USD 769.9 Billion
Report ID: SQMIG10B2061 | Region: Global | Published Date: May, 2023 | Pages: 157 | Tables: 65 | Figures: 75
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.
Global Market Size
USD 769.9 Billion
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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.
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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.
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Renewable energy Market Drivers
Renewable energy Market Restraints
High Capital Costs
Grid Infrastructure Limitations
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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
Renewable energy Market Recent Developments
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.
|Market size value in 2021||USD 769.9 Billion|
|Market size value in 2030||USD 3114.73 Billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
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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.
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