The global solar PV and wind energy market has experienced significant growth over the past decade, driven by increasing concerns about climate change, government incentives, and technological advancements. According to a report by Stringent Datalytics, renewable energy sources, including solar PV and wind, accounted for 72% of global power additions in 2019, with solar PV alone accounting for 45%.
In terms of regional market share, China has been the largest market for this, followed by the United States, India, and Germany. In 2020, China installed 48.2 GW of solar PV, and the United States installed 19.2 GW of wind capacity, according to a report by Stringent Datalytics.
The solar PV and wind energy market is expected to continue growing in the coming years, with technological advancements and decreasing costs driving adoption. However, the market is also subject to regulatory and policy changes, which could impact its growth trajectory.
Market Segmentations:
By Company
• RWE Group
• Enel Spa
• Xcel Energy Inc.
• ACCIONA
• Iberdrola
• EDF
• Vattenfall AB
• Tokyo Electric Power
• Tata Power
• Invenergy
• Innergex
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By Type
• Solar PV
• Wind Energy
By Application
• Residential
• Commercial
• Industrial
Regional Analysis:
The Asia-Pacific region has been the largest market for solar PV and wind energy, with China as the biggest contributor to this growth. Other major countries in the region, such as India and Japan, have also been investing heavily in renewable energy, with supportive government policies and increasing demand for electricity. The region is expected to continue its dominance in the global market, driven by technological advancements, declining costs, and the need for sustainable energy sources.
Europe has been a key player in the global renewable energy market, with countries such as Germany, Spain, and Denmark leading the way. The region has set ambitious targets to reduce carbon emissions and increase the share of renewable energy in its energy mix. The solar PV and wind energy markets in Europe are expected to grow significantly, driven by favorable government policies and increasing public awareness of the need for sustainable energy.
The United States has been the largest market for wind energy in North America, with significant investments in the sector in recent years. The country has also seen a surge in solar PV installations, driven by declining costs and supportive policies at the state and federal levels. Canada has also been investing in renewable energy, with a growing market for wind energy.
Latin America has seen significant growth in the solar PV and wind energy markets in recent years, driven by supportive policies, declining costs, and increasing demand for electricity. Countries such as Brazil, Chile, and Mexico have been leading the way in the region, with ambitious targets to increase the share of renewable energy in their energy mix.
The Middle East and Africa region has been relatively slower in adopting solar PV and wind energy, due to the abundance of fossil fuel resources. However, the region has significant potential for renewable energy, and countries such as Saudi Arabia and the United Arab Emirates have been investing heavily in the sector. The region is expected to see significant growth in the coming years, driven by declining costs and the need to diversify energy sources.
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Stringent Datalytics offers both custom and syndicated market research reports. Custom market research reports are tailored to a specific client’s needs and requirements. These reports provide unique insights into a particular industry or market segment and can help businesses make informed decisions about their strategies and operations.
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