Clean Energy Market Growth Exponential To 2033

According to the Market Statsville Group (MSG), the Global Clean energy Market was valued at USD 992.7 million in 2023 and is expected to grow from USD 1098.9 million in 2024 to USD 2231.4 million by 2033, by exhibiting a CAGR of 10.7% during the forecast period (2024-2033)

The market for clean energy is the generation, trading, and usage of clean energy from renewable and sustainable energy resources. These types of sectors are important one to address climate change and reduce the dependency on fossil fuels. Geothermal energy employs the heat from the earth’s core for power generation and as a source of heating. Flow batteries are, for instance, different from lithium-ion batteries which is the most widespread for storing renewable energy. A pumped hydroelectric storage system entails the use of water pumped at a higher level to form a reservoir, then allowing the water to flow and generate power. Combines renewable energy with more sophisticated metering, monitoring, and management systems to raise effectiveness and reliability. Reduce the use of fossil energies in transport while supporting in general clean energy standards. Investors’ interest in clean energy is on the rise globally, with large capital being channeled towards solar, wind, and battery storage power sources. This goes hand in hand with the improved efficiency of the photovoltaic system, better technology for wind turbines, and enhanced batteries for the storage of the energy.
Furthermore, the government encourages clean energy through policies, incentives, and regulations. As if all that was not enough, companies are making massive declarations on net-zero emissions and are investing even on clean energy. The urgent need to reduce greenhouse gas emissions is a primary driver of the clean energy market. Diversifying energy sources to reduce dependence on fossil fuels enhances national energy security. Job creation, economic growth, and energy price stability are significant benefits of investing in clean energy. Increasing consumer awareness and demand for sustainable and environmentally friendly products are pushing the market forward.

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Scope of the Clean Energy Market

The study categorizes the clean energy market-based on energy source, technology, and application area at the regional and global levels.

By Energy Source Outlook (Sales, USD Million, 2019-2033)

• Solar Energy
• Wind Energy
• Hydropower
• Biomass Energy
• Geothermal Energy

By Technology Outlook (Sales, USD Million, 2019-2033)

• Energy Generation Technologies
• Energy Storage Technologies
• Grid Integration and Smart Technologies

By Application Outlook (Sales, USD Million, 2019-2033)

• Automotive
• Aerospace
• Industrial Machinery
• Construction

By End User Outlook (Sales, USD Million, 2019-2033)

• Residential
• Commercial
• Industrial
• Transportation

By Region Outlook (Sales, USD Million, 2019-2033)

• North America 
  • US
  • Canada
  • Mexico
• Europe 
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

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Solar Energy segment accounts for the largest market share by Energy Source

Based on the energy source, solar energy relies on the energy generated in the sunlight to produce electricity or heat according to its source of energy. Two major technologies will achieve this: PV systems convert sunlight directly into electricity and CSP systems collect sunlight through a reflective surface, such as mirrors or lenses, to generate thermal energy. Advancements in the PV cell technologies, particularly multi-junction cells and perovskite materials are finding greater efficiency in the solar panel. Advancements in the solar technology industry have made its prices plummet because of economies of scale, improved manufacturing processes, and technological innovations. With many areas with a comparable price to that of traditional fuels, solar energy competes on a par with them. To promote the use of solar energy, the government provides incentives such as tax credits, rebates, and subsidies. Some examples include the Investment Tax Credit (ITC) in the United States, feed-in tariffs in several European countries, and others. 

Furthermore, for the desires of environmental sustainability and climate change, the aspect of a cleaner energy transition is already underway. Solar power has been described by many firms as one of the strongest solutions available to reduce reliance on oil and lower CO2 emissions. Companies include solar energy in their CSR to minimize carbon footprints. More jobs are created in the production, installation, and maintenance of the industry of solar energy, thereby providing a boost towards economic growth. Several employment and local economic opportunities are created through the development of the solar sector. Solar energy provides a way to energy independence through curbing import dependency on fossil fuels and thereby enhancing energy security. 

North America accounted for the largest market share by Region.

Based on the region, North America is of great importance in the global market of clean energy; the United States and Canada form this region. Most of the technologies used in renewable energy production are adopted and developed considering the variance of natural resources, friendly policies, and tremendous investments in the region. According to IBEF, over 280 GW of installed renewable energy capacity existed in the United States by the end of 2021 that came from each source of solar, wind, and hydropower. The capacity will continue to grow up to 400 GW by 2030 owing to incessant investments and policy support. More than 3 million residential solar installations will be installed by 2021, contributing significantly to the overall capacity. Major solar farms like the Solar Star (579 MW) in California and the Copper Mountain Solar Facility (802 MW) in Nevada highlight the growth in utility-scale solar projects.

Competitive Landscape: Clean Energy Market

Clean Energy Market The clean energy market is a significant competitor and very ruthless in the industry. It uses strategies involving partnerships, product launches, acquisitions, agreements, and growth to strengthen its respective positions in the market. Most sectors within businesses target the expansion of their operations worldwide and developing long-term partnerships.

Major players in the clean energy market are:

• Xcel Energy Inc.
• EDF Energy
• Siemens Energy AG
• Enel S.p.A.
• Andritz AG
• Acciona, S.A.
• Voith GmbH & Co. KGaA
• Iberdrola SA.
• ABB Ltd.
• NextEra Energy, Inc.
• Tesla, Inc.
• Siemens Gamesa
• BYD
• Duke Energy
• Schneider Electric
• LG Energy Solution
• Johnson Controls

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Recent Development 

• In January 2024, global demand for batteries for energy storage system (ESS) applications will grow by 30%, with the US leading the charge, LG Energy Solution (LG ES) has predicted. The electric vehicle (EV) battery and ESS manufacturing and integration arm of South Korea’s LG Group released its financial results for 2023 late last week (January 26). The company produced revenue of KW33.7 trillion (US$25.3 billion) and profit of KW2.2 trillion in the year, up 31.8 percent and 78.2 percent year over year, respectively.
• In February 2023, NextEra Energy, Inc., said it had been named to Fortune's 2023 list of the "World's Most Admired Companies" and ranked No. 1 in the electric and gas utilities industry for the 16th time in 17 years. NextEra Energy, whose principal businesses are Florida Power & Light Company (FPL) and NextEra Energy Resources, LLC, also received the highest overall company scores across all industries in Florida.