According to a new market report published by Transparency Market Research "Green Energy (Solar PV, Wind energy, Hydroelectric power, Bio-fuels, Geothermal energy) Market - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global green energy market is projected to have a market size of USD 831.99 billion by 2019.
This growth is estimated to come at a CAGR of 8.3% from 2013 to 2019. Factors driving the growth in demand for green energy include renewable portfolio standards and regulations, environmental concerns, rising energy demand, fuel shortage/replacement, coal plant retirements and need for natural gas hedge. Further, rise in awareness among masses in general toward the benefits of green energy is also aiding the growth of this market.
In terms of revenue, North America was the largest region in 2012 and held a market share of 32.2% of the total green energy market. Asia Pacific market for green energy is estimated to grow at a CAGR of 10.3% over the period 2013 to 2019, driven by rising energy demand and increased renewable investments.
Among all green energy types, solar photovoltaic is estimated to be the fastest growing segment with a CAGR of 14.6% during the period 2013 to 2019. This growth is mainly spurred by fall in prices which has increased consumer interest in solar energy. Hydropower was the largest green energy segment in 2012, owing to a significantly large pre-installed base. Among the end-use types, commercial sector was the largest segment in 2012, followed by industrial sector. However, with an estimated CAGR of 9.4%, residential segment is forecasted to register a faster growth during the period 2013 to 2019. Further, the market for solar photovoltaic (PV) inverters was valued at USD 7.15 billion in 2012. The shipments of solar PV inverters are rising; however, owing to significant decline in average selling prices, the market is estimated to decline in terms of revenue in 2013. Nonetheless, for the year 2014 and beyond the revenues for solar PV inverters would continue to rise as the selling price is expected to stabilize.
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