Renewable Energy Market Overviews
The renewable Energy Market size was valued at US$ 1138.19 Bn. in 2023. Global Renewable Energy Market is estimated to grow at a CAGR of 8.7% over the forecast period.
Renewable energy is referred to as clean energy, which is usually derived from natural sources that are constantly replenished. The renewable energy sector remained extremely resilient in 2023, driven mainly by solid core fundamentals and a favorable environment policy by governments across the globe. Renewable energy resources have become one of the most competitive energy sources across the globe, thanks to the rapid technological advancements and falling costs, as well as the growing competitiveness of battery storage. The global renewable energy market report segment analysis did on the basis of type, application and region.
Cities, states, governments, NGOs, and utilities continued to take steps to accelerate the transition to renewable energy, with several establishing ambitious clean energy objectives, raising renewable portfolio criteria, and mandating energy storage procurement. The growing concerns about climate change and support for environmental, social, and governance (ESG) factors are increasing, along with increasing demand for cleaner energy sources from most market segments (residential, commercial, and industrial users) are driving the Renewable energy market growth.
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Renewable Energy Market Scope and Methodology:
In recent years, the rapid rise of solar and wind power has given new hope to global efforts to cut greenhouse gas emissions and mitigate the most serious effects of climate change. Solar and wind combined accounted for barely 1.7% of global electricity generation in 2010. By 2020, it had risen to 8.7%, significantly higher than what conventional energy models had expected. For example, the International Energy Agency expected that global solar energy generation will reach 550 terrawatt-hours by 2030 in 2012, but that number had already been surpassed by 2018. These factors presume that solar and wind power along with other types are expected to grow at a significant rate, which in turn is expected to boost the renewable energy market growth throughout the forecast period.
Renewable Energy Market Regional Insights
The Asia Pacific region dominated the global renewable energy market with a 34.7% share in 2023 and is expected to grow at a CAGR of 9.3% during the forecast period. With increased commerce and population, the region account for more than half of world energy consumption. In countries like China and India, the renewable energy sector has grown significantly. For instance, in 2017, China overtook the United States as the world's largest producer of bioelectricity, and it is now a major participant in hydropower, onshore wind power, and solar photovoltaic. Although China has been responsible for 40% of global renewable capacity development for several years, it was responsible for 50% for the first time in 2023.
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Renewable Energy Market Segmentation
By Type, the Renewable Energy Market is segmented into Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy. The Hydroelectric Power segment has dominated the market with a 38.2% share in 2023. Hydropower renewable energy operational costs are relatively low when compared to another type, hydropower generates very less greenhouse gas emissions. The market for hydropower plants has grown as a result of an increase in investments for off-grid energy generation and rural electrification in developing nations such as India, China, Brazil, and Vietnam. In addition, initiatives and funding for the hydroelectric project to generate electricity from the governments across the globe are also boosting the segment growth. For example, the Ministry of New and Renewable Energy's Small Hydropower Program and the Government of India's Rajiv Gandhi Grameen Vidyutikaran Yojana to electrify rural areas and promote the use of small hydropower energy for off-grid and mini-grid applications are expected to propel the market forward.
Renewable Energy Market Key Players
ABB Ltd.
Orsted A/S (DNNGY)
Iberdrola SA
JinkoSolar Holding Co. Ltd.
Vestas Wind Systems A/S
Ocean Power Technologies
GE
NextEra Energy, Inc.
Enel Group
ONPOWER Business Energy
Yingli Solar
Tocardo BV
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Key questions answered in the Renewable Energy Market are:
- What is Renewable Energy ?
- What was the Renewable Energy market size in 2023?
- What is the growth rate of the Renewable Energy Market?
- Which are the factors expected to drive the Renewable Energy market growth?
- What are the different segments of the Renewable Energy Market?
- What growth strategies are the players considering to increase their presence in Renewable Energy ?
- What are the upcoming industry applications and trends for the Renewable Energy Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Renewable Energy Market?
- Who are the leading companies and what are their portfolios in Renewable Energy Market?
- What segments are covered in the Renewable Energy Market?
- Who are the key players in the Renewable Energy market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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