Clean Energy Market Size & Growth | Industry Analysis by 2027

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Clean Energy Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Hydro and Ocean Power, Solar Energy, Bioenergy, Geothermal Energy, and Wind Energy) and End User (Residential, Commercial, and Industrial), and Geography

Publication Month: Oct 2020 | Report Code: TIPMC100001358 | No. of Pages: 156 | Category: Energy and Power | Status: Published

The clean energy market was valued at US$ 479.62 billion in 2019 and is projected to reach US$ 1,229.74 billion by 2027 The clean energy market is expected to grow at a CAGR of 13.0% during the forecast period from 2020 to 2027.

In recent decades, industrialization, coupled with the rising population and urbanization, has gained massive traction across the world, especially in Asian countries. With this rapid transformation, energy needs were majorly sufficed by fossil fuels, which, over time, caused havoc to the sustainability of ecology. As the world is experiencing severe consequences of climate change, clean energy sources have started gaining traction across the world. The contemporary major sources of clean energy that can replace fossil fuels are solar, wind, water bodies and ocean, biofuel, geothermal, and wind. At the beginning of the 21st  century, the renewable sources of energy were contributing a minimal amount to the entire energy supply of the world; but in recent years, clean energy sources are significantly contributing to the total energy supply of the world.

Among all clean energy sources, hydro energy sources initially held the largest share in the total clean energy consumption and the overall clean energy market, but recently solar and wind have contributed significantly. Marine energy sources are currently in the nascent stage; but they are anticipated to gain huge market share in the clean energy market coming years due to increasing investments in the development of innovative ocean energy converters. Meanwhile, solar and bioenergy are getting hugely implemented across numerous industry verticals and finding its applications in commercial and household for clean energy related projects.

Impact of COVID-19 Pandemic on Clean Energy Market

The COVID-19 outbreak has adversely affected various industries in the world, including the energy and power generation industry. Owing to the implementation of containment measures worldwide, clean energy segments such as solar, wind, bioenergy, and hydro and ocean are experiencing restrictions on supply chain, unavailability of human resources, and disruptions in timelines of ongoing and scheduled projects. The global contribution of renewable energy increased by 1.5% in the first half of 2020 compared with first half of that in 2019 as few conventional power plants were shut due to containment measures. However, the majority (70%) of solar PVs are sourced from China, while wind energy supply is more diversified in terms of manufacturers and supplier in Europe, India, and China, as well as various states in the US, and the ill-effects of the pandemic on these geographies is hampering the global supply chain activities.

Lucrative Regions in Clean Energy Market

Lucrative Regions in Clean Energy Market

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Clean Energy Market Insights

Significant Investments in Clean Energy Technologies to power the growth of the clean energy market

Adoption of clean energy technologies is increasing due to rising awareness among individuals and growing demand from several prominent nonprofit government organizations. For instance, according to one of the research findings of the United Nations Environment Programme (UNEP), with the total of US$282.2 billion, the global investments in renewable energy rose by 1% in 2019. Furthermore, the US registered 28% increase in their investments in renewable energy related projects, whereas in Europe, the investments reduced by 7% in 2019. Overall, the global renewable energy and, subsequently the clean energy market, has witnessed a constant growth in investments, especially in the past few years. Several developed economies across the world are increasingly emphasizing on improving their supply infrastructure for clean energy infrastructure and subsequently propelling the growth of the clean energy market.

Type-Based Market Insights

Based on type, the clean energy market is further segmented into hydro and ocean power, solar energy, bioenergy, geothermal energy, and wind energy. To reduce carbon emission, governments and corporates worldwide are heavily investing in clean energy sources. Additionally, regional and national governments are providing subsidies and tax incentives to businesses to use clean energy. Meanwhile, decreasing costs and surging capacities of renewable energy, and growing competitiveness of energy storage technologies drive the growth of the clean energy market.

