Renewable Energy Market Research, 2030
Renewable Energy Market to surpass USD 2252.72 Billion by 2030 from USD 1136.80 Billion in 2018 at a CAGR of 7.08% throughout the forecast period, i.e. 2019-30.
Renewable energy is accumulated from natural resources or sources that can be naturally replenished such as wind, sun, geothermal heat, waves, etc. Renewable energy usually provides energy in areas such as transportation, electricity generation, water, and air heating/cooling, and rural energy services (off-grid). Renewable energy offers lower emissions of carbon dioxide and other types of pollution by replacing dirty fossil fuels in the power system. Sources of renewable energy are wind energy, solar energy, Biomass energy, geothermal energy, hydroelectric power energy, etc. The renewable energy industry is an emerging industry and a part of the energy industry that focuses on advanced and appropriate renewable energy technologies. Renewable energy is a more labor-intensive centered industry than fossil fuels, thus, a transition towards the industry promises more employment opportunities.
Market Highlights
The global Renewable Energy market is expected to project a notable CAGR in 2030.
Global Renewable Energy market to surpass USD 2252.72 Billion by 2030 from USD 1136.80 Billion in 2018 at a CAGR of 7.08% throughout the forecast period, i.e. 2019-30. The global Renewable Energy market is expected to observe growth in the future due to rising emissions of greenhouse gases and carbon dioxide for a generation of energy after the utilization of fossil fuels. Moreover, fossil fuel is present in scarce amounts on the Earth due to which it has fluctuating prices which fosters the renewable energy market. Continuous government initiatives and funding in the renewable energy sector as well as advancement in technologies are also accelerating the growth of the global market.
Recent Highlights in Global Renewable Energy Market:
In August 2020, Omega Geracao SA a renewable energy company announced a 50% acquisition of the stake in wind farms owned by France-based EDF renewables in Bahia, the Brazilian state.
Global Renewable Energy Market: Segments
A hydroelectric segment to grow with the highest CAGR during 2019-30
The global Renewable Energy market is segmented by type into Hydroelectric energy, Geothermal energy, Wind energy, Solar energy, and Biomass energy. The hydroelectric energy segment held the largest market share of XX.X% in the year 2018 and is anticipated to dominate the global market throughout the forecast period. Hydroelectric energy is a type of energy that channels the power of water in motion that generates electricity. Biomass energy is generated using plants such as soy, corn, etc. which can be converted into electricity or burned to create heat.
An industrial segment to grow with the highest CAGR during 2019-30
The global Renewable Energy market is segmented by the end-user into commercial, residential and industrial. The industrial segment held the largest market share of XX.X% in the year 2018 and is expected to maintain this trend throughout the forecast period since 75% of the feedstock for the chemical and petrochemical industry is contributed through the medium of carbon, this significantly impacts the carbon emissions and operating costs of the business. This encourages the industries to incline towards alternative ensuring sustenance.
Market Dynamics
Drivers
Sustainable energy
Renewable Energy sources such as wind, solar, hydroelectric, etc. are sustainable. It generates energy that is not associated with any greenhouse gas emissions unlike fossil fuels, and also reduces air pollution to some extent. Renewable energy provides a diversified supply of energy eliminating the dependence on imported fossil fuels which are environment friendly and replenishable.
Government initiative and employment opportunity
With the rise in climate awareness and environmental benefits of renewable energy, the government has introduced several regulations and policies and also provides aid for renewable energy since the sources are viable green substitutes to the carbon-based green energy sources that are contributing to sustainable development. Renewable energy also leads to economic development and creates jobs in installation, manufacturing, etc., being a labor-intensive technology.
Restraints
High investment
Renewable energy technologies are comparatively more expensive than traditional energy generators, also, there is a high need to store energy which is an expensive technology. Renewable energy sources are not available 24/7, unlike fossil fuels which is a key factor restraining the growth of the renewable energy market.
Global Organic Market: Key Players
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Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
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- Canadian Solar
- Brookfield Renewable Partners L.P
- Northland Power
- Algonquin Power & Utilities Corp
- Innergex Renewable Energy
- TransAlta Corporation
- Atlantic Power Corporation
- Boralex
- Other Prominent Players
Global Renewable Energy Market: Regions
The global Renewable Energy market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
The global Renewable Energy market in Asia-Pacific held the largest market share of XX.X% in the year 2019 due to rapid industrialization, rise in population, and favorable government initiatives and policies encouraging the renewable resources market.
The global Renewable Energy market is further segmented by region into:
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North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
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Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and the Rest of APAC
- MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
The global Renewable Energy market report also contains an analysis on:
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Renewable Energy Market Segments:
- By Type
- Hydroelectric energy
- Geothermal energy
- Wind energy
- Solar energy
- Biomass energy
- By End-User:
- Commercial
- Residential
- Industrial
- By Type
- Renewable Energy Market Dynamics
- Renewable Energy Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Frequently Asked Questions (FAQ):
Growth is driven by rising global climate commitments, declining costs of renewable technologies, increasing government support and the need to transition away from fossil fuels
Some of the main challenges include grid integration issues, need for energy storage, regulatory uncertainty in some markets and infrastructure investment bottlenecks
Report identifies regions such as Asia-Pacific, Europe and North America as major markets, with Asia-Pacific often showing the fastest growth due to rising demand and policy support
Because it helps stakeholders understand market segmentation, growth drivers, regional opportunities and competitive dynamics — all of which can support strategic decisions on product development, investment and market entry
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