USD 769.9 Billion
Global Renewable Energy Market Size, Share, Growth Analysis, By Product(Hydro Power, Wind Power), By Application(Industrial, Residential) - Industry Forecast 2023-2030
Report ID: SQMIG10B2061 | Region: Global | Published Date: May, 2023 | Pages: 157 | Tables: 65 | Figures: 75
Global Renewable Energy Market Insights
Renewable energy Market size was valued at USD 769.9 Billion in 2021 and is poised to grow from USD 899.24 Billion in 2022 to USD 3114.73 Billion by 2030, at a CAGR of 16.8% during the forecast period (2023-2030).
The global renewable energy market has been growing rapidly over the past few years, driven by various factors such as government support and incentives, technological advancements, and increasing environmental concerns. Governments around the world are implementing policies and incentives to promote the use of renewable energy sources and reduce carbon emissions. Technological advancements in renewable energy have also been a key driving factor, leading to the development of more efficient and cost-effective renewable energy systems. The high initial cost of renewable energy systems has been a major restraining factor for the market. The cost of setting up renewable energy systems is generally higher than that of conventional energy systems, which may deter some consumers from adopting renewable energy.
Energy storage is crucial for renewable energy systems to provide reliable and consistent power supply, especially for intermittent sources such as solar and wind. Another challenge is the lack of adequate infrastructure, especially in developing countries, which may limit the adoption of renewable energy sources. There are several opportunities in the global renewable energy market, including the potential for increased innovation and investment in energy storage solutions. As the demand for renewable energy continues to grow, there is also potential for increased job creation and economic growth in the renewable energy sector. Additionally, the increasing adoption of renewable energy sources presents opportunities for reducing carbon emissions and mitigating the effects of climate change. The global renewable energy market is expected to continue growing in the coming years, driven by government support and incentives, technological advancements, and increasing environmental concerns. While there are challenges and restraining factors in the market, there are also opportunities for innovation, job creation, and economic growth in the renewable energy sector.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
Hydro Power
Fastest Growth
Hydro Power
Growth Rate
16.8% CAGR
Global Renewable Energy Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
Global Renewable Energy Market Size By Product, 2022-2030 ($ Bn)
Global Renewable Energy Market Size By Product, 2022-2030 (%)
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Global Renewable Energy Market Segmental Analysis
The global renewable energy market is segmented on the basis of product, application, and region. By product, the market is segmented into hydro power, wind power, solar power, bioenergy, and others. In terms of application, the market is segmented into industrial, residential, commercial. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Renewable energy Market Analysis by Product
In 2022, the hydropower segment had the largest share of the global renewable energy market, accounting for over 29.25%. This segment is expected to continue expanding at a steady pace from 2023 to 2030. Hydropower, also known as hydroelectric power, offers various advantages to communities and plays a crucial role in mitigating climate change by providing storage, power, and flexibility services. On the other hand, the solar power segment is expected to grow at the fastest rate during the forecast period due to its low cost, ability to offer a "green label" to homes and businesses, and reduced interruptions in electricity supply. Additionally, solar systems are more efficient than other renewable energy sources in terms of transmissions, which further drives its demand.
The wind power and bioenergy segments are also expected to increase steadily during the forecast period as traditional energy sources get replaced by renewable energy. As of 2020, China has the largest installed capacity of wind energy, with 221 GW, followed by the United States, Germany, India, Spain, and other countries. This, along with concerns about the environmental impact of fossil fuels, is expected to drive demand for wind energy in the future. Furthermore, geothermal energy, which is derived from the earth's heat, can be used as a source of renewable electricity and for cooling and heating applications.
Renewable energy Market Analysis by Application
The global industry is categorized into industrial, commercial, and residential applications. The industrial segment dominated the market in 2022, accounting for over 62.40% of the total revenue. The rising demand for clean energy is expected to boost the number of utility projects and drive growth in the PV modules market in the industrial sector. The industrial application segment is expected to witness a surge in demand for solar PV panels due to the increasing number of power plants in operation and development. The launch of new solar PV panels is likely to drive product demand, such as the PowerXT 430R-PL introduced by Solaria in September 2021 for residential use. Commercial solar PV panels have a lifespan of 15 to 20 years and can be used in various applications such as powering buildings in off-grid or remote locations, pre-heating ventilation air, and water heating in offices, businesses, and other settings. The adoption of PV modules in corporate offices, hotels, and hospitals is expected to drive product demand in the commercial sector, along with increased power demand in communication base stations and data centers.
Global Renewable energy Market Size By Product, 2022(%), 2021 (%)
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Global Renewable Energy Market Regional Insights
In 2022, Asia Pacific region dominated the global renewable energy market accounting for over 40.40% of the total revenue. This growth can be attributed to the increasing adoption of solar power projects in China and India, which are among the largest markets for solar panels worldwide. Other countries in the region, such as Australia and Japan, also offer significant growth potential due to their substantial investments in solar power generation in recent years.
North American market is expected to experience substantial growth during the forecast period. The industrial sector has witnessed a surge in power generation from solar cells, owing to the availability of more efficient solar cells and intensified competition in the industry. This has resulted in a reduction in the cost of electricity production and an increase in the variety of solar panels available, driving the demand for renewable energy in the region. Increasing concerns about greenhouse gas emissions, the cost of electricity generation, and regulations aimed at reducing carbon footprints are expected to drive the growth of the renewable energy market during the forecast period.
