PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1758816
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1758816
Global Green Power Market to Reach US$102.1 Billion by 2030
The global market for Green Power estimated at US$44.8 Billion in the year 2024, is expected to reach US$102.1 Billion by 2030, growing at a CAGR of 14.7% over the analysis period 2024-2030. Wind Energy, one of the segments analyzed in the report, is expected to record a 16.4% CAGR and reach US$44.9 Billion by the end of the analysis period. Growth in the Solar Energy segment is estimated at 14.2% CAGR over the analysis period.
The U.S. Market is Estimated at US$12.2 Billion While China is Forecast to Grow at 19.8% CAGR
The Green Power market in the U.S. is estimated at US$12.2 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$22.3 Billion by the year 2030 trailing a CAGR of 19.8% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 10.7% and 13.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.7% CAGR.
Why Is Green Power Becoming the Backbone of Global Energy Transition Efforts?
Green power-generated from renewable sources such as wind, solar, hydro, and geothermal-is rapidly reshaping the global energy landscape. As concerns about climate change, energy security, and fossil fuel dependency intensify, green power is no longer just an environmental option but an economic and strategic imperative. Governments, corporations, and households are increasingly shifting toward renewable electricity to meet decarbonization targets, reduce emissions, and build more resilient energy systems. The rise of net-zero pledges and environmental, social, and governance (ESG) frameworks is accelerating demand for green energy across every sector, from transportation and manufacturing to real estate and data centers.
What Technological Advancements Are Making Green Power More Competitive?
Continuous innovation has drastically improved the efficiency, reliability, and cost-effectiveness of green power systems. Solar PV modules have achieved higher conversion rates, while wind turbines are being engineered for larger capacities and offshore deployment. Grid-scale battery storage systems are being integrated to address intermittency, ensuring power availability during peak demand. Digital solutions such as AI-driven energy management, smart inverters, and predictive maintenance are optimizing generation and distribution. Green hydrogen, produced using renewable electricity, is also emerging as a flexible storage medium and fuel substitute. These technological strides are enabling renewables to compete with-and in many regions, outcompete-traditional fossil fuels on both price and performance.
How Are Global Markets and Policy Frameworks Shaping Green Power Adoption?
Europe continues to lead green power adoption, driven by aggressive climate goals, carbon pricing mechanisms, and a well-developed regulatory ecosystem. North America is witnessing rapid expansion, particularly in the U.S., where federal tax incentives, state-level mandates, and corporate procurement initiatives are driving deployment. Asia-Pacific is poised for explosive growth, with China and India investing heavily in solar and wind capacity to meet both energy demand and carbon neutrality targets. In Latin America and Africa, abundant solar and hydro resources are unlocking new opportunities, especially as international funding and public-private partnerships support infrastructure development. The globalization of power purchase agreements (PPAs) is also enabling companies to directly procure green electricity across borders.
What Are the Market Drivers and Challenges in the Green Power Sector?
The growth in the green power market is driven by declining technology costs, regulatory mandates, growing corporate commitments to renewable energy, and rising public support for decarbonization. Investment in transmission upgrades, energy storage, and electrification of end-use sectors is further enhancing market potential. However, challenges persist, including grid integration issues, regulatory delays, land use conflicts, and supply chain disruptions for key materials like polysilicon and rare earth metals. Policy uncertainty and financing hurdles can also slow adoption in emerging markets. Nevertheless, the alignment of economic, technological, and environmental priorities ensures that green power will remain a foundational pillar in the global energy transition.
SCOPE OF STUDY:
The report analyzes the Green Power market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Power Type (Wind Energy, Solar Energy, Geothermal Energy, Hydropower, Bioenergy); Application (Electricity Generation Application, Transportation Application, Heating Application, Other Applications)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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