The Green Power Market was valued at approximately USD 60 Billion in 2023 and is expected to grow at a substantial CAGR of around 11% during the forecast period (2024-2032)

The global shift toward clean and sustainable energy continues to gain momentum, driven largely by favorable government policies, technological innovation, and the growing urgency to reduce carbon emissions. Green power—energy generated from natural, renewable sources such as sunlight, wind, water, geothermal heat, and biomass—has become a central pillar in worldwide climate and energy strategies. According to the U.S. Environmental Protection Agency (EPA), green power represents the most environmentally beneficial segment of renewable energy, valued for its low emissions and contribution to a reduced carbon footprint.

Green Power Market Outlook

Research from UnivDatos Market Insights (UMI) highlights that the global green power market is expected to expand at a robust CAGR exceeding 15% between 2021 and 2027. While the pandemic disrupted several traditional fuel markets, renewable energy remained resilient. In fact, 2020 saw increased demand for renewable technologies even as consumption of other energy sources dropped. As economies recovered, renewables accelerated further, supported by continued investment and policy backing.

The International Energy Agency (IEA) reported that 2020 witnessed a record-breaking 45% surge—around 280 GW—in renewable capacity additions, marking the largest annual increase since 1999. The Global Wind Energy Council (GWEC) projects that more than 469 GW of new onshore and offshore wind capacity will be installed worldwide by 2025. Asia Pacific remains at the forefront of this growth, led by large-scale installations in China and steady advancements in other regional economies.

Governments across major markets—including the U.S., India, Germany, and Japan—are actively reducing dependence on fossil fuels through incentives, renewable energy targets, and infrastructure development. Data from IRENA reflects an increase in global hydropower capacity from 1,099,767 MW in 2015 to 1,210,616 MW in 2020, showcasing the continued importance of low-impact hydropower in the green energy mix.

Segment Highlights

The market is segmented by power source into wind, solar, low-impact hydropower, biomass, and others. Among these, the wind energy segment is expected to grow the fastest during the forecast period. Advances in turbine technology—such as higher-capacity models with larger swept areas—have significantly increased energy output and improved cost efficiency for wind farms.

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Regional Insights

The Asia-Pacific region currently dominates the global green power market and is expected to maintain strong growth in the coming years. Rapid industrialization, urban expansion, and rising energy demand in countries like China and India are driving large-scale investments in renewable infrastructure. Government initiatives to increase the share of renewable energy in national grids further support market expansion.

Major projects, including India’s Bhadla Solar Park—one of the world’s largest with 2.25 GW of installed capacity—demonstrate the region’s commitment to scaling up clean power generation. Ongoing research, development activities, and favorable policy frameworks continue to propel Asia-Pacific to the forefront of renewable energy innovation.

Competitive Landscape

Key players operating in the global green power market include:

Siemens Gamesa Renewable Energy

GE Renewable Energy

Brookfield Renewable Partners L.P.

Iberdrola SA

JinkoSolar Holding Co. Ltd.

NextEra Energy Inc.

Ørsted A/S

Adani Green Energy Limited

Suzlon Energy Limited

Tata Power

These companies are expanding their global presence through mergers, acquisitions, joint ventures, and strategic partnerships to strengthen their technological capabilities and market reach.

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Market Opportunities & Trends

The future of the green power market is shaped by:

Strong policy support and government incentives

Rapid technological advancements in solar and wind energy

Growing corporate adoption of clean energy commitments

Increased focus on grid modernization and energy storage

Expanding investments in offshore wind and large-scale solar parks

As global energy systems move toward decarbonization, green power is emerging as a vital component of sustainable development and long-term energy security.

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