Clean Energy Market, by Type – 2019 and 2027

Clean Energy Market, by Type – 2019 and 2027

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End User-Based Market Insights

Based on end user, the clean energy market is further segmented into residential, commercial, and industrial. Conventionally, clean energy was widely used for industrial and commercial purposes, to some extent. Over a period of time, it is now finding its applications in the residential sector owing to technological advancements and various government initiatives. For instance, wind energy and solar energy were initially used for industrial and commercial applications, but due to falling prices of clean energy technology, improvements in technology, and government benefits in forms of subsidies and tax incentives, the installation of windmills and solar PVs for residential properties has increased worldwide.

Strategic Insights

Report Coverage - Clean Energy Market
Report CoverageDetails
Market Size Value inUS$ 479.62 Billion in 2019
Market Size Value byUS$ 1,229.74 Billion by 2027
Growth rateCAGR of 13.0% from 2020-2027
Forecast Period2020-2027
Base Year2020
No. of Pages156
No. of Tables58
No. of Charts & Figures76
Historical data availableYes
Segments coveredType and End User , and Geography
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Free Sample Copy Available

Players operating in the clean energy market focus on strategies such as market initiatives, acquisitions, and product launches to maintain their positions in the clean energy market. A few developments by key players of the clean energy market are:

In 2020, AEP Energy Partners was seeking proposals for new solar and new or re-powered wind facilities located in PJM. The company is seeking renewable energy purchase agreements of 10, 12, or 15 years for facilities that would begin operation between 2020 and 2023.

In 2019, American Electric Power received approval to acquire the 1,485 megawatts of wind generation in Oklahoma. AEP would invest around US$ 2.0 billion in the new renewable energy project to serve its Southwestern Electric Power Company and Public Service Company of Oklahoma customers.

 

Clean Energy Market – by Type

Clean Energy Market – by End User

  • Residential
  • Commercial
  • Industrial

Clean Energy Market – by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • UK
    • Germany
    • France
    • Italy
    • Russia
    • Switzerland
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of APAC
  • Middle East and Africa (MEA)

    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of SAM

Clean Energy Market – Company Profiles

  • ABB Ltd.
  • American Electric Power Company, Inc.
  • Berkshire Hathaway Energy
  • Électricité de France S.A.
  • General Electric Company
  • NextEra Energy, Inc.
  • Renewable Energy Group, Inc.
  • Siemens AG
  • Suzlon Energy Limited
  • Vestas Wind Systems A/S

Frequently Asked Questions

North America constitutes of economies such as the US, Canada, and Mexico. The technological advancements across North American countries have led to a highly competitive market. North American companies are continuously enhancing the overall business processes to meet customers' demand for high-quality products and services. Some of the world's richest solar, wind, geothermal, and hydro and biomass resources are found in North America, thereby resulted in the region’s prominent market share in the global clean energy market.
The hydro and ocean power refers to energy generated from wave power, tidal, winds and currents, vertical and horizontal temperature gradients, and dams. . Owing to the ocean advantages such as wide and abundant availability, predictability and reliability, coupled with long life and low maintenance of oceans energy convertors, governments across the world are initiating various wave, tidal, and current energy projects in order to decrease the dependency on fossil fuels for energy. Thus, the hydro and ocean power dominated the clean energy market by type in 2019.
The APAC region comprises the world’s biggest energy consumer and fastest growing economies, investing heavily in minimizing its reliance on conventional energy sources. Over the years, Asian countries, especially China and India, have emerged as the world’s biggest market for clean energy such as solar, wind, hydroelectricity, and bioenergy. Furthermore, the country’s majority of leading manufacturers of components and equipment for solar and other clean energy sources are heavily dominated by the considerably large number of small and medium market players who dominate the region’s clean energy market. Thus, strategic partnership with Asian SMEs could provide significant business growth opportunities for the market players during the coming years.

The List of Companies - Clean Energy Market

  1. ABB Ltd.
  2. American Electric Power Company, Inc.
  3. Berkshire Hathaway Energy
  4. Électricité de France S.A.
  5. General Electric Company
  6. NextEra Energy, Inc.
  7. Renewable Energy Group, Inc.
  8. Siemens AG
  9. Suzlon Energy Limited
  10. Vestas Wind Systems A/S
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global clean energy market.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global clean energy market, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
TIPMC100001358
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