The green energy computing market is projected to grow at a CAGR of 23.40% during the forecast period from 2021 to 2030. Green energy refers to energy derived from natural sources such as wind, sunlight, geothermal, and biomass. It is renewable and free from environmental hazards.
The International Energy Agency (IEA) has reported that wind, solar, and hydropower projects are expanding at their fastest rate and are expected to grow by 50% in the coming years. The demand for environmentally friendly products and increasing awareness about sustainability are driving the growth of the green technology market. The global energy market is expected to grow due to increased pollution and greenhouse gas emissions, particularly CO2. Limited fossil fuel sources and rising prices have paved the way for renewable energy.
The green energy market can be segmented based on type into solar photovoltaic (PV), hydroelectric power, wind energy, geothermal energy, and biofuels. Solar energy, with its declining equipment costs and increased efficiency, is expected to dominate the market in the future. Hydroelectric power currently fulfills 15-21% of the electricity demand, while wind energy can be further categorized based on the type of turbines used. Biofuels encompass biodiesel and bioethanol, and geothermal energy is used for electricity generation.
The market can also be categorized by end-users into residential, industrial, and commercial sectors. Government regulations are expected to drive growth in residential and commercial applications.
Key players in the global green energy computing market include IBM Corporation, LO3 Energy, Oracle Corporation, and Tech Mahindra Limited, among others.
In conclusion, the green energy computing market is experiencing significant growth due to government initiatives, increasing demand for sustainable products, and the rise of renewable energy sources. The market is expected to witness further expansion in the coming years, driven by advancements in technology and favorable government policies.