New York, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Renewable Energy Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Renewable Energy Market Research Report, Type, End-Use and Region - Forecast till 2030”, the market size is projected to be worth USD 2172.37 billion by 2030, registering a CAGR of 10.13% during the forecast period (2022 - 2030). , The market was valued at USD 907.79 billion in 2021.
List of the companies profiled in the global renewable energy industry report include –
- Ørsted A/S
- General Electric
- Enel Spa
- On Power
- Yingli Solar
- NextEra Energy Inc.
- Ocean Power Technologies Inc.
- Tocardo BV
- Vestas Wind Systems A/S
- SynTech Bioenergy LLC
- Siemens AG
- Canadian Solar Inc.
- Among others.
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The global renewable energy market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more. Besides, they are also investing in various research and development activities.
Market Research Future’s Review on Renewable Energy Market
COVID-19 Analysis
The COVID-19 outbreak possessed a negative impact on the renewable energy market. During high wind season, the planned maintenance has turned into a key issue for key players for the reduced labor force & social distancing norms. Besides the delay in the production and installation of power equipment for the crisis is likely to slow down the market growth globally. The postponement in renewable projects for the shutdown of manufacturing and the delays & backlogs in completing orders may decelerate market growth.
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the renewable energy market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
Browse In-depth Market Research Report (188 pages) on Renewable Energy
https://www.marketresearchfuture.com/reports/renewable-energy-market-1515
Drivers
Growing Demand for Energy and Fuel to Boost Market Growth
The ever-increasing need for energy and fuel in the current world will boost the renewable energy market value over the forecast period. Increasing commercialization and industrialization have led people towards technology that needs more power daily.
Opportunities
Increase in Stringent Regulations to offer Robust Opportunities
The increase in strict regulations and rules concerning climate change particularly in developed and developing economies may add to the global renewable energy market share over the forecast period.
Restraints
Unpredictable Climate Conditions to act as Market Restraint
The unpredictable climate conditions and high costs involved may act as market restraint over the forecast period.
Challenges
Unavailability of Renewable Sources to act as Market Challenge
The unavailability of renewable sources may act as a market challenge over the forecast period.
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Market Segmentation
The global renewable energy market is bifurcated based on type and end use.
By type, the hydropower segment will lead the market over the forecast period. It is predicted to touch USD 381.2 billion at an 11.02% CAGR by 2027.
By end use, the residential segment will dominate the market over the forecast period. It is likely to grow at an 8.4% CAGR for the rise in the usage of geothermal heat pumps in residential heating applications.
Regional Analysis
APAC to Hold Dominant Position in Renewable Energy Market
The APAC region will maintain its dominant position in the renewable energy market over the forecast period. Rise in industrialization, increase in population, growing demand in India and China, China being the largest producer of bioelectricity in the world, the region being the key player in solar photovoltaic, wind power, onshore, and hydropower, and the shift to unconventional energy sources from conventional power resources as this lacks to suffice to the surging energy need are adding to the global renewable energy market growth in the region. Besides, the growing need for energy, speedy industrialization and urbanization, mushrooming middle-class, the expanding consumer base, and the implementation of eco-friendly power generation solutions in China and India to handle the growing population level is also adding market growth.
Some countries in Europe and the US are largely dependent on modules and solar cells which are low-cost from China. Further the US rests on different countries for importing wind equipment. The COVID-19 crises across the globe as a result have halted the manufacturing operation of components that is ultimately predicted for creating unprecedented hindrance in the worldwide supply.
Segmentation of Market covered in the research:
Renewable Energy Market By Type (Hydropower, Wind Energy, Solar Energy, Bioenergy, Geothermal Energy, Ocean Energy), End-Use [Industrial (Power, Chemicals & Petrochemicals, Oil & Gas, Food & Beverage), Residential and Commercial] - Forecast till 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
