Renewable Energy Market by Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy) and End Use (Residential, Commercial, Industrial, and Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Renewable Energy Market Overview
The global Renewable Energy market size was estimated at USD 1025.8 billion in 2022 and is projected to reach USD 1913.2 billion in 2030 at a CAGR of 8.1% during the forecast period 2023-2030.
Renewable energy refers to energy that is generated from natural sources such as wind, sunlight, geothermal heat, and ocean waves. These sources are replenished naturally and do not deplete over time, unlike fossil fuels. Solar energy is generated by harnessing the power of sunlight through solar panels, while geothermal energy is generated by tapping into the heat of the earth's core. Wind energy is generated by using wind turbines to convert the kinetic energy of wind into electricity, while bioenergy is generated from organic matter such as wood, crops, and waste. Hydropower is generated by using the force of moving water to turn turbines, while ocean power is generated by harnessing the energy of ocean waves and tides. Renewable energy is currently being used in various sectors such as heating, electricity, cooling, and transport. For instance, solar panels are used to generate electricity for homes and businesses, while electric cars are powered by batteries that are charged using renewable energy sources.
The development of technology in the renewable energy sector has led to a decrease in the cost of producing renewable energy. This has made renewable energy more affordable and accessible to consumers, which has positively impacted the growth of the renewable energy market. The increasing competitiveness of battery storage systems has also contributed to the growth of the renewable energy market. Battery storage systems allow for the storage of excess energy generated by renewable sources, which can be used during times when renewable energy sources are not available. This has made renewable energy more reliable and efficient, which has further increased its appeal to consumers.
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After the spread of the COVID-19 the market has reached now pre pandemic level, The renewable energy market grows in the long term due to several driving factors. One of the major driving factors is the favorable government policies that encourage the adoption of renewable energy sources. Governments around the world are offering incentives and subsidies to promote the use of renewable energy, which is expected to boost the market growth. Another driving factor is the increasing adoption of renewable energy due to the declining prices of solar panels and wind turbines installations. As the cost of renewable energy technologies continues to decrease, more people are likely to switch to renewable energy sources, which will further drive the market growth.
Delvens Industry Expert's Standpoint
Developing new resources in the renewable energy market requires a significant amount of investment to build the necessary infrastructure. This includes setting up solar panels, wind turbines, geothermal plants, and other renewable energy sources.These initial investments can increase the cost of providing electricity, especially during the early years of operation. This is because the cost of building the infrastructure is spread out over the lifetime of the project, which can take several years to recoup.
Finding a suitable site for renewable energy sources is a complex process that requires several years of monitoring. For example, finding a potential solar site requires monitoring the amount of sunlight the site receives, the angle of the sun, and the weather patterns in the area. finding a suitable site, workers need to be trained to install, operate, and maintain the new technologies. This can be a time-consuming process, especially for technologies that require specialized skills or experience. Some renewable energy sources require operating experience in certain climatic conditions before their performance can be optimized. For example, wind turbines need to be placed in areas with consistent wind patterns to generate the maximum amount of electricity.
Key Findings
- On the basis of product, The increased investment in the generation of off-grid energy and electrification of rural areas in developing economies like China, India, Brazil, Colombia, and Vietnam has resulted in the increased demand for small-scale hydropower plants in the past few years. This increased demand for hydropower is due to its suitability for rural areas, where grid connectivity is limited or non-existent, and the availability of water resources makes it a viable option for power generation. The growth of the hydroelectric power segment in the global renewable energy market is further fueled by increasing government initiatives to promote the generation and adoption of hydropower.
- On the basis of End-User, this dominance is attributed to the high demand for geothermal energy for heating applications in the residential sector across the world. The demand for geothermal power is expected to increase significantly in the residential segment in the foreseeable future due to rising urbanization and the consequent increase in demand for electricity. The increased consumer awareness among consumers in developed and developing economies is expected to fuel the adoption of renewable energy sources during the forecast period. This increased adoption of renewable energy sources is expected to result in the continued dominance of the residential segment throughout the forecast period.
- On the basis of commercial, commercial segment is expected to grow at a higher rate than other segments during the forecast period. This growth is attributed to the rising government initiatives in the form of subsidies and regulatory reforms that promote the adoption of renewable energy sources in commercial spaces. The technological advancements in the field of renewable energy are also contributing to the growth of the commercial segment. These advancements are reducing the costs associated with the deployment of renewable energy, making it more affordable for commercial entities to adopt renewable energy sources. The commercial segment includes various industries such as retail, hospitality, healthcare, and education, among others.
- The Asia-Pacific region is expected to experience significant growth in the renewable energy market, the forecast period. In 2020, the global renewable energy market share indicating its importance in the industry. The region's high energy consumption is due to the rise in industrialization and population growth, which has led to an increased demand for energy. Countries such as China and India have seen considerable growth in the renewable energy market, with China becoming the world's largest producer of bioelectricity in 2017.China is also a key player in other renewable energy sources such as hydropower, onshore wind power, and solar photovoltaic, indicating its significant contribution to the industry's growth in the region.
Renewable Energy Market Regional Analysis
North America to Dominate the Market
- The Asia-Pacific region includes countries such as China, India, Japan, Australia, and South Korea, among others. The dominance of the Asia-Pacific region in the renewable energy market can be attributed to several factors such as government policies, favorable investment climate, and abundant natural resources.
- China's total renewable energy capacity in 2022 was 1160.8 GW, which is a significant increase of approximately 13.4% compared to the previous year. Hydropower, solar, and wind are the major renewable energy sources in China, indicating that the country is investing in a diverse range of renewable energy technologies. China's dominance in the renewable energy market is likely to continue during the forecast period, according to the additional text provided.
Renewable Energy Market Competitive Landscape
· Canadian Solar Inc.
· General Electric Company
· Vestas Wind Systems AS
· First Solar Inc.
· Jinko Solar Holding Co. Ltd
· EDF
· Enel Spa
· Innergex
· Invenergy
· General Electric
· Xcel Energy Inc.
· ABB
· THE TATA POWER COMPANY LIMITED (Tata Power)
· ACCIONA
· Geronimo Energy
· Schneider Electric
· Siemens Gamesa Renewable Energy, S.A.
· Suzlon Energy Ltd.
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Renewable Energy Market Recent Developments
- In April 2023, ArcelorMittal announced that the company’s Brazilian entity, ArcelorMittal Brazil, formed a joint venture with the Brazilian renewable energy company Casa dos Ventos in order to develop the 554 MW Babilonia wind power project. The project will be developed at a cost of USD 800 million and will be located in the central region of Bahia, northeast Brazil.
- In January 2023, Cepsa announced that the company would be building three new solar power projects in Castilla-La Mancha, Spain. The total capacity of the three solar energy farms would be 400 MW. The projects would be developed with an investment of EUR 280 million in the towns of Campo de Criptana and Arenales de San Gregorio.
Reasons to Acquire in the Renewable Energy Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Renewable Energy Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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Frequently Asked Questions
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