential
- Commercial
- Industrial
- Others
By Region
- North America
- Latin America
- Africa
- Europe
- Asia Pacific
- Middle East
Clean Energy Market Key Players
The global clean energy market is dominated by ABB Ltd., General Electric (GE), The Tata Power Company Limited (Tata Power), Innergex, Enel Spa (Enel), Xcel Energy Inc. (Xcel Energy), EDF, Geronimo Energy, Invenergy, and ACCIONA, Vestas Wind Systems A/S, UpWind Solutions, Inc., Senvion S.A., and Sinovel Wind Group Co., Ltd. ENERCON GmbH, among others.
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