Enjoy complimentary customisation on priority with our Enterprise License!
The clean energy technologies market is estimated to grow by USD 90.13 billion, at a Compound Annual Growth Rate (CAGR) of 5.4% between 2023 and 2028. The market's growth hinges on several key factors, notably heightened investments in clean energy technologies and growing global demand for sustainable energy sources. Favorable government regulations further bolster this trend, encouraging adoption and innovation in renewable energy solutions. As businesses and consumers alike prioritize environmental sustainability, the shift towards clean energy sources accelerates, driving market expansion. Investments in solar, wind, and other renewable technologies continue to grow, supported by initiatives aimed at reducing carbon footprints and enhancing energy efficiency. This convergence of factors not only propels advancements in clean energy but also fosters a competitive landscape where innovation and regulatory compliance play pivotal roles in shaping the future of the market.
To learn more about this report, Download Report Sample
The market's rising demand for clean energy sources is notably driving market growth. Rapid urbanization and industrialization have led to a growth in demand for electricity. According to the IEA, global energy demand increased by 4.6% in 2021, more than offsetting the 4% contraction in 2020. Fossil fuels contributed significantly to this growth in the global energy demand as they were the major sources of energy. This growth was driven by Asian countries such as China and India.
Globally, an increase in demand for electricity and the extensive use of fossil fuels such as coal and natural gas to fulfill the need has increased CO2 emissions, which are a part of fuel combustion. According to the IEA, globally, CO2 emissions increased by 1.5% in 2017 from 2016, despite the relative stability during 2013-2016. In 2016, fuel combustion for electricity and heat generation were the major sources of CO2 emissions and accounted for 42% of global CO2 emissions. As a result, the demand for clean energy sources is increasing at a global level to reduce carbon emissions. Factors such as the decarbonization of the power sector and stringent regulations to reduce carbon emissions will lead to the rapid growth of the market during the forecast period.
The rising popularity of clean coal technology is one of the major market trends. Clean coal technologies are employed to reduce the environmental impact of coal-fired power generation and mitigate the global climate challenge. Moreover, several innovative approaches, such as direct coal fuel cells, supercritical CO2, and integrated gasification fuel cells, are being explored to improve plant efficiencies. Such clean coal technologies ensure ultra-high efficiencies and are at different stages of development. Hence, investments are driven toward deploying more efficient coal-fired power generation technologies such as supercritical and ultra-supercritical technologies.
Moreover, coal-fired power plant owners are upgrading the subcritical units with high-efficiency clean coal technologies. For instance, in March 2018, Siemens was awarded a high-efficiency steam turbine modernization and upgrade project in China. The scope of the project involves the upgrading of a 320 MW high-temperature subcritical steam turbine unit at the Xuzhou power plant in China. This upgrade is expected to enhance the power output efficiency of the unit by up to 42.9% and reduce emissions by more than 10%. Hence, the rising adoption of clean coal technologies is expected to reduce the number of carbon emissions from coal-fired power generation, which, in turn, will boost the growth of the global clean coal technologies market during the forecast period.
Challenges associated with the availability of renewable sources of energy is the major challenge impeding the market growth. High-intensity sunrays are required to produce solar power. Equatorial regions receive intense solar radiation. On the other hand, tropical regions receive limited radiation and are ideal for hybridization. Solar output is intermittent and depends on numerous factors, such as solar irradiation, the degree of shade, and panel efficiency. These factors vary during the day and across climatic conditions. Due to the abovementioned factors, secondary power sources, such as a battery, wind power, grid power, and hybrid generator, are preferred to support the solar PV systems when solar radiation is not at its peak or at night when solar PVs do not function due to the absence of sunlight. Solar PV systems, thus, can produce power for just half of the day. The efficiency can further decline during rains and cloudy weather conditions.
According to Eurostat, the average efficiency of solar PV modules was about 16.6% in 2017. Although solar PV technology is evolving, the conversion rate is lower than that of fossil fuels because of variations in sunlight availability. The amount of sunlight received varies across locations. Challenges associated with the availability and storage of renewable sources of energy can limit the growth of the market during the forecast period.
The market growth analysis report includes the adoption lifecycle of the market, covering from the innovatorâs stage to the laggardâs stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Xcel Energy - The company offers clean energy technologies such as Advanced Grid. The company transports, stores, and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan, and Colorado.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
Get a glance at the market contribution of various segments Request a PDF Sample
The hydropower segment was valued at USD 70.49 billion in 2018. The annual net capacity growth of hydropower has plunged recently. This is because fewer large projects are being commissioned in countries such as China and Brazil. Furthermore, about more than 40% of the hydropower projects that are under construction in India have been halted owing to financial constraints and a lack of appropriate governing policies. As a result, the market by hydropower segment is expected to record moderate growth during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
APAC is projected to contribute 29% by 2028. Technavioâs analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2021, the main contributing countries in APAC were China, India, and Japan. According to the IEA, global energy demand increased by 4.6% in 2021 compared with 2020. The growth in global energy demand was driven by Asian countries. Hence, there has been significant growth in the demand for energy in the region. As per the IEA, Global CO2 emissions were over 5% lower in Q1 2020 than in Q1 2019 due to an 8% decline in emissions from coal, 4.5% from oil, and 2.3% from natural gas. CO2 emissions fell more than energy demand, as the most carbon-intensive fuels experienced the largest declines in demand during Q1 2020. The CO2 emissions in China declined by 8% in 2020. Hence, to curb carbon emissions further, there has been significant adoption of clean energy sources in the region.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is pivotal in combating climate change by reducing harmful carbon emissions from industrial activities and power plants. It leverages diverse renewable resources such as wind, hydropower, and offshore clean energy to promote ecologically sustainable generation and achieve stable power supplies. Government measures and financing support the transition towards a clean energy mix, aiming to decrease reliance on imported fuels and enhance energy security. Technologies like sustainable coal and ultra-high-efficiency systems contribute to lowering carbon dioxide emissions while meeting increasing energy consumption demands. Across residential, commercial, and industrial segment, there is a growing awareness of air pollution and the greenhouse effect, prompting investments in clean fuel sources and renewable energy infrastructure. As the renewable energy sector expands, it plays a crucial role in mitigating environmental impacts on wildlife habitats, sea levels, and natural resources, shaping a sustainable future.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
198 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.4% |
|
Market Growth 2024-2028 |
USD 90.13 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
5.13 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 29% |
|
Key countries |
US, China, UK, Japan, Canada, and Germany |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
ABB Ltd., Acciona SA, Canadian Solar Inc., Enercon Services Inc., Envision Energy USA Ltd., First Solar Inc., General Electric Co., Invenergy, JA Solar Technology Co. Ltd., JinkoSolar Holding Co. Ltd., Mitsubishi Heavy Industries Ltd., Senvion Wind Technology Pvt. Ltd., Shanghai Electric Group Co., Shanghai Taisheng Wind Power Equipment Co. Ltd., Siemens AG, Sinovel Wind Group Co. Ltd., Tata Sons Pvt. Ltd., Vestas Wind Systems AS, Xcel Energy Inc., and Xinjiang Goldwind Science and Technology Co. Ltd. |
|
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the market forecast period. |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.