Portland, OR, Oct. 11, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global renewable energy market garnered $881.7 billion in 2020, and is anticipated to reach $1,977.6 billion by 2030, exhibiting a CAGR of 8.4% from 2021 to 2030. The report offers an in-depth analysis of the emerging and current trends, market size, future estimations, and key players.
Factors driving the global renewable energy market include increase in demand for renewable energy, rise in electricity consumption, and surge in legislative and financial initiatives taken by the government bodies. However, factors such as high investments needed to start a renewable energy project are expected to hinder the market growth. Emerging countries including India and China drive the demand for renewable energy, creating many opportunities for the market.
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COVID-19 impact on global renewable energy market:
- The limited availability of spare parts and labour due to the pandemic is a primary factor that affects the renewable energy market growth.
- The wind energy sector witnessed a decline in growth during the COVID-19 pandemic. Industry players faced major issues in installing and maintaining turbines due to disturbed transportation, lack of workforce, and social distancing norms.
- Project delays and cancellations of orders impacted the market.
- Travel restrictions have shifted the focus toward the domestic supply chain, which boost domestic production of turbines. Use of technology makes remote monitoring of turbines easy.
The report segments the global renewable energy market on the basis of type, end-use, and region.
Based on type, the hydroelectric power segment contributed to the largest market share in 2020, contributing to more than two-fifths of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the solar segment is estimated to witness the fastest CAGR of 13.3% from 2021 to 2030.
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Based on the end-use, the residential segment contributed to the largest share in 2020, accounting for nearly two-fifths of the global renewable energy market. The same segment is expected to lead throughout the forecast period. However, the industrial segment is expected to manifest the highest CAGR of 8.9% from 2021 to 2030.
Based on region, Europe, followed by Asia-Pacific and North America, contributed to the highest share in 2020, holding more than one-third of the total share. This region is expected to maintain dominance throughout the forecast period. On the other hand, Asia-Pacific is expected to portray the fastest CAGR of 9.6% during the forecast period.
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Leading players of the global renewable energy market analyzed in the research include ABB, EDF, Geronimo Energy, Enel Spa, General Electric, ACCIONA, Invenergy, THE TATA POWER COMPANY LIMITED (Tata Power), Innergex, and Xcel Energy Inc.
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