Market Overview:
In addition, the worldwide Renewable Energy Market is projected value of USD 2172.37 billion by the end of 2030, with a compound annual growth rate (CAGR) of 10.13% throughout the projected timeframe.
Hydroelectric power is a sustainable energy source that generates electricity by harnessing the energy of flowing water from higher to lower elevations. In 2019, hydropower generated a record 4,306 terawatt-hours of renewable electricity (TWh). It is the greatest contribution ever made by a renewable energy source. The research makes a spectacular attempt to reveal significant opportunities accessible in the worldwide renewable energy market to assist businesses to achieve a strong market position, with industry-standard precision in analysis and excellent data integrity. Buyers of the study will get access to validated and credible market predictions, such as those for the worldwide Solar Energy market’s total revenue size.
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In 2019, the total global installed hydropower capacity reached 1,308 gigatonnes (GW). This reflects a 1.2 per cent increase, which is lower than the five-year annual average of 2.1 per cent and significantly below the 2.0 per cent annual growth necessary to reach Paris Agreement commitments. In 2019, more than 50 nations added more than 15 GW of installed capacity. Brazil (4.92 GW), China (4.17 GW), and Laos had the biggest individual gains in installed capacity (1.89 GW). Government strategies and objectives are critical in the development of hydropower. As governments become more worried about climate change and the importance of renewable energy in mitigating it, many countries have proposed a hydroelectric project with a capacity of more than 29 GW for 2019. According to the International Energy Agency (IEA), worldwide hydropower investment surpassed USD 50 billion in 2019. The COVID-19 epidemic has hugely influenced the worldwide renewable energy economy. As a result of the global economic recession, governments and private players are already reducing their investments in the market.
Market Segmentation:
The renewable energy market has been segmented into two types such as type & regional basis. With the type section, the market has been divided into five categories like solar, wind, hydro, bioenergy & other types. The regional sections are further classified into five parts, including Asia-Pacific, Europe, North America, South America, and Middle East & Africa.
Regional Analysis:
The Asia-Pacific region has led the renewable energy industry in recent years and is expected to do so again throughout the projected period. China is the global leader in renewable energy installations as of 2019. The overall renewable energy capacity of the country reached 814.54 GW in 2019, marking an increase of nearly 8.4 per cent over the previous year’s figure. The country’s primary renewable energy sources include hydropower, solar, and wind. Despite being the world leader in renewable energy deployment, China’s newly installed RE capacity fell in 2019. One of the key reasons for the drop in new capacity additions in 2019 is closing the renewable energy Stream.
The National Development and Reform Commission (NDRC), which sets pricing, suggested in 2018 that wind and solar feed-in tariffs will be phased away, in part to address mounting deficits in the money used to pay for the subsidies. The abrupt phasing out of solar FiTs resulted in a dramatic drop in solar installations in 2018. However, the market rebounded in 2019 due to high growth in new solar and wind installations, which was bolstered by the introduction of new subsidies plans.
Top Companies
ABB Ltd., Ocean Power Technologies, Ørsted, GE, NextEra Energy, Inc., Enel Group, ONPOWER Business Energy, Yingli Solar, Tocardo BV, SynTech Bioenergy, Vestas, Siemens AG, Canadian Solar Inc., Invenergy LLC, Geronimo Energy Holdings LLC, EDF, Xcel Energy, Innergex, TATA Power, ABB Product Group Solar
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Industrial News:
California, the country’s largest distributed Power market, is dealing with a net metering system that will limit compensation for distributed PV while encouraging electrification and energy storage.
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