The global clean energy technologies market will record a 5% growth between 2019 and 2023, according to a new study conducted by research firm Technavio.
The clean energy market is expected to add a total of 1,219,51GW between the forecast period.
In 2019 alone, the clean energy technologies market is expected to increase by 4.82%.
One of the key drivers for the market is the rising demand for clean energy sources as governments and utilities seek to achieve carbon emission reduction goals and to use renewables for base load.
The US Department of Energy (DoE) is supporting the development of 50 GW power by 2050.
Efforts by the DoE will include increasing power generation capacity, upgrading of existing plants, adding power at the existing dams and canals, and installation of new storage capacities.
Honduras has also set a target of achieving 95% of its energy from renewable sources by 2027.
Many other developed countries such as China and developing such as India heavily rely on fossil fuels and their move to clean energy resources is heavily impacting the clean energy technologies market.
Moreover, the growing demand for energy due to heavy industriliasation and commercial activities will have a positive impact on the market.
An analyst with Technavio, commented: “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.” The market is highly fragmented with many players occupying the market space