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Global Renewable Energy Market to Witness Growth of 8.1% over the Forecast Period

Published On 20 Dec 2021 06:19 AM


Renewable energy also known as the clean energy is derived from natural resources. Sun, wind, bioenergy, water sources are some of the major resources of renewable energy. Renewable energy includes energy that is generated through solar radiation, wind, the motion of water, or geologic heat. Various technologies are used to convert these energies into usable forms such as electricity, heat, chemicals or mechanical power. In order to capitalize on the potential social and economic opportunity from renewable energy, companies are investing into the renewable energy market in large proportion. Mitsubishi Corporation, for instance, in June 2021 entered into an investment agreement with Impact Energy Asia Development Limited, a Hong Kong based entity engaged in the development of an onshore wind farm project with the capacity of 600MW in Laos. Mitsubishi Corporation has initiated investment into the project through their Hong Kong based wholly owned subsidiary, Diamond Generating Asia, Limited.

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The 420+ Pages Report will include extensive information on the following pointers:

  • Global Market size and forecast values (2015 – 2029), in terms of revenue (US$ Million) by segments/sub-segments.
  • Split of the market revenue (US$ Million) into all the relevant segments & sub-segments across all major regions/countries.
  • Industry Gross Margin and Profitability Analysis
  • Market determinants and Influencing Factors
  • Market Dynamics (Drivers, Restraints, Opportunities and Challenges)
  • Business & Technological Trends
  • Regulatory Landscape
  • PESTEL Analysis
  • Impact of the Coronavirus Pandemic on Global Renewable Energy Market
  • Macro-Economic and Micro-Economic Indicators
  • Porter’s Five Forces Analysis
  • Market Determinants Radar Chart
  • Competitive Analysis
    • Global Presence and Growth Strategies
      • Mergers and Acquisitions
      • Product Launches
      • Investments Trends
      • R&D Initiatives
    • Market Share Analysis, 2020
  • Detailed profiles of major market participants operating in the market, encompassing information on company details, company overview, product offerings, key developments, financial analysis, SWOT analysis and business strategies

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Increasing Concerns Pertaining to Global Warming and Climate Change along with Growing Interest in Next-Generation Clean Energy Technologies

Renewable energy market is projected to witness tremendous growth in the upcoming years, due to rise in concerns regarding climate change and support for environmental, sustainability and governance (ESG) considerations along with the demand for cleaner energy sources from most market segments. The renewable energy sector is ready to branch out and remain remarkably resilient. Due to rise in technology advancements and reducing costs of renewable energy resources, along with the increased attractiveness of battery storage, have made renewables one of the most competitive energy sources in many areas. According to a research study, wind and solar capacity have additions of 13.8 GW in the first eight months of 2021 and had increased by 28% over the same period in 2020. Many cities and states across countries are looking forward to ambitious clean energy environment, increasing renewable portfolio standards and carrying out energy storage procurement mandates.

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Solar Energy Accounted as One of the Mainstream Form of Energy in 2020

Based on the type of renewable energies, solar energy accounted for the highest share in the global renewable energy market in 2020. The recent decline of about 85% cost in solar photovoltaic (PV) systems, which is amongst the most cost-competitive energy resources in the market, has contributed towards the segment’s growth in the global market. Solar industry participants are directing efforts to explore new configurations and business models for residential and commercial spaces. The market participants in the solar industry are investing towards incorporating advanced technologies such as solar-plus-storage buildouts, exploring floating solar PV modules and expanding community solar projects to new markets, which showcases substantial growth opportunities for renewable energy market over the period of next eight years. Pairing storage with solar offers cost synergies, operational efficiencies, and the opportunity to reduce storage capital costs with the solar investment tax credit.

Residential Sector to Boost over the Forecast Period

Increasing awareness of the use of renewable energies for residential purposes has risen over the last ten years. As large population is looking forward to generate savings in electricity costs, the need for an alternative source of electricity, and the desire to mitigate climate change risk has led to an increased demand for solar energy systems across the residential sector. Additionally, the decreasing solar systems costs, supportive government policies for solar installations in residential sector is estimated to further propel the adoption of solar renewable energies, thereby supporting the growth of global renewable energy market over the forecast period.

Regional Analysis

Asia Pacific along with North America accounted for a substantial share in the global renewable energy market in 2020. The data published in the U.S. Energy Information Administration (EIA) highlighted that United States generated about 40% of their power with non-fossil fuel sources. The figure has increased significantly in five years, when less than 20% of U.S. energy consumption was fueled by renewable energy sources. The rise indicates a significant increase in the demand for renewable energy in the region. Moreover in the last few years, there has been an expansion of community solar projects across the new markets in the United States. For instance, Washington DC has laid down policies for community solar. Since more than half of U.S. households were unable to purchase rooftop solar due to lack of sufficient sun, credit access, homeownership, and other factors, these programs has enabled residential customers to enjoy the benefits of shared solar power. Floating solar photovoltaics (FSPV), a technology in its nascent stage, is gaining attention in the United States, and several developers are exploring these projects either separately or as hybrids with hydro, which could serve to be beneficial from a shared substation and transmission. Investments towards innovation in the sector along with favorable government initiatives is estimated favor the growth of global renewable energy market over the forecast period.

The global renewable energy market share is competitive and comprises various companies such as ABB, ACCIONA, Adani Group, Brookfield Renewable Corporation, EDF Renewables, Enel Spa, GE Renewable Energy, Iberdrola, S.A., Innergex, Invenergy, Ørsted A/S, Siemens Gamesa Renewable Energy, S.A., Tata Power, Vestas Wind Systems A/S. The renewable energy market participants are undertaking business strategies, such as expansion in capacity and product innovation, to increase brand value and global reach.

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Global Renewable Energy Market:

  • By Offering
  • Solutions
  • Services
  • By Type
  • Solar Energy
  • Wind Energy
  • Hydroelectric Energy
  • Biomass and Biogas
  • Tidal and Wave Energy
  • Others
  • By End Users
  • Residential
  • Commercial & Industrial
  • Utilities
  • Others
  • By Region
  • North America (U.S., Canada, Mexico, Rest of North America)
  • Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
  • Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
  • Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
  • Latin America (Brazil, Argentina, Rest of Latin America)

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