Global Renewable energy Market

Global Renewable Energy Market Size, Share, Growth Analysis, By Product(Hydro Power, Wind Power), By Application(Industrial, Residential) - Industry Forecast 2024-2031

Report ID: SQMIG10B2061 | Region: Global | Published Date: April, 2024
Pages: 178 | Tables: 65 | Figures: 75

Global Renewable Energy Market News

  • In April 2023, ArcelorMittal's Brazilian subsidiary, ArcelorMittal Brazil, entered into a joint venture with the Brazilian renewable energy company Casa dos Ventos to advance the Babilonia wind power project, boasting a capacity of 554 megawatts (MW). This project, situated in the central area of Bahia in northeastern Brazil, is set to incur an investment of USD 800 million. The joint venture will see ArcelorMittal owning a 55% stake, with the remaining 45% held by Casa dos Ventos.

  • In January 2023, Cepsa announced its plans to construct three additional solar power ventures in Castilla-La Mancha, Spain. These three solar energy facilities are set to have a collective capacity of 400 megawatts (MW) and will be realized through a financial commitment of €280 million. The sites chosen for these projects are located in the municipalities of Campo de Criptana and Arenales de San Gregorio.

  • In May 2022, NJR Clean Energy Ventures (CEV) initiated the construction of an expansive 8.9-megawatt (MW) floating solar installation in Millburn, New Jersey, poised to become the largest floating solar array in the United States. This project utilizes an innovative floating racking system, with an estimated 16,510 solar panels set to be deployed on a reservoir situated at the New Jersey American Water Canoe Brook Water Treatment Plant. Through a power purchase agreement with CEV, the clean energy generated by this installation is expected to fulfill approximately 95% of the facility's annual electricity requirements.

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Global Renewable Energy Market size was valued at USD 899.24 Billion in 2022 and is poised to grow from USD 1050.31 Billion in 2023 to USD 3637.99 Billion by 2031, growing at a CAGR of 16.80% in the forecast period (2024-2031).

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. 'Enel (Italy)', 'NextEra Energy (US)', 'Iberdrola (Spain)', '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)'

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.

Environmental Concerns and Climate Change Mitigation: One of the most significant drivers of the global renewable energy market is the growing awareness of environmental issues, particularly climate change. Countries and organizations worldwide are taking measures to reduce carbon emissions and mitigate the adverse effects of climate change. Renewable energy sources, such as wind, solar, and hydroelectric power, are low-carbon and play a crucial role in these efforts.

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.

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