The clean energy technologies market is estimated to grow at a CAGR of 5.94% between 2022 and 2027. The size of the market is forecast to increase by USD 94,999.86 million. The growth of the market depends on several factors, including an increase in investments in clean energy technologies, rising demand for clean energy sources, and favorable government regulations.
This report extensively covers market segmentation by technology (hydropower, clean coal, wind, solar, and others), end-user (industrial, residential, and commercial), and geography (APAC, Europe, North America, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
What will be the size of the Clean Energy Technologies Market During the Forecast Period?

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Clean Energy Technologies Market: Key Drivers, Trends, Challenges, and Customer Landscape
The rising demand for clean energy sources is notably driving the market growth, although factors such as challenges associated with the availability of renewable sources of energy may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Clean Energy Technologies Market Driver
The rising demand for clean energy sources is notably driving market growth. Rapid urbanization and industrialization have led to a surge 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, a surge 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.
Key Clean Energy Technologies Market Trend
The rising popularity of clean coal technology is the primary trend in the market. 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.
Key Clean Energy Technologies Market Challenge
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 global clean energy technologies market during the forecast period.
Key Clean Energy Technologies Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Clean Energy Technologies Market Customer Landscape
Who are the Major Clean Energy Technologies Market Vendors?
Vendors 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. Additionally, through the regulated electric segment, the company generates, transmits, and distributes electricity in Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas, and New Mexico.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
- ABB Ltd.
- Acciona SA
- Canadian Solar Inc.
- Enercon Services Inc.
- Envision Group
- 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. Ltd.
- Shanghai Taisheng Wind Power Equipment Co. Ltd.
- Siemens AG
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
What is the Fastest-Growing Segment in the Clean Energy Technologies Market?
Based on technology, the market is segmented into hydropower, clean coal, wind, solar, and others. The market share growth of the hydropower segment will be significant during the forecast period. Hydropower is the largest source of renewable electricity globally and is expected to increase by 17%, or 230 GW, between 2021 and 2030. Hydropower generation increased by 124 Terawatt-hour (TWh) in 2020, a total of 3% increase compared with 2019, reaching 4,418 TWh. Reservoir hydropower plants and pumped storage plants are well suited to provide flexibility to the grid system as they can produce and supply electricity based on demand, whereas run-of-the-river hydropower plants have variable output depending on current or seasonal weather conditions. Very large reservoirs can retain months or even several years of average inflows. These hydropower plants can also provide flood protection as well as irrigation services. Such benefits will drive segment growth during the forecast period.

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The hydropower segment was valued at USD 67,721.89 million in 2017 and continues to grow until 2021. 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, which 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.
Which are the Key Regions for the Clean Energy Technologies Market?

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APAC is projected to contribute 29% by 2027. Technavio’s 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 propelled 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 outbreak of COVID-19 in 2020 adversely affected the economic growth in APAC. However, the lockdown restrictions were lifted in the second half of 2020 owing to large-scale vaccination drives across APAC. This resumed the production of clean energy in the first half of 2020. This is expected to drive the demand for clean energy technology for clean energy production to meet the energy requirements of end-user industries. The countries in the APAC, such as China and India, are highly focusing on clean energy sources for the generation of energy to minimize carbon emissions during the forecast period. Hence, with an increase in the adoption of clean energy, the clean energy technology market in APAC is expected to grow significantly during the forecast period.
Parent Market Analysis
The reports categorize the global clean energy technologies market as a part of the global renewable electricity market within the global independent power and renewable electricity market. The parent global renewable electricity market covers companies engaged in the generation and distribution of electricity using renewable sources. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Segment Overview
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by technology (hydropower, clean coal, wind, solar, and others), end-user (industrial, residential, and commercial), and geography (APAC, Europe, North America, South America, and the Middle East and Africa).
- Technology Outlook (USD Million, 2017 - 2027)
- Hydropower
- Clean coal
- Wind
- Solar
- Others
- End-user Outlook (USD Million, 2017 - 2027)
- Industrial
- Residential
- Commercial
- Region Outlook (USD Million, 2017 - 2027)
- APAC
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- North America
- South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
Clean Energy Technologies Market Scope
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Report Coverage
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Details
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Page number
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191
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Base year
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2022
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Historic period
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2017-2021
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Forecast period
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2023-2027
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Growth momentum & CAGR
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Accelerate at a CAGR of 5.94%
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Market growth 2023-2027
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USD 94,999.86 million
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Market structure
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Fragmented
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YoY growth (%)
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5.45
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Regional analysis
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APAC, Europe, North America, South America, and Middle East and Africa
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Performing market contribution
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APAC at 29%
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Key countries
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US, Canada, China, Japan, UK, and Germany
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Competitive landscape
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Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled
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ABB Ltd., Acciona SA, Canadian Solar Inc., Enercon Services Inc., Envision Group, 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. Ltd., 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.
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Market dynamics
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Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
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Customization purview
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If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
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What are the Key Data Covered in this Clean Energy Technologies Market Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the clean energy technologies market between 2023 and 2027
- Precise estimation of the clean energy technologies market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the industry across APAC, Europe, North America, South America, and the Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of clean energy technologies market vendors
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