Renewable Energy Market

Renewable Energy Market size reached USD 1.0 trillion in 2022 and is estimated to reach USD 3.5 trillion in 2030 and the market is estimated to grow at a CAGR of 16.9% from 2023-2030.

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Key Drivers

The major factors which are propelling the growth of the global renewable energy market include the continuous technological advancements for the production of renewable energy and several government initiatives and programs to promote the usage of renewable energy. Additionally, several projects for the deployment of renewable energy across several regions, followed by the reducing operational costs of renewable energy and increasing capacity of renewable energy sources, will further energize the demand for renewable energy in the coming years. For example, the Saudi Arabia 300 MW solar PV Sakaka project, 200 MW Ombo solar PV project in Egypt, and Jordan are some of the projects of renewable energy. Rising concerns pertaining carbon emissions generated from the combustion of fossil fuels and increasing number of Hydropower projects for supplying clean water in agriculture fields, homes is expected to boost the market growth. As per the report published by International Energy Agency (IEA), India is forecast to add 26,000 megawatts (MW) of hydropower projects by 2030, over 9,000 MW large hydro projects are under construction at the moment, which will increase the market growth in India in the approaching years.

Increasing prevalence of global warming due to rapid urbanization, increasing deforestation, and growing industrial activities will boost the market growth. The emerging need to minimize air pollution, owing to the increasing cases of respiratory diseases like asthma is expected to boost the market growth. Strategic numerous initiates undertaken by the Indian Government to install rooftop solar (RTS) capacity in the residential sector and develop largest solar park, is contributing to market growth. Additionally, increasing emphasis on encouraging the use of clean energy sources via subsidies, several awareness campaigns in association with non-governmental organizations (NGOs) and large-scale sustainable power projects will offer enormous opportunities to the market. Furthermore, increasing inclination towards the use of localized energy procurement is anticipated to strengthen the market growth.

The rising investments in clean energy owing to the increasing emphasis on green energy targets to reduce the emissions of greenhouse gases such as carbon dioxide and the rapid depletion of fossil fuels will create innumerable growth opportunities in the market. The inclination of consumers towards using clean, cost-effective, and environment-friendly energy, reducing prices of the battery storage, and several efforts of the companies to collaborate and innovate the new opportunities are also likely to thrive a new phase in the growth of the renewable energy. Moreover, the market is becoming more mainstream thanks to the rising population, continuous economic growth, which has led to an increasing demand for energy, and the rising implementation of renewable energy across residential and commercial customers. On the other hand, the high initial investments required to implement the generation of renewable energy and inconsistent weather conditions are the major factors that will hamper the growth of the market.

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Type Segment Analysis

Based on the type, the solar energy segment is anticipated to increase at a higher CAGR during the forecast period owing to the rising adoption of solar energy technologies such as Building-Integrated Photovoltaics solar technology. In addition, the decreasing panel costs and a declining price of battery storage will further drive the growth of the segment. Growing emphasis of developing nations on the development of large-scale hydro-power plants due to the ongoing technological advancements in the field will boost the market growth

End-User Segment Analysis

Based on the end-user, the residential segment is expected to grow at a higher compound annual growth rate over the forecast period due to the strong demand for renewable energy from the residential end-users along with increasing concerns for the use of clean and cost-effective energy among the consumers. The commercial segment is forecast to witness a higher CAGR during the forecast period, due to the growing adoption of PV modules in corporate offices, hotels, and hospitals and rising power demand in communication base stations and data centers.

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Regional Analysis

Based on the region, the Asia-Pacific region is anticipated to grow at a higher compound annual growth rate during the forecast period owing to the increasing industrialization and growing population, which is leading to an increase in the demand for electricity. Several investments by the governments and private companies to increase the adoption of renewable energy and several renewable energy projects are some other factors fuelling the growth of the market in this region. For instance, in India investment of about USD 5.26 billion was made between Apr-Dec 2019 by the private companies in renewable energy and the upcoming solar power plant in Rajasthan named as Bhadla Solar Park, this solar plant is considered to be the world’s largest solar plant having a capacity of 2,255 MW. Europe is expected to witness a higher CAGR over the forecast period, due to the increasing use of renewable energy for electricity generation such as offshore wind energy, energy from oceans which in turn helps to tap energy from such undiscovered sources and drive the growth of market. The availability of allowances in the European Union for energy conservation and energy efficiency projects is estimated to boost the regional growth.

Top Market Players

Various notable players operating in the market include Siemens Gamesa Renewable Energy, S.A., General Electric, Goldwind, Canadian Solar, Vestas, ABB, SolarEdge Technologies Inc., Tata Power, Enel Spa, and Innergex among others.

Key Developments:

• • In 2021, Orange entered into a corporate power purchase agreement (CPPA) with Total Quadran, in order to supply orange with 100 GWh/y of solar-generated electricity over 20 years and will facilitate the development of 12 new solar power plants in France, with a total capacity of 80 MW.
  • In 2021, The Inter-American Development Bank (IDB) Energy Hub and the International Renewable Energy Agency (IRENA) Climate Investment Platform entered into a partnership to expand the energy transition from petroleum to renewable in Latin America and the Caribbean under the 2030 Agenda for Sustainable Development and the Paris Agreement.
  • In 2020, Canadian Solar’s subsidiary Canadian Solar Australia signed a power purchase agreement with Amazon. The company will supply solar power by the 146MWp/110 MWac Gunnedah solar farm of the company and will be in commercial operation by 2021. Through this agreement, the company makes its strategic entry into the large consumer & industrial PPA market of Australia.
  • In 2018, Siemens Gamesa Renewable Energy, S.A., got a contract to supply wind turbines having an overall capacity of 250 MW to the wind farms in South Africa. The total supply comprises of 109 units of onshore wind turbines.

Segments covered in the Report:

The global renewable energy market has been segmented on the basis of type, end-user, and region. Based on the type, the market is segmented into wind power, solar energy, hydroelectric power, bioenergy, and geothermal energy. Based on the end-user, the market is segmented into the commercial, residential, industrial, and others.

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Key questions answered in this research report:

• • At what pace is the global renewable energy market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global renewable energy market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global renewable energy market?
  • Which type generated maximum revenues in 2022 and identify the most promising type during the forecast period?
  • What are the various end-users of renewable energy and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2022)	USD 1.0 trillion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Trillion)
Market Segment	By Type, By End-User, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Siemens Gamesa Renewable Energy, S.A., General Electric, Goldwind, Canadian Solar, Vestas, ABB, SolarEdge Technologies Inc., Tata Power, Enel Spa, and Innergex, among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Renewable Energy Market by Type

• • Wind Power
  • Solar Energy
  • Hydroelectric Power
  • Bioenergy
  • Geothermal Energy

Global Renewable Energy Market by End-User

• • Commercial
  • Residential
  • Industrial
  • Others

Global Renewable Energy Market by Region

• • North America Renewable Energy Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By End-User
    • US Market All-Up
    • Canada Market All-Up
  • Europe Renewable Energy Market (Option 2: As a part of the free 25% Customization)
    • By Type
    • By End-User
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Renewable Energy Market (Option 3: As a part of the free 25% Customization)
    • By Type
    • By End-User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Renewable Energy Market (Option 4: As a part of the free 25% Customization)
    • By Type
    • By End-User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Renewable Energy Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Siemens Gamesa Renewable Energy, S.A.
  • General Electric
  • Goldwind
  • Canadian Solar
  • Vestas
  • ABB
  • SolarEdge Technologies Inc.
  • Tata Power
  • Enel Spa
  • Innergex