Green Power Market Growth is propelled by Surge in Favorable Policies: Ken Research
Green energy is any energy type that is created from natural resources, such as sunlight, wind, or water. According to the United States Environmental Protection Agency (EPA), green power is a subdivision of renewable energy and embodies those renewable energy resources and technologies that deliver the greatest environmental benefit. EPA well-defines green power as electricity introduced from solar, wind, geothermal, biogas, eligible biomass, and low-impact small hydroelectric sources. Consumers often buy green power for its zero-emissions profile and carbon footprint deduction benefits.
According to the report analysis, ‘Green Power Market: Current Analysis and Forecast (2021-2027)’ states that with the volatile growth of Green Power installations in China, Asia Pacific endures to take the lead in global wind power advancement with its share of the global market growing during 2020. In addition, governments around numerous countries such as the U.S, India, Japan, Germany, etc., launched countless initiatives to eradicate the dependency on electricity generation from the fossil fuels.
The effect of Covid-19 on renewable electricity technologies with long lead times, such as hydropower, offshore wind, CSP, and geothermal, remains restricted. Hydropower capacity additions are review to increase both during 2020 and 2021, propelled by the commissioning of two mega hydropower projects around China and assisting the rebound of renewables next year. The review for offshore wind remains unchanged as most projects are already financed and under the construction.
Presently, Asia Pacific controls a lucrative market share due to the increasing focus on renewable energy. The Asia Pacific attained an extensive market share in the market and is projected to grow at an extensive rate majorly owing to the increasing industrialization, urbanization, and population coupled with growing investments in renewable power and infrastructure, which is further underwriting to the growth of the green power market in the region. Furthermore, the increment in research and development activities for green power sources, increasing energy requirement in developing countries like China and India coupled with favorable government policies and an augmenting focus on growing the share of renewable energy in the power generation mix are some of the prominent factors propelling the region’s market. Thus, as the world aims to decrease its reliance on fossil fuels amid the energy transition, several foremost economies in the region are now looking to ramp up their share of the renewable power. For instance, Bhadla Solar Park (India) was commissioned during March 2020 with an installed volume of 2.25GW and it spans 14,000 acres.
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There are several aspects underwriting to the growth of the green energy market likewise increment in the industries in underdeveloped regions, augment in stringent government regulations toward greenhouse gas emissions around the world, increment in favorable policies in developed and underdeveloped regions for the green power sector. Regions, involving India posses proficient growth potential, however, owing to inconsistent policy and business surroundings, the market is increasing at the moderate rate. Therefore, it is predicted that during the near future the market of green power will augment more proficiently around the globe over the review period.
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Global Green Power Market: Ken Research
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