The green energy market is growing due to different factors in different regions. Climate changes, energy security and environment are major factors for growth of the green energy market in Europe.
In the U.S. and Japan, energy security is driving the green energy market to some extent. Higher demand for energy access and economic development are some of the major factors driving the green energy market in developing countries.
Annual investments in green energy have been significantly higher in the recent years, demonstrating the growth gained by the green energy market. Additionally, a shift towards greener energy resources in the energy segment would lead to demands for enhanced processes, technologies and services, signifying an appealing opportunity for industry players.
Determined energy policies combined with much lower cost of technology are expected to drive the growth of the green energy market over the coming years. The policies, support, investments and regulations by the government in the sector are improving the growth of green energy market.
On the basis of type, the green energy market can be categorized as solar photovoltaic (PV), wind energy, hydroelectric power, bio-fuels and geothermal energy.
Aggressive biodiesel initiatives and emergence of new feedstocks are some of the opportunities for the green energy market. Some of the factors driving the growth of the green energy market are need for energy security driving demand for green energy, climate change and environmental issues, and increased consistency and reducing costs increasing consumer demand for green energy.