Global Renewable energy Market Size By Geography, 2022-2030, 2023-2030
- Largest
- Fastest
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Global Renewable Energy Market Dynamics
Renewable energy Market Drivers
Environmental Concerns
- Growing concerns about climate change and environmental degradation have led to increased demand for renewable energy sources. As consumers become more aware of the impact of their energy consumption on the environment, they are seeking out cleaner, more sustainable energy sources. The use of renewable energy sources can help reduce the carbon footprint of individuals, businesses, and countries, thereby mitigating the impact of climate change. renewable energy can help reduce other forms of environmental degradation, such as air and water pollution, which are associated with the burning of fossil fuels. By adopting renewable energy sources, countries can reduce their dependence on imported fossil fuels, which can lead to the degradation of local ecosystems due to extraction, transportation, and refining processes.
Energy Security
- The need for energy security has become a major driver for the adoption of renewable energy sources. Countries are seeking to reduce their reliance on imported fossil fuels and increase their domestic energy production to ensure a stable supply of energy. renewable energy sources are typically distributed, meaning they can be deployed across a wide area, making it easier to secure the energy supply against disruptions caused by natural disasters, political instability, or conflicts.
Renewable energy Market Restraints
High Capital Costs
- The high capital costs associated with renewable energy projects can be a significant barrier to entry for companies looking to enter the market. The cost of installing renewable energy infrastructure, such as wind turbines or solar panels, can be prohibitively expensive for some companies. Offshore wind farms are some of the most expensive renewable energy projects to develop, with the cost of installing wind turbines and transmission infrastructure in deep water locations often exceeding the cost of onshore wind farms.
Grid Infrastructure Limitations
- The limitations of existing grid infrastructure can also be a restraint on the growth of the renewable energy market. Many renewable energy sources are intermittent, meaning that they are only available at certain times of the day or year. This can create challenges for grid operators who must balance energy supply and demand in real-time. The variability of solar power generation can create imbalances in the grid that require significant investment in grid infrastructure to address.
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Global Renewable Energy Market Competitive Landscape
The global renewable energy market is highly competitive, with a large number of players operating in various segments of the market. The market is characterized by a mix of established companies, as well as new and innovative startups. In addition, there is a growing trend towards collaboration and partnerships between companies in the renewable energy space. There is a growing trend towards collaboration and partnerships between companies in the renewable energy space. For example, several companies are partnering to develop large-scale offshore wind farms, leveraging each other's expertise and resources. This collaboration is also happening at the local level, with small startups partnering with local utilities to develop community solar projects. The competitive landscape of the global renewable energy market is dynamic and constantly evolving, driven by new technologies, changing market conditions, and shifting customer preferences.
Renewable energy Market Top Player’s Company Profiles
- EDP Renováveis (Spain)
- China Three Gorges Corporation (China)
- Orsted (Denmark)
- SSE (Scotland)
- Invenergy (US)
- Brookfield Renewable Partners (Canada)
- Canadian Solar (Canada)
- Acciona (Spain)
- E.ON (Germany)
- Engie (France)
- Pattern Energy (US)
- Xcel Energy (US)
- EDF Renewables (France)
- Dominion Energy (US)
- Innergex Renewable Energy (Canada)
- Greenko Energy Holdings (India)
- Vestas Wind Systems (Denmark)
Renewable energy Market Recent Developments
- In April 2022, the United States set a new record for solar installations, adding 5.7 gigawatts (GW) of solar capacity in the first quarter of the year.
- In November 2021, the European Union announced its plan to increase its renewable energy target to 40% by 2030, up from the previous target of 32%.
- In September 2021, China announced plans to reach peak carbon emissions by 2030 and achieve carbon neutrality by 2060, which is expected to drive significant growth in the country's renewable energy sector.
- In January 2021, India launched the world's largest renewable energy park, with a capacity of 30 GW. The Park is expected to attract significant investment in the country's renewable energy sector.
Global Renewable Energy Key Market Trends
- Offshore wind energy: Offshore wind energy has been gaining popularity in recent years as a way to address some of the integration issues associated with onshore wind energy. Offshore wind offers higher wind speeds and a more consistent energy supply, which makes it an attractive option for many countries.
- Energy storage: Energy storage technologies such as batteries and pumped hydro are becoming increasingly important as a way to address the intermittency of renewable energy sources. As the cost of energy storage continues to decrease, it is expected to play a larger role in the renewable energy market.
Global Renewable Energy Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global renewable energy market analyses, the market is being driven by several factors, including government policies and incentives, declining costs of renewable energy technologies, and increasing public awareness of the need to transition to cleaner sources of energy. advancements in energy storage technology have made renewable energy sources more reliable and cost-effective, further driving market growth. In terms of market segmentation, the renewable energy market can be divided into several categories. The global renewable energy market is expected to continue growing at a steady pace in the coming years, driven by factors such as government policies, declining costs of renewable energy technologies, and increasing public awareness of the need to transition to cleaner sources of energy.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 769.9 Billion |
| Market size value in 2030 | USD 3114.73 Billion |
| Growth Rate | 16.8% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Renewable Energy Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Renewable Energy Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Renewable Energy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Renewable Energy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Renewable Energy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Renewable Energy Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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