Clean Energy Market Size & Growth | Industry Analysis by 2027

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
  • Category : Energy and Power
  • Status : Published
  • No. of Pages : 156
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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.

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Clean Energy Market: Strategic Insights

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
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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
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type and End User , and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
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

Frequently Asked Questions

Which region led the clean energy market in 2019?

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.

Which clean energy type led the 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.

What opportunities are prevailing in the clean energy market?

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

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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