WASHINGTON, Dec. 11, 2022 (GLOBE NEWSWIRE) -- The Global Renewable Energy Market is valued at USD 910.5 Billion in 2021 and is projected to reach a value of USD 1510.2 Billion by 2028 at a CAGR of 8.8% over the forecast period.
Wind, hydropower, solar, geothermal, and biofuel are just some of the Renewable Energy options available. According to estimates, only 7 % of the world's energy consumption is met by renewables. Eventually, this percentage is projected to rise dramatically. The significant factors that are expected to foster the growth of the Global Renewable Energy Market are the increasing public and private efforts to curb carbon emissions, the increasing adoption of clean and green energy by consumers, and the growing awareness of the harmful effects of fossil fuels on the environment. In addition, during the projected period, demand for Renewable Energy sources, including geothermal energy and solar energy, is expected to rise in response to the increasing industrialization and urbanization in emerging countries around the world.
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Renewable Energy Market Overview
According to Vantage Market Research, In order to fulfill their climate change pledges, governments around the world are pouring significant resources into Renewable Energy. For example, the United States invested $40.5 billion, China invested $126.6 billion, and India invested $11.3 billion in Renewable Energy. As more nations work to make the switch away from fossil fuels, we can anticipate this trend continuing. Since the industry is predicted to expand rapidly, it is not surprising that many businesses are vying for a piece of the pie. Others are planning to enter the industry, although major manufacturers like General Electric and Siemens are already there.
Renewable Energy Market Dynamics
Increasing Government Policy Support to Drive the Market
Many governments throughout the world have passed laws to promote the expansion and utilization of Renewable Energy resources. Subsidies, tax advantages, and mandates are examples of policies that fall under this category. By 2020, solar photovoltaic installations will have grown to 143 GW, making up 43 percent of the world's total Renewable Energy capacity. This share is projected to rise to 49% by 2023 when it reaches 175 GW. Meanwhile, wind power's installed capacity will hit 103 GW in 2020 and 126 GW by 2023. This latter number is a 24 percent rise from the previous one.
The Renewable Energy Market is growing in part due to falling prices. As an alternative to the more cumbersome and outdated 29-nanometer (nm) process lines, 14-nm wafers can be manufactured with direct writing or lithography. These developments are also assisting in shortening processing times and increasing yield rates, which in turn reduces the costs involved with producing a PV module. As a result of these price drops, Renewable Energy is more competitive with conventional fossil fuels. Another factor making renewable technology more accessible to businesses and families is the steady decline in its price. With these tendencies set to persist for the foreseeable future, the Renewable Energy Market is likely to expand.
Increasing Technlogical Advancements to Promote Market Growth
Due to technological advancements, the price of Renewable Energy is dropping, and the growing competitiveness of battery storage systems has a favorable effect on the expansion of the Renewable Energy Market. In addition, Renewable Energy sources are receiving a flood of funding because of growing global climate change and environmental, social, and governance (ESG) concerns. In an effort to promote sustainability and preserve the environment, governments in both established and emerging economies are providing subsidies to the corporate sector to encourage a move toward clean and green energy. These elements mostly drive the global expansion of the Renewable Energy Market.
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Global Renewable Energy Market Segmentation
By Type
- Wind Power
- Hydroelectric Power
- Solar Power
- Bio Energy
- Geothermal
By End Users
- Residential
- Industrial
- Commercial
- Other End Users
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Top Trends in Global Renewable Energy Market
- One trend that Vantage Market Research (VMR) expects to see in the Renewable Energy industry is the need for eco-friendly power sources is growing. There is an increasing demand for Renewable Energy around the world as governments try to lessen their dependency on fossil fuels and move towards a more sustainable future. The expansion of the solar and wind power industries, which have benefited from increased government support and investment, is a prime example of this trend.
- Another trend that VMR predicts will continue in the Renewable Energy industry is Renewable Energy technology has gotten significantly more economical in recent years, making it a more realistic alternative for both businesses and consumers. However, there are a handful of major red flags to keep an eye out for in the Renewable Energy industry. The cost of fossil fuels comes first. Fracking has driven down the cost of these fossil fuels, making Renewable Energy less cost-effective. A second factor is government regulation. Government incentives and restrictions significantly influence the economic feasibility of Renewable Energy projects. The third consideration is technological advancements. New developments in solar, wind and other technologies have the potential to lower the price of renewables and expand their market share.
Top Report Findings
- Based on type, most of the Renewable Energy Market's revenue is controlled by thesolar category. During 2021, solar energy's share of the Renewable Energy Market was 54.0%, with wind power coming in second at 19.7%. Solar panels are an excellent option for homes and businesses in sunny climates because they can convert sunlight directly into electricity. However, the initial investment and ongoing upkeep of solar panels can be substantial, and they need a sizable amount of room to function properly.
- Based on End user, the residential segmentdominated the Renewable Energy Market. Globally, the residential sector is the largest market for Renewable Energy. This can be ascribed to the public's increased understanding of the importance of switching to green energy. The second largest market for RE is the industrial sector. This is because businesses are actively embracing Renewable Energy sources to cut their carbon output. In terms of total consumption, commercial enterprises are the third-biggest Renewable Energy end-user.
Top 6 Players Generates More Than 28% of the Global Renewable Energy Market Revenue
The key players in the Global Renewable Energy Market include- ABB (Switzerland), Xcel Energy Inc. (US), EDF Energy (France), National Grid Renewables (US), Acciona (Spain), Enel Spa (Italy), InnergexRenewable Energy (Canada), The Tata Power Company Limited (India), General Electric (US), Invenergy (US) and others.
Top Players in the Global Renewable Energy Market
- ABB (Switzerland)
- Xcel Energy Inc. (US)
- EDF Energy (France)
- National Grid Renewables (US)
- Acciona (Spain)
- Enel Spa (Italy)
- InnergexRenewable Energy (Canada)
- The Tata Power Company Limited (India)
- General Electric (US)
- Invenergy (US)
Regional Analysis
Asia Pacific market is likely to observe significant market growth with the most prominent CAGR in the near future. The region’s market growth can be attributable to the rising economic development and industrialization in nations such as China and India. China is the largest market for renewable energy in the Asia Pacific and is heavily investing for the growth of renewable energy technologies.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Renewable Energy Market Forecast Report (2022-2028).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 910.5 Billion |
| Revenue Forecast by 2028 | USD 1510.2 Billion |
| CAGR | 8.8% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | ABB (Switzerland), Xcel Energy Inc. (US), EDF Energy (France), National Grid Renewables (US), Acciona (Spain), Enel Spa (Italy), Innergex Renewable Energy (Canada), The Tata Power Company Limited (India), General Electric (US), Invenergy (US) and others |
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