The renewable Energy Market size was valued at US$ 1138.19 Bn. in 2023. Global Renewable Energy Market is estimated to grow at a CAGR of 8.7% over the forecast period.
Renewable Energy Market Overview
Renewable energy, derived from constantly replenished natural sources, is known for its clean energy benefits. In 2023, the sector demonstrated strong resilience due to robust fundamentals and supportive global policies. Technological advancements and decreasing costs have made renewable energy highly competitive, further enhanced by the growing efficiency of battery storage solutions.
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Market Forecast and Key Dynamics:
The rapid growth of solar and wind power has revitalized global efforts to reduce greenhouse gas emissions and address climate change. In 2010, solar and wind energy accounted for just 1.7% of global electricity generation, but by 2020, this figure had surged to 8.7%, exceeding conventional energy models’ projections. For instance, the International Energy Agency’s 2012 forecast for global solar energy generation to reach 550 terawatt-hours by 2030 was surpassed by 2018.
Renewable Energy Market Regional Insights
The Asia Pacific region dominated the global renewable energy market with a 34.7% share in 2023 and is expected to grow at a CAGR of 9.3% during the forecast period. With increased commerce and population, the region account for more than half of world energy consumption. In countries like China and India, the renewable energy sector has grown significantly. For instance, in 2017, China overtook the United States as the world’s largest producer of bioelectricity, and it is now a major participant in hydropower, onshore wind power, and solar photovoltaic.
Renewable Energy Market Segmentation
by Type
Hydroelectric Powe
Wind Power
Bioenergy
Solar Energy
Geothermal Energy
by Application
ABB Ltd.
Orsted A/S (DNNGY)
Iberdrola SA
JinkoSolar Holding Co. Ltd.
Vestas Wind Systems A/S
Ocean Power Technologies
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Renewable Energy Market Key Players
ABB Ltd.
Orsted A/S (DNNGY)
Iberdrola SA
JinkoSolar Holding Co. Ltd.
Vestas Wind Systems A/S
Ocean Power Technologies
GE
NextEra Energy, Inc.
Enel Group
ONPOWER Business Energy
Yingli Solar
Tocardo BV
SynTech Bioenergy
Siemens AG
Canadian Solar Inc.
Invenergy LLC
Geronimo Energy Holdings LLC
EDF
Xcel Energy
Innergex
TATA Power
Key questions answered in the Renewable Energy Market are:
- What is Renewable Energy?
- What was the Renewable Energy market size in 2021?
- What is the growth rate of the Renewable Energy Market?
- Which are the factors expected to drive the Renewable Energy market growth?
- What are the different segments of the Renewable Energy Market?
- What growth strategies are the players considering to increase their presence in Renewable Energy?
- What are the upcoming industry applications and trends for the Renewable Energy Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Renewable Energy Market?
- What segments are covered in the Renewable Energy Market?
- Who are the leading companies and what are their portfolios in Renewable Energy Market?
- What segments are covered in the Renewable Energy Market?
- Who are the key players in the Renewable Energy market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by Different Segment | 2022-2027
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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