Renewable Energy Market Overview:
The Renewable Energy market study gives a complete picture of the competition, including the market share and company profiles of the key competitors in the global industry. The scope of the research includes a thorough investigation of the Renewable Energy Market, as well as the reasons for variations in the industry’s growth in various locations.
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Growing Renewable Energy Capacity Addition across the Globe:
Despite the disruptions and changes induced by the coronavirus epidemic, renewable energy sources have shown remarkable resilience. According to the IEA’s Renewable Market Update report, the globe has installed more than 169 GW of renewable power capacity in 2020. Yearly renewable energy capacity additions reached 45% to 280 GW in 2020, which is the biggest annual increase since 1999. With annual additions, solar PV development is expected to continue to set new benchmarks. By 2022, it is expected to reach 162 GW, over 50% greater than the pre-pandemic level in 2019. In 2020, global wind capacity installations grew by more than 90% to reach 114 gigawatts. As a result, these factors are expected to boost the renewable energy market growth throughout the forecast period.
Renewable Energy Market Segmentation:
By Application, the Renewable Energy Market is segmented into Residential, Commercial, Industrial, and Others. The Residential segment is expected to grow at a CAGR of 8.6% during the forecast period. People are choosing renewable energy sources over traditional fast-depleting non-renewable energy sources, thanks to growing environmental consciousness and a desire to lessen the global carbon footprint. The segment growth is attributed to the increased use of geothermal heat pumps in home heating applications. The need for geothermal energy is expected to grow dramatically as the demand for electricity rises. In addition, residential geothermal power is offered by a number of organizations in the market. For example, Enel Green Power owns the power plants at a complex and serves about 2 million households, 8700 residential and commercial users, and 25 acres of greenhouses.
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Renewable Energy Market Key Players:
Major players in the market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top manufacturers; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, CEOs, and marketing executives. The percentage splits, market shares, growth rate, and breakdowns of the global markets are determined by using secondary sources and verified through the primary sources. The biggest players in the Renewable Energy market are as follows:
- 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
COVID-19 Impact Analysis on Renewable Energy Market:
Due to a break in operations, end-user sectors where Renewable Energy are used had a decline in growth from January to May in various countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India. This resulted in a large drop in the revenues of firms operating in these industries and, as a consequence, in demand for Renewable Energy manufacturers, affecting the development of the Renewable Energy market in 2020. End-user business demand for Renewable Energy has dropped considerably as a result of lockdowns and a rise in COVID-19 incidents throughout the world.
Key Questions Answered in the Renewable Energy Market Report are:
- Which segment had the largest share in the Renewable Energy market in 2021?
- What is the competitive landscape of the Renewable Energy market?
- Which are the key drivers aiding the Renewable Energy market growth?
- Which region has the maximum share in the Renewable Energy market?
- What will be the CAGR of the Renewable Energy market during the forecast period (2022-2027)?
About Stellar Market Research:
Stellar Market Research is a market research and consulting firm that provides syndicated and custom research reports in addition to consulting services. The main goal of the company’s products is to assist businesses in identifying, focusing on, and analysing changes in consumer behaviour across demographics and industries to assist them in making better business decisions. In order to provide relevant and fact-based research, the company conducts market intelligence studies in a variety of industries, including healthcare, touch points, and energy. With experience in many different industries, Stellar Market Research has a sizable staff of highly qualified analysts. Clients can gain a competitive advantage over their rivals thanks to the company’s subject-matter expertise and capacity to provide a workable solution to any research problem.
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