[223+ Pages Report] The analysts at Facts and Factors Research have stated that the global clean energy technologies market was valued at approximately USD 283.9 Billion in the year 2020. The projected value of the market is predicted to be about USD 423.7 Billion by 2026 year-end. The published report provides an anticipated growth rate of roughly 6.9% CAGR during the forecast period till 2026.
Any process, product, or service that decreases negative environmental consequences through major energy efficiency gains, sustainable resource usage, or environmental protection efforts is referred to as clean energy technology. Clean energy technologies also help to sustain economic growth by increasing energy supply and addressing environmental issues caused by the usage of other traditional energy sources. The environmental advantages of clean energy technology are the most essential component of a global energy future. Clean, renewable fuels not only help to conserve the world's natural resources, but also minimize the danger of environmental disasters like fuel spills and natural gas leaks. It is feasible to establish stable power supplies to increase energy security, ensuring there is enough to fulfill our demands, through fuel diversity, which involves diverse power plants employing different energy sources.
A number of environmental and economic benefits are also provided by such technology, including a reduction in air pollution. A diversified sustainable energy source decreases reliance on foreign fuels as well (and the associated financial and environmental costs this incurs). These technologies also save money since there's no need to harvest and transport fuels like oil or coal because the resources renew themselves spontaneously. The development of jobs to research, manufacture, and install future clean energy resources is another industrial advantage of a clean energy mix.
The global demand for clean energy technologies is increasing as a result of growing urbanization and industrialization. As a result, the usage of fossil fuels grows. Excessive use of fossil fuels, on the other hand, leads to increased carbon dioxide gas emissions, which pollute the environment. As a result, there is an increasing need for clean energy sources, which will help reduce carbon emissions and enable the ecologically sustainable generation of power from natural resources. Clean energy technologies will be adopted at a faster rate as demand for clean energy sources grows, enhancing the market's development potential. However, renewable energy generation, on the other hand, necessitates a significant investment. During the projected period, this factor is expected to limit the market growth. Furthermore, due to its cost-effective nature in comparison to other locations, fossil fuels are mostly employed to create energy in the Middle East, stifling industry expansion. Continuous technological advancements and increasing government financing in the renewable energy sector, on the other hand, will provide attractive development possibilities over the assessment period. The size of the sector is also growing as government restrictions on climate change become more rigorous in both developed and emerging nations.
The global clean energy technologies market is segregated based on technology type, end-use, and region.
Hydropower technology, wind technology, clean coal technology, solar technology, and others make up the technology type segment of the global clean energy technologies industry. The global clean energy technologies market can be divided into industrial, residential, commercial, and others based on the end-use segment.
Sustainable coal technology is a form of clean energy technology used to minimize the environmental effect of coal-fired power generation while also addressing climate change. Clean coal technology is widely used in the power generating industry because it can achieve ultra-high efficiency. Clean coal technology's growing popularity can be due to its capacity to minimize carbon dioxide emissions from coal-fired power plants. As a result of these factors, clean coal technology will gain in popularity, propelling the global clean energy technologies market forward.
During the projected period, the Asia Pacific region is expected to expand the most. The expansion of industrialization in this area, particularly in nations like India and China, would result in ever-increasing energy consumption, propelling renewable energy market trends upwards. Growing population and favorable government regulations will both help to boost income from the clean energy technologies sector in this region.
According to Electric Power Annual, the worldwide energy-producing capacity from clean fuel sources is anticipated to grow at a CAGR of 23.1 percent from 2016 to 2018, resulting in a total of 277.77 GW of clean energy. Clean energy is also the European Union's long-term goal, with the goal of making Europe a climate-neutral continent by 2050. To achieve this aim, the European Green Deal highlights the necessity of achieving offshore clean energy - a project that will further strengthen the continent's renewable energy industry.
Some main participants of the global clean energy technologies market are Vestas Wind Systems A/S, Xcel Energy Inc. (Xcel Energy), UpWind Solutions, Inc., Geronimo Energy, Senvion S.A., Invenergy, Sinovel Wind Group Co., Ltd., ACCIONA, ENERCON GmbH, First Solar Inc., ABB Ltd., Canadian Solar Inc., General Electric (GE), Jinko Solar Holding Co. Ltd, The Tata Power Company Limited, Suzlon Energy Ltd., Innergex, Siemens, Enel Spa (Enel), and Calpine Corporation amongst others.
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