Portland, OR, Jan. 19, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global alternative energy market generated $1.1 trillion in 2021, and is estimated to reach $3.2 trillion by 2031, witnessing a CAGR of 10.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.1 Trillion |
| Market Size in 2031 | $3.2 Trillion |
| CAGR | 10.3% |
| No. of Pages in Report | 354 |
| Segments Covered | Type, End Use and Region |
| Drivers | Surge in demand for electricity or power |
| Depletion of fossil fuel resources | |
| Surge in environmental pollution | |
| Rise in demand for renewable energy sources for the generation of electricity | |
| Opportunities | Increasing global warming and changing climatic conditions |
| Increase in preference towards environment-friendly energy solutions | |
| Restraints | High costs associated with infrastructural setup, operation, and maintenance |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a notable impact on the alternative energy market. The pandemic led to the reduced use of renewable and non-renewable energy in the U.S. It drastically decreased China's generation of renewable energy for the short term, while the country's storage and distribution facilities were also shut down.
- Weekly demand for electricity in Covid-affected regions decreased by 10-35% due to lockdown. Companies then decided to shift to alternative energy solution which boosted the overall share of alternative energy to meet the demand.
- There was a significant decline in energy generation using fossil fuels, while renewable power gained new momentum which boosted the growth of the global alternative energy market.
The report offers a detailed segmentation of the global alternative energy market based on type, end use and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on type, the nuclear energy segment held the largest share in 2021, accounting for nearly two-thirds of the global alternative energy market, and would rule the roost through 2031. The solar energy segment, however, is estimated to witness the fastest CAGR of 10.7% during the forecast period. The report also discusses the geothermal energy segment.
In terms of end use, the industrial segment captured the largest market share of nearly half of the global alternative energy market in 2021 and is expected to lead the trail during the forecast period. The residential segment, on the other hand, is likely to achieve the fastest CAGR of 10.7% through 2031. The report also studies the commercial segment.
Based on region, the market in Asia-Pacific was the largest in 2021, accounting for more than one-third of the global alternative energy market share, and is likely to maintain its leadership status during the forecast period. The same market is expected to manifest the highest CAGR of 10.6% from 2022 to 2031. The other regions analyzed in the study include Aisa-Pacific and Europe.
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Leading players of the global alternative energy market analyzed in the research include NextEra Energy Resources, LLC, Trina solar, Ormat Technologies Inc., capstone infrastructure corporation, Enel Spa, Ontario Power Generation Inc., adani group, LONGi, Acciona SA, Northland Power Inc., Constellation Energy Corporation, and ReNewPower.
The report analyzes these key players of the global alternative energy market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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