16 Jul 2015 11:07:03
Global Green Energy Market is Expected to Reach USD 831.99 Billion in 2019
As energy is the key to economic development, renewableenergyis the key to our bright future. Renewable, green energy is defined as the energy derived from resources such as wind, rain, sun, waves, or other geothermal heat. This type of energy affordably replaces four different types of conventional fuel areas likemotor fuels, space heating, electricity generation, and other energy services. Global green energy sector is emphasized mainly due to the need forsustainable and renewable energy sources, as well as the realization of depleting energy resources in our environment. It is also in demand due to the ever rising energy demands worldwide.
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Green energy is a form of clean energy that is produced by renewable energy sources. It is maintained in safeconditions anddoes not cause any environmental hazards. The growing concern to protect and prevent the environment from harmful pollutants and greenhouse gases has also boosted growth in this market. The shift towards the utilization of natural and renewable energy resources arises mainly due to several government regulations and initiatives,environment concerns,coal plant retirements, and demand for fuel and energyin different economic nations.
The global green energy market is segmented into three sects namely,end-users, energy types, and other major geographies. Considering the segmentation of the market by energy type, the study represents solar photovoltaic, bio-fuels, wind energy, hydropower, and geothermal energy as some of the major sectors in this market.
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Green Energy Market by Type
Due to the fall in prices, worldwide consumer’s interest in the solar energy segment has increased drastically.Therefore, solar photovoltaic is expected to be the fastest growing sectorgrowing with a CAGR of 14.6% during the period 2013 to 2019. Solar energy is further classified into different types of inverters like central inverter, micro inverter, and string inverter. The solar photovoltaic (PV) inverters market was valued at USD 7.15 billion in 2012. Since, there is a global decline in average selling prices; the distribution of solar PV inverters is rising across the world. In terms of revenue, this market faced a decline in 2013; however, it is expected to increase for the year 2014. Hydroelectric power is another sector that dominates the market due to higher capacity. Hydropower was considered to be the largest green energy segment in 2012 due to a significantly large pre-installed base.
Furthermore, the commercial sector experienced the highest growth in the market in 2012, followed by industrial sector. Contrary to this, the residential segment is expected to rise with an estimated CAGR of 9.4% in the global market during the period 2013 to 2019.
Competitive Landscape and Key Players
To achieve the highest market share and establish a presence in the global market, companies are entering into the global green energy market through different platforms. For instance, companies are adopting partnership strategies with different entities just so as to expand the market size and reach. Some distinguishedmarket players active in this industry are GE Energy, ABB Ltd.,Yingli Green Energy Holding Co. Ltd., JA Solar Holdings Co. Ltd., Suntech Power Holdings Co. Ltd., Kyocera Solar Inc, Nordex SE, Hanwha Q Cells GmbH, Calpine Corporation, and First Solar Inc., among others.
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In 2012, First Solar Incled the solar photovoltaic market with 6.9% total solar photovoltaic market share, while GE Energy led the market for wind energy in the same year.
In terms of revenue, North America experienced the highest growth in the global green energy market in 2012, holding a total market share of 32.2% globally. Following was the Asia Pacific market estimated to grow at a CAGR of 10.3% over the period 2013 to 2019. This region is driven by increased renewable investments and rising energy demands.
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