-- Renewable Energy Market is projected to be worth USD 2172.37 billion by 2030, registering a CAGR of 10.13% during the forecast period (2022 - 2030). , The market was valued at USD 907.79 billion in 2021.
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The market research report on the improving functionality of technologies related to renewable energy sources and the consequent impact of the deployment of these sources on Climate change as well as economical betterment of the whole world on the whole. The depletion of carbon-based fossil fuel sources, the resulting hike in production costs along with the environmental concerns will be seen driving the market share upwards during the forecast period. Also contributing to this growth will be the role of state governments worldwide that, with their favourable policies and regulations, will be seen driving the market in a sustained upward trend.
List of the companies profiled in the global renewable energy industry report include –
Ørsted A/S
General Electric
Enel Spa
On Power
Yingli Solar
NextEra Energy Inc.
Ocean Power Technologies Inc.
Tocardo BV
Vestas Wind Systems A/S
SynTech Bioenergy LLC
Siemens AG
Canadian Solar Inc.
Among others.
COVID-19 Analysis
The COVID-19 pandemic and the resulting lockdowns brought the whole world’s economies to a standstill and dealt quite a blow to the supply chain dynamics to all industries worldwide. With supply chains facing an unprecedented, and crippling, challenges and workforce in shorter supply than it ever has been, the renewable energy market has suffered various setbacks. The market analysis with respect to COVID-19 outbreak gives a clearer and detailed picture of how has this unforeseen calamity impacted renewable energy industry on the whole.
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Drivers
Growing Demand for Energy and Fuel to Boost Market Growth
The ever-increasing need for energy and fuel in the current world will boost the renewable energy market value over the forecast period. Increasing commercialization and industrialization have led people towards technology that needs more power daily.
Opportunities
Increase in Stringent Regulations to offer Robust Opportunities
The increase in strict regulations and rules concerning climate change particularly in developed and developing economies may add to the global renewable energy market share over the forecast period.
Restraints
Unpredictable Climate Conditions to act as Market Restraint
The unpredictable climate conditions and high costs involved may act as market restraint over the forecast period.
Challenges
Unavailability of Renewable Sources to act as Market Challenge
The unavailability of renewable sources may act as a market challenge over the forecast period.
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Market Segmentation
The global renewable energy market is bifurcated based on type and end use.
By type, the hydropower segment will lead the market over the forecast period. It is predicted to touch USD 381.2 billion at an 11.02% CAGR by 2027.
By end use, the residential segment will dominate the market over the forecast period. It is likely to grow at an 8.4% CAGR for the rise in the usage of geothermal heat pumps in residential heating applications.
Regional Analysis
APAC to Hold Dominant Position in Renewable Energy Market
The APAC region will maintain its dominant position in the renewable energy market over the forecast period. Rise in industrialization, increase in population, growing demand in India and China, China being the largest producer of bioelectricity in the world, the region being the key player in solar photovoltaic, wind power, onshore, and hydropower, and the shift to unconventional energy sources from conventional power resources as this lacks to suffice to the surging energy need are adding to the global renewable energy market growth in the region. Besides, the growing need for energy, speedy industrialization and urbanization, mushrooming middle-class, the expanding consumer base, and the implementation of eco-friendly power generation solutions in China and India to handle the growing population level is also adding market growth.
Some countries in Europe and the US are largely dependent on modules and solar cells which are low-cost from China. Further the US rests on different countries for importing wind equipment. The COVID-19 crises across the globe as a result have halted the manufacturing operation of components that is ultimately predicted for creating unprecedented hindrance in the worldwide supply.
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Segmentation of Market covered in the research:
Renewable Energy Market By Type (Hydropower, Wind Energy, Solar Energy, Bioenergy, Geothermal Energy, Ocean Energy), End-Use [Industrial (Power, Chemicals & Petrochemicals, Oil & Gas, Food & Beverage), Residential and Commercial] - Forecast till 2030
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