The Renewable Energy Global Market Report 2023 by The Business Research Company, provides renewable energy market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Renewable Energy Global Market Report 2023, the market size will grow from $952.85 billion in 2022 to $1035.69 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global renewable energy is expected to grow to $1404.48 billion in 2027 at a CAGR of 7.9%.
An increase in power consumption is expected to propel the growth of renewable energy. Global energy demand is rising due to increased industrial activity and technological advancements in developing and developed countries. Additionally, there is a rapid increase in energy consumption because of the growing world population, which implies growing energy requirements. Due to such an increase in the use of power, there is a need to produce renewable energy because of its improved energy security and reduced risk of fuel spills that emits no greenhouse gases from fossil fuels and decreases certain types of air pollution.
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The renewable energy market is segmented:
1) By Type: Solar Energy, Wind Energy, Bio Energy, Hydro Energy, Geothermal Energy
2) By Capacity: 0-1,000KWH, 1,100-5,000KWH, More than 5,000KWH
3) By End User: Residential, Commercial, Industrial, Utility
Technological advancement is a key trend gaining popularity in the renewable energy market. Renewable technologies are recognized as green energy sources. The effective utilization of these resources minimizes environmental consequences, produces minimal secondary waste, and is sustainable in light of present and projected economic and societal needs. Recently, the market has witnessed the use of bio-mass energy and dual-module solar systems that can significantly reduce greenhouse gas emissions. Major companies in the renewable energy market are advancing in their new technologies and research and development to sustain their market position. For instance, In March 2022, Gautam Solar, an India-based Solar panels manufacturer, launched a G-2X dual-generation monocrystalline technology solar modules. This Gautam Solar module provides power from both the front and back of the module, making it ideal for use in rooftop and ground-mounted solar power plants, creating an additional 10%- 30% extra power generation. The solar module’s combined front and back efficiency go up to 25.72%. This G-2X mono series will save BOS and installation costs while increasing electricity generation by up to 30% in the same available space.
The renewable energy market report table of contents includes:
1. Executive Summary
2. Renewable Energy Market Characteristics
3. Renewable Energy Market Trends And Strategies
4. Renewable Energy Market – Macro Economic Scenario
5. Renewable Energy Market Size And Growth
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26. Africa Renewable Energy Market
27. Renewable Energy Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Renewable Energy Market
29. Renewable Energy Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- ABB Ltd
- Acciona Energia SA
- EDF SA
- Enel Group
- General Electric Energy
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