Green energy market to reach US$831.99 bn by 2019

In their new report, Transparency market Research states that the green energy market will grow from US$470.10 billion in 2012 to US$831.99 billion by 2019, developing at a positive 8.3% CAGR over the period.

The end user segment of commercial sector led the global green energy market in 2013, followed by the industrial segment. However, the report states that the market segment of residential sector, expanding at a 9.4% CAGR over the report’s forecast period, will be the fastest growing segment of the global green energy market.

Regionally, the market segment of North America held the largest revenue share in 2012, accounting for almost 32% of the global green energy market. Rising investments in the field of renewable energy sources and mounting energy demands will, however, drive the Asia Pacific market at the fastest pace of 10.3% CAGR over the report’s forecast period.

Based on the type of energy harnessed in the market, the segment of hydropower has remained the largest segment for the past many years, chiefly owing to a huge pre-installed base. However, the market segment of solar PV is expected to grow at the fastest pace over the report’s forecast period owing to rising consumer interest and demand. This market segment, which had a net valuation of US$7.15 billion in 2012, is expected to develop at a 14.6% CAGR over 2013-19.The report states that the global green energy market had a highly fragmented competitive landscape in 2012.

The competitive landscape features a vast number of regional and international players. The high degree of competition is also fuelled by the increasing number of R&D activities taking place in the market and the launch of several innovative technologies and product types.