Green Energy Computing Market By Type (solar photovoltaic (PV), hydroelectric power, wind energy, geothermal energy and biofuels); By end-user (residential, industrial and commercial) and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030
Green Energy Computing Market was valued at USD 12.7 billion in 2021 this is projected to reach USD 84.1 billion by 2030, at a CAGR of 23.40% during the forecast period.
Green energy comes from natural sources such as wind, rain, sunlight, plants, geothermal, and heat. These are renewable energy sources and the energy produced by them is called green energy which is free of all environmental hazards. Renewable energy technologies convert energy from different natural sources such as the sun, tides, wind, and others, into usable forms such as electricity. The renewable energy sector in India is the fourth renewable energy market in the world. It is ranked fourth in wind power, fifth in renewable power, and fifth in solar power.
Green Energy Computing Market is expected to project a CAGR of 23.40% during the forecast period, 2021-2030
The International Energy Agency (IEA) reported that wind, solar and hydropower projects are rising at their fastest rate and are expected to expand by 50% in the upcoming years. The growing demands for products that are environmentally friendly and increasing awareness about the same are major factors driving the growth of the green technology and sustainability market. The global energy market is expected to grow in the upcoming years due to the increased pollution and greenhouse emissions in the country, particularly co2. Limited sources such as that fossil fuels as well as the shoot in their prices give way to the renewable market. However, this market requires huge investments which can be a hindrance to the growth of this sector.
Based on type
it can be further classified into solar photovoltaic (PV), hydroelectric power, wind energy, geothermal energy, and biofuels. Solar energy is further classified according to inverter types such as micro inverters, string inverters, and central inverters which store the power generated from PV cells. Hydroelectric power dominates the market by fulfilling 15-21% of electricity demand. Although, solar energy is expected to sweep the market in the upcoming years due to the declining cost of equipment and increased efficiency. Wind energy can be further categorized on the type of wind energy turbines into the horizontal axis and vertical axis. Similarly, the biofuels market can be categorized into biodiesel and bioethanol. Geothermal energy is another green energy source that is used for electricity generation.
It can be categorized into residential, industrial, and commercial. The residential end-user category, as well as commercial end-user applications, are going to increase in the upcoming years due to government regulations.
Government’s initiatives to drive the green energy market
A major driver in the green energy market is the government’s initiative to encourage renewable sources of energy. Seeing the advantages of the green energy market, various projects such as cleaner power sources are carried out across the world. They are promoting initiatives such as granting subsidies to green energy products and target-based growth of such projects. Developing countries such as China and India aspire to meet a significant proportion of energy requirements from green energy projects to meet market growth. An increase in awareness and rising concerns give way to the usage of green energy among consumers.
High cost and underutilization of resources
The high cost of the extraction technology restraints the growth of this sector to some major extent. Another restraint recognized in the green energy market is the nature of certain green energy sources like solar and wind energy. They cannot be used at their full capacity because of the power load factors.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA. Among all the regions APAC held the largest share in the market driven by increasing the development of solar-powered projects in countries such as China, India, and Japan. The large-scale consumption of solar projects is expected to uplift the market during the forecast period.??????
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Green Energy Computing Market size was estimated at USD 12.7 billion in 2021 and is expected to reach USD 84.1 billion by 2030.
IBM Corporation, LO3 Energy, Oracle Corporation, Tech Mahindra Limited, Other Prominent Players
Based on type and end-users segments are anticipated to hold the largest Food Service Equipment Market
Drivers: Government’s initiatives to drive the green energy market
Green energy comes from natural sources such as wind, rain, sunlight, plants, geothermal, and heat. These are renewable energy sources and the energy produced by them is called green energy which is free of all environmental hazards.
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