Green Energy Is Derived From Natural Sources Such As Sunlight, Wind, Rain, Tides, Plants, Algae, And Geothermal Heat

 

Green Energy

Green Energy is commercially viable renewable energy that is used to generate energy all over the world. Green energy derives its power from natural sources such as tides, solar photovoltaic panels, the sun, and wind. Green energy is used extensively in the residential, commercial, and industrial sectors. Green energy is an excellent substitute for fossil fuels.

In March 2021, India launched Gram Ujala, an ambitious programme that will include the world's cheapest LED bulbs in rural areas for Rs. 10 (US$ 0.14), advancing its climate change policy and strengthening its self-reliance credentials. The European Union joined the Coalition for Disaster Resilient Infrastructure (CDRI) in March 2021, an India-led initiative aimed at ensuring long-term development while addressing the negative effects of climate change.

Growing environmental issues caused by changing weather patterns are primarily driving green energy market growth. One of the major concerns is changing climatic conditions, which has increased the need to reduce carbon emissions. This has resulted in a high demand for alternative energy sources. Emerging economies, combined with rapid industrialization and urbanisation around the world, have increased carbon emissions and harsh weather conditions, driving demand for green energy once again.

Research by Coherent Market Insights Says, The global Green Energy Market is estimated to be valued at US$ 975.79 billion in 2021 and is expected to exhibit a CAGR of 8.3 % over the forecast period (2021-2028).

The growing reliance of consumers on green energy sources is expected to boost market growth. Increasing investments in research and development activities by key manufacturers for making energy sources that are reliable and economically viable is expected to boost green energy market growth. Furthermore, the falling prices of PV modules and onshore wind turbines are expected to increase the adoption of green energy sources, further fueling market growth.

Increased biodiesel initiatives and the introduction of new feedstock are expected to create new market opportunities. The growing emphasis on clean energy sources, combined with the growing need to reduce carbon emissions caused by the combustion of petroleum-based products, is expected to drive market growth. As these are clean and efficient sources of energy, increasing the use of biodiesel to reduce fuel costs is expected to propel the growth of green energy.

The global expansion of green energy projects is expected to serve key market opportunities. The growing number of biodiesel and bioethanol producers in developing regions is expected to boost green energy market growth. Furthermore, the global expansion of solar PV systems, combined with the emergence of geothermal energy systems, is expected to accelerate the growth of green energy production.