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
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; it is expected to grow at a CAGR of 13.0% during the forecast period from 2020 to 2027.
Several leading countries across the world are continuously investing in clean energy to increase their total energy supply composition percentage through clean energy sources. Significant investments in the development of improved and scalable clean energy projects, favorable policies by government, and rising demand to lower industrial carbon emissions would drive the growth of the clean energy market in the coming decade. Despite challenges associated with the high CapEx and weather conditions, solar and wind energy-based commercial projects continue to attract heavy investments by various end users and government agencies. Therefore, the clean energy market for these two forms of energy is projected to witness the fastest CAGR during 2020 to 2027. However, the hydroelectricity-based clean energy remains the most widely used clean energy type in many countries, and it is expected to maintain its market leadership in the clean energy market during the forecast period.
Developed regions such as North America and Europe collectively dominated the clean energy market in 2019 owing to substantial investments and early adoption of clean energy technologies. Emerging economies such as Asia, the Middle East, and Africa continue to rely heavily on conventional energy sources, such as thermal, coal, and oil, which account for the largest share in their overall energy supply.
APAC is the world’s biggest energy consumer and comprises a few fastest-growing economies that are heavily investing in infrastructure development to minimize their dependence on conventional energy sources by developing clean energy technologies. Over the years, Asian countries, especially China and India, have emerged as the world’s biggest market s for clean energy such as solar energy, wind energy, hydroelectricity, and bioenergy. Furthermore, majority of leading components and equipment manufacturers of solar and other clean energy type in these countries are heavily dominated by the large number of small and medium-sized market players in the clean energy market . However, the recent nationwide lockdown in various countries and disruptions in supply chain activities of several clean energy solutions providers, due to the COVID-19 pandemic, have hindered the growth of the clean energy market in APAC. As a result, several market players operating in these countries are likely to make strategic partnerships to accelerate business opportunities in the clean energy market .
The overall clean energy market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the clean energy market . The process also serves the purpose of obtaining an overview and forecast for the clean energy market with respect to all the segments. It also provides the overview and forecast for the global clean energy market based on all the segmentation provided with respect to four major regions-North America, Europe, Asia Pacific, MEA and SAM. Also, primary interviews were conducted with industry participants and commentators to validate data as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts and key opinion leaders specializing in the clean energy market .
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