Renewable Energy Market Growth & Trends
The global renewable energy market size is expected to reach USD 2.97 trillion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 16.6% from 2022 to 2030. Governments across the world have framed various regulations to reduce Greenhouse Gas (GHG) emissions. The shift toward low-carbon fuels and the presence of stringent environmental regulations in most developed countries have provided a major boost to the renewable energy sector. Due to climate change and increasing environmental concerns, most governments have set targets to cut down their emissions. As a result, there have been huge investments in renewable energy and alternate fuels, and this trend is expected to continue in the coming years.
Thus, the increasing inclination toward eco-friendly products to reduce emissions is expected to fuel the demand for renewable energy during the forecast period. The hydropower segment accounted for the maximum revenue share in 2021. Hydropower also known as hydroelectric power offers advantages to the communities and plays a crucial role to help climate change by providing storage, power, and flexibility services. It is a domestic source of energy, which allows each state to generate its energy without reliance on any international fuel sources. The solar power segment is expected to witness considerable growth in the forecast period owing to its low cost. Moreover, it reduces electricity interruptions. Industrial was the dominant application segment in 2021.
The growing demand for clean electricity is expected to increase the number of utility projects and fuel the PV modules market growth across the industrial sector. The commercial segment is expected to expand further at the fastest CAGR during the forecast period The rapid adoption of PV modules in corporate offices, hotels, and hospitals is expected to drive the product demand across the commercial sector coupled with an increased power demand in communication base stations and data centers. The Asia Pacific was the largest region for renewable energy in 2021 due to the high demand for renewable energy as a result of the rising number of installations of solar power projects in China and India.
These countries are the key markets for solar panels both globally and in the Asia Pacific. In addition, countries in the region, including Australia and Japan, have high growth potential as they have been investing largely in solar power generation for the last few years. Major players in the industry are focusing on innovation and technological advancements to reduce the cost of renewable energy and make it competitive with traditional power sources, such as natural gas and coal. In addition, industry participants are emphasizing practicing several strategic initiatives, such as joint ventures, partnerships, mergers & acquisitions, and others, to enhance their foothold in the market.
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Renewable Energy Market Report Highlights
Hydropower emerged as the largest product segment in 2021, in terms of revenue, owing to it playing a crucial role to help climate change by providing storage, power, and flexibility services.
In terms of revenue, the industrial segment led the industry in 2021 due to the growing demand for clean electricity, which, in turn, is expected to increase the number of utility projects and fuel the PV modules market growth across the industrial sector
The Asia Pacific accounted for the dominant revenue share in 2021 due to the increasing demand for renewable energy as a result of the rising number of installations of solar power projects in China and India
Europe is estimated to grow at a significant CAGR during the forecast period owing to the availability of funding in the European Union for energy conservation and energy efficiency projects
Access Press Release@ https://www.grandviewresearch.com/press-release/global-renewable-energy-market
Renewable Energy Market Segmentation
Grand View Research has segmented the global renewable energy market based on product, application, and region:
Renewable Energy Product Outlook (Volume, TWh; Revenue, USD Billion, 2019 - 2030)
Hydropower
Wind Power
Solar Power
Bioenergy
Others
Renewable Energy Application Outlook (Volume, TWh; Revenue, USD Billion, 2019 - 2030)
Industrial
Residential
Commercial
Renewable Energy Regional Outlook (Volume, TWh; Revenue, USD Billion, 2019 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
Italy
U.K.
Norway
Asia Pacific
China
India
Japan
Australia
Central & South America
Brazil
Argentina
Middle East & Africa
Iran
Egypt
List of Key Players of the Renewable Energy Market
ABB
Acconia
Enel Spa
General Electric
Innergex
Invenergy
Schneider Electric
Siemens Gamesa Renewable Energy, S.A.
Suzlon Energy Ltd.
Tata Power
Xcel Energy, Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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