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Renewable Energy Market Segmentation: By Type (Hydroelectric energy, Geothermal energy, Wind energy, Solar energy and Biomass energy); By End-user (Commercial, Residential and Industrial); and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
[ 170 + Pages Research Report ] 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.
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.
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.
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.
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.
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.
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.
Coronavirus (Covid-19) has adversely affected a majority of industries due to the disruption of business operations and disturbance in the supply chain due to the situation of lockdown which was undertaken to break the chain of the spread of the disease and maintain social distancing. The power sector is among one those sectors that have suffered due to the concurrent pandemic, decline in demand for power has been observed along with slow recovery and reduced collection which would unfavorably impact the services of distribution companies further hampering the renewable energy market. In addition to this, a dearth of manpower for the maintenance of renewable energy plants would also impact the global market. However, this period has also added to several positive aspects such as work from the home policy which is the new normal for the renewable energy industry.
NextEra Energy, Inc.
Company Overview
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.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Renewable Energy Market Segments:
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