The market was valued at US$ 788.36 million in 2019 and is projected to reach US$ 1,229.74 billion by 2027; it is expected to grow at a CAGR of 13.0% from 2020 to 2027. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
Clean energy is an essential segment in the European Union's (EU) energy system. Demand for clean energy solutions is growing across Europe owing to increasing adoption of technology-based solutions among businesses. The share of clean energy consumption in gross energy consumption rose to 18% in 2018 from 8.5% in 2004.
The Europe 2020 strategy targets to lift this share to 20% by 2020 and at least 32% by 2030. The figures are projected by considering the use of all forms of energy across three key sectors heating and cooling, electricity, and transportation. Europe was one of the largest contributors to wind and solar energy in the first half of 2020 globally.
The European Union (EU) is trying to make Europe the first climate-neutral continent by 2050. Thus, to meet this target, the European Green Deal emphasizes the offshore clean energy. Front-load investments in offshore clean energy are important in the recovery period of the COVID-19 pandemic, where possible.
This is likely to boost sustainable jobs and economic activity, which would contribute to the green recovery, and drive the clean energy market growth. By the end of 2020, the European Commission would put forward a dedicated strategy to ensure that offshore clean energy can help achieve the EU's ambitious energy and climate targets, assessing its potential contribution and proposing ways forward to support the long-term sustainable development of this sector.
US Continues to Dominate North America Clean Energy Market
According to the US Energy Information Administration, clean energy accounted for ~11% of total primary energy consumption in the country and ~17% of the domestic electricity production in 2018. The US's Hydroelectric power is among the largest clean electricity producers; it generated ~6.5% of the nation's total electricity in 2016 and 45.71% of this was generated using clean energy sources. After China, Canada, and Brazil, the US is the fourth-largest hydroelectricity producer across the world.
According to Electric Power Annual 2018 capacity projections, the expected changes in energy generating capacity through clean fuel sources would increase to 55,873 GW of capacity coming by the beginning of 2024. By 2024, this would avail a total of 277.77 gigawatts of clean energy, 23.1% increase than that in 2018.
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. Clean Energy Market Landscape 4.1 Market Overview 4.2 PEST Analysis 4.3 Ecosystem Analysis 4.4 Expert Opinion
5. Clean Energy Market - Key Market Dynamics 5.1 Market Drivers 5.1.1 Substantial investment into clean energies and government support 5.1.2 Continuous R&D towards the development of efficient, clean energy technologies 5.2 Market Restraints 5.2.1 High CapEx costs 5.3 Market Opportunities 5.3.1 Synergistic business strategies with SMEs in the APAC region 5.4 Future Trends 5.4.1 Minimizing reliance on conventional energy sources 5.5 Impact Analysis of Drivers and Restraints
6. Clean Energy - Global Market Analysis 6.1 Clean Energy Market Overview 6.2 Clean Energy Market - Revenue, and Forecast to 2027 (US$ Billion) 6.3 Market Positioning - Global Market Players Ranking
7. Clean Energy Market Analysis - By Type 7.1 Overview 7.2 Clean Energy Market, By Type (2019 and 2027) 7.3 Hydro and Ocean Power 7.3.1 Overview 7.3.2 Hydro and Ocean Power: Clean Energy Market - Revenue, and Forecast to 2027 (US$ Billion) 7.4 Solar Energy 7.5 Bioenergy 7.6 Geothermal Energy 7.7 Wind Energy
8. Clean Energy Market Analysis - By End-user 8.1 Overview 8.2 Clean Energy Market, By End-user (2019 and 2027) 8.3 Residential 8.3.1 Overview 8.3.2 Residential: Clean Energy Market - Revenue, and Forecast to 2027 (US$ Billion) 8.4 Commercial 8.5 Industrial
9. Clean Energy Market - Geographic Analysis
10. Impact of COVID-19 Pandemic on Global Clean Energy Market 10.1 Overview
11. Industry Landscape 11.1 Overview 11.2 Market Initiative 11.3 New Product Development 11.4 Merger and Acquisition
12. Key Company Profiles 12.1 Key Facts 12.2 Business Description 12.3 Products and Services 12.4 Financial Overview 12.5 SWOT Analysis 12.6 Key Developments