Global Renewable energy Market

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


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

Renewable Energy Market Insights

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). 

In recent times, the renewable energy sector has witnessed massive growth owing to the transformation towards low-carbon fuels and the presence of strict environmental laws in most of the developed economies. The energy generation market is growing because of rising installation capacity of renewable sources because of the growing environmental concerns along with pressure to minimize harmful impact of greenhouse gases (GHG). These are some of the primary factors expanding the solar and wind energy sectors. The growing awareness about the hazardous impacts of fossil fuels on the environment, increasing government initiatives for encouraging the utilization of clean and green energy are also boosting the market growth. Nowadays, people along with private and public institutes are also trying to minimize carbon emissions and increasing the adoption of green energy, resulting in the growth of the global renewable energy market. Growing industrialization and urbanization in the developing economies worldwide is also driving the demand for various renewable energy sources like solar and geothermal energy. The growing developments in technology are also reducing the expense of renewable energy and the rising competitiveness of the battery storage market are also positively influencing the renewable energy market. 

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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 renewable energy market is witnessing exceptional growth and innovation. The hydro power and solar power segments are leading the market due to advancement of technologies and reduced expense. The market is also driven by various factors as prominent companies are forming strategic alliances and going into joint ventures. With this they are launching products that use renewable energy, increasing their presence and share in the market.   '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) '

Climate change and environmental concerns are highlighting the significance of renewable energy. Nowadays people are becoming more energy conscious and implementing renewable and cleaner energy sources. The minimization of the negative influence of global warming on individuals, business organizations, and countries is increasing the implementation of renewable energy sources. These energy sources can also decrease the release of greenhouse gases coming from the combustion of fossil fuels, which is a major form of environmental pollution. Many countries who are importing fossil fuels from other nations can also stop as they are responsible for the pollution of environment during the extraction, transportation, and refining processes, by embracing renewable energies.  

Based on regions, the Asia-Pacific region is dominating the renewable energy market. The growing industrialization and urbanization in the region have led to an increase in the pollution levels. Moreover, due to an increase in the population there is also a rise in residential projects in the region, which is fueling the demand for electricity. The renewable energy market is experiencing massive growth in the developing economies like India and China due to the robust increase in the economy. This is primarily due to the rising industrialization. Nowadays, government bodies are also taking many initiatives and playing a vital part in the adoption of renewable energy across various end user applications. Furthermore, the rising demand for electricity due to the increasing investments in industrialization is also propelling investments in the deployment of solar energy infrastructure. 

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Global Renewable energy Market

Report ID: SQMIG10B2061

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