Global Clean Energy Technologies Market Will Grow at a CAGR of 5% During 2019-2023 | Technavio

Technavio has announced the release of their research report on the global clean energy technologies market for the period 2019-2023. This global clean energy technologies market analysis report segments the market by technology (hydropower, clean coal, wind solar, and others) and geography (APAC, Europe, North America, and ROW).

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Global clean energy technologies market size will grow by almost 1,219.51 GW during 2019-2023, at a CAGR of more than 5%. The global climate challenge is encouraging the adoption of environment-friendly alternatives such as clean coal technology. Clean coal technology reduces the environmental impact of coal-fired power generation. Clean coal technologies such as direct coal fuel cells, supercritical CO₂, and integrated gasification fuel cells ensure ultra-high efficiencies and are currently under development. Advanced coal-fired power generation technologies such as supercritical and ultra-supercritical technologies are attracting many investments. For example, most of the efficient coal-fired power plants in China has adopted ultra-supercritical technology. The rising popularity of such clean coal technologies is one of the key trends that are fueling the growth of the market.

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Rising demand for clean energy sources

Many developing countries such as China and India rely heavily on fossil fuels for power generation. Additionally, the strong growth in the global electricity demand is strongly linked to the rising industrial output due to the growth in industrial and commercial activities. Such a growing demand for power and the extensive use of fossil fuels has increased CO₂ emissions. Hence, there is a massive demand for clean energy sources to curb environmental damage at the global level. Initiatives such as decarbonization of the power sector and strict regulations to reduce carbon emissions will result in faster growth of the global clean energy technologies market over the forecast period.

“There has been significant adoption of clean energy sources in the APAC region to curb carbon emissions. Chinese companies accounted for more than two-thirds of the global solar PV manufacturing. Furthermore, there has been significant adoption of hydropower in China. The adoption of solar power in countries such as the UK has increased over the years. Several firms in the UK have launched funding schemes for installing street lights powered by renewable energy sources such as solar and wind. Despite droughts across the EU, hydropower was the largest source of renewable energy in 2017. Owing to the rising demand for clean energy and initiatives by governments and various other organizations that support the development of clean energy projects, the clean energy technologies market is expected to grow during the forecast period,” says an analyst at Technavio.

The US DOE is supporting the development of 50 GW power by 2050. The development involves increasing power generation capacity, upgradation of existing plants, adding power at the existing dams and canals, and installation of new storage capacities. Similarly, Honduras has a target of achieving 95% of its energy from renewable sources by 2027. Similarly, a Serbian state-owned company, Elektrovprivreda Srbije announced modernization plans for increasing the capacity of its hydroelectric power station at the Iron Gate 2. Many such developments during the forecast period are expected to foster the growth of the global clean energy technologies market during the forecast period.

View snapshot of the report for a more detailed overview of the market and the segmentation covered in this report

This global clean energy technologies industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several clean energy technology solution providers including:

• GENERAL ELECTRIC
• JA SOLAR Co., Ltd.
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• Shanghai Electric Group Company Limited
• Siemens
• Xinjiang Goldwind Science & Technology Co., Ltd.

Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.

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