RENEWABLE ENERGY MARKET: OVERVIEW
The Global Renewable Energy Market Size was valued at USD 881.70 billion in 2021 and is expected to reach USD 1930.60 billion by 2030, growing at a CAGR of 8.50 % during 2021-2030. Renewable energy is produced from natural processes that are constantly renewed. It emanates directly from the sun or from heat generated deep within the earth in its different forms. Electricity and heat generated by solar, wind, ocean, hydropower, biomass, geothermal resources, and biofuels and hydrogen derived from renewable resources are all included in the definition. Renewable power generation capacity installed has increased at a rapid pace in recent years, with a CAGR of 17.33 percent between FY16 and FY20. With more government assistance and improved economics, the sector has grown more appealing to investors. Renewable energy use climbed by 3% in 2020, while demand for all other fuels decreased.
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The biggest driver was a nearly 7 percent increase in renewable energy generation. Long-term contracts, priority grid access, and continuous plant installation supported renewables growth despite decreasing electricity demand, supply chain issues, and building delays in many regions of the world. As a result, renewables' proportion in worldwide power generation increased to 29 percent in 2020, up from 27 percent in 2019. Bioenergy consumption in industry increased by 3%, although this was substantially offset by a drop in biofuels, as decreased oil demand reduced the use of blended biofuels. Renewable power generation is expected to grow by more than 8% in 2021, reaching 8 300 TWh, the fastest year on year growth since the 1970s. Solar PV and wind power are expected to account for two-thirds of renewables growth.
The IEA market update on renewable energy in May 2020 included an analysis of the impact of Covid-19 on renewable energy deployment in 2020 and 2021. According to this preliminary assessment, the Covid-19 dilemma is slowing but not stopping global renewable energy growth. Half a year later, the pandemic is still wreaking havoc on the global economy and daily life. However, renewable markets, particularly those based on electricity generation, have already demonstrated their endurance in the face of the crisis. Renewables 2020 presents a detailed study and forecast of the impact of Covid-19 on renewables in the power, heat, and transportation sectors until 2025.
RENEWABLE ENERGY MARKET: TREND
New Battery Business Models Emerge at Both Utility and Residential Scale Propel Market Growth
Energy storage is quickly becoming one of the energy industry's fastest-growing asset groups. Falling costs and developing technology are making storage use cases more affordable, potentially allowing storage to offer many functions ranging from supplementary grid services to on-demand electricity. As the renewable energy industry attempts to survive in the post-pandemic age, stakeholders are likely to priorities supply chain reviews. Indeed, sourcing moves have been occurring since 2018, with many installers diversifying their supply and establishing new production sites in the United States. As the commercialization of green hydrogen and novel storage technologies develops, more power-to-x projects at the junction of the power sector and adjacent industries may arise. As a result of the increased participation of different cross-sectoral firms, energy industry convergence may be accelerated and deal activity across the electrical value chain may expand.
Global Renewable Energy Market Report Coverage
|Market Size in 2021:||USD 881.70 Billion|
|Forecast Period 2021-2030 CAGR:||8.50 %|
|2030 Value Projection:||USD 1930.60 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||215|
|Tables, Charts & Figures:||115|
|Segments covered:||COVID-19 Impact Analysis Report, By Sector, By Application, By Region|
|Companies Covered:||ABB, ACCIONA, EDF, Enel Spa, General Electric, Geronimo Energy, Invenergy, Innergex, THE TATA POWER COMPANY LIMITED (Tata Power), Xcel Energy Inc.|
|Growth Drivers:||1)The Global Renewable Energy Market is segmented by Sector, Application, and Region. 2)Based on the Region, the Global Renewable Energy Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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RENEWABLE ENERGY MARKET: DRIVERS
Favorable Condition for Renewable Energy Equipment Drive Market Growth
Concerns about climate change and global warming, combined with ongoing cost reductions in some renewable