Clean Energy Market Report (2021-2031) | The Insight Partners
The clean energy market size is projected to reach US$ 2,231.4 billion by 2031 from US$ 992.7 billion in 2022. The market is expected to register a CAGR of 10.7% during 2023–2031. Growing focus on reducing GHG emissions, increasing emphasis on renewable energy sources for promoting sustainability, and rising concern toward environment protection are likely to remain key trends in the market.
Clean Energy Market Analysis
The changing energy circumstances across the globe are creating a demand for more sustainable energy sources to meet the rising energy need. The increasing energy demand showcases the importance of clean energy sources. Rising energy prices and supply uncertainties owing to various geopolitical challenges are anticipated to propel the growth of the clean energy market during the forecast period. Clean energy utilization helps reduce the adverse environmental effects of standard energy resources such as coal and oil. Thus, governments of several countries worldwide imposed tax incentives and favorable policies to encourage the adoption of clean energy sources, which is acting as the major driving factor for the market.
Clean Energy Market Overview
With the mounting population and industrialization, the demand for energy is also rising at the global level. This has boosted the need for alternative energy sources, as traditional energy resources such as fossil fuels are directing to environmental pollution. Clean alternative options such as solar and wind curb immense carbon emissions and their negative impact on the environment and help balance the energy supply and demand. Thus, the rise in the development of the renewable energy sector and supportive government initiatives toward using a sustainable approach to reduce carbon emissions are fueling the investment in clean energy sources such as wind, solar, geothermal, and hydro.
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Clean Energy Market: Strategic Insights
Market Size Value in US$ 479.62 Billion in 2019 Market Size Value by US$ 1,229.74 Billion by 2027 Growth rate CAGR of 13.0% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Clean Energy Market: Strategic Insights
| Market Size Value in | US$ 479.62 Billion in 2019 |
| Market Size Value by | US$ 1,229.74 Billion by 2027 |
| Growth rate | CAGR of 13.0% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Clean Energy Market Drivers and Opportunities
Growing Concerns Regarding Greenhouse Gas Emission and Energy Uncertainties
The advancement of the energy system following the Paris Agreement, launched in 2015 and entered into force in 2016, has stimulated the utilization of clean energy sources to lower carbon emissions. A key contributor to greenhouse gas emissions that lead to climate change is power generation by utilizing fossil fuels. The employment of clean energy sources, such as solar, wind, hydro, and geothermal, is rising due to growing concern toward more sustainable and environment-friendly energy alternatives, rising climate change concerns, and supportive government initiatives for boosting the use of clean energy across the globe. Governments of several economies are recognizing the significance of switching to clean sources to meet the future targets of achieving low to zero carbon emissions. For instance, the US government targets to lower net GHG emissions by ~50–52% compared to 2005 levels by 2030 and attain net zero emissions by 2050. Likewise, the German government has fixed a target to lower its carbon emissions by ~65% compared to 1990 levels by 2030.
Due to the mounting energy uncertainties in Europe owing to the Russia-Ukraine war, governments of several countries identified the capability of domestically generated clean energies. The clean energy market includes power sources, primarily wind, hydroelectric, geothermal, and solar. Thus, the growing concerns regarding greenhouse gas emissions and energy uncertainties are acting as major drivers for the clean energy market.
Growing Investment in Wind Energy to Establish Alternative Energy Sources
Wind energy, which primarily helps in meeting rising energy demand in an environment-friendly way, is emerging as an important alternative to fossil fuels. Further, governments of various nations are focusing on investing in onshore and offshore wind projects to reduce the dependence on fossil fuels to mitigate carbon emissions and their toxic impacts on the environment. Offshore wind projects are perceived to be more efficient than onshore wind farms owing to greater consistency, higher wind speeds, and a lack of physical interference from land. The increasing number of offshore wind projects is also acting as a major boosting factor for the growth of the clean energy market globally.
Clean Energy Market Report Segmentation Analysis
The key segments that contributed to the derivation of the clean energy market analysis are type and end user.
- Based on type, the clean energy market has been divided into hydro and ocean power, solar energy, bioenergy, geothermal energy, and wind energy. The hydro and ocean power segment held the largest market share in 2023.
- By end user, the market has been segmented into residential, commercial, and industrial. The residential segment dominated the market in 2023.
Clean Energy Market Share Analysis by Geography
The geographic scope of the clean energy market report is mainly divided into five regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Asia Pacific dominated the clean energy market in 2023. The growing population and increasing energy demand are acting as a major driving factor for the clean energy market in Asia Pacific. Additionally, growing government focus on initiating supportive measures and policies to reduce the dependence on fossil fuels and reduce carbon emissions will most likely drive the clean energy market in the region. Growing environmental pollution and harsh climate change impacts are major concerns that are stimulating the requirement for clean alternative energy sources to reduce the utilization of fossil fuels. For instance, the Indian Renewable Energy Development Agency offers low-interest loans for developing eligible renewable energy projects in the country. India has targeted achieving 50% cumulative electric power installed by 2030 from renewables and net-zero carbon emissions by 2070. Moreover, in 2022, the government introduced a "Mission 500GW" action plan to attain the overall renewable target.
Clean Energy Market Report Scope
Clean Energy Market News and Recent Developments
The clean energy market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the clean energy market are listed below:
- Canadian Solar Inc. declared that Yangzhou City's municipal government in Jiangsu Province, China, signed a multi-year investment agreement with its majority-owned subsidiary, CSI Solar Co Ltd. According to the agreement, CSI Solar plans to expand Yangzhou's clean energy manufacturing industrial park's capacity for manufacturing vertically integrated high-efficiency wafers, cells, and modules, as well as battery systems. (Source: Press Release/Company Website/Newsletter, January 2023)
- Composites, Inc. (TPI) (Nasdaq: TPIC), a global company emphasizing innovative and sustainable solutions, announced that it has renewed its supply agreements with GE Renewable Energy through 2025. GE and TPI also strategize to work together on GE's next-generation blade types, including the possibility of totaling more production lines in 2023 in addition to the nine production lines GE has in operation with TPI. (Source: Press Release/Company Website/Newsletter, January 2023)
Clean Energy Market Report Coverage and Deliverables
The "Clean Energy Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Clean energy market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Clean energy market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Clean energy market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the clean energy market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, Switzerland, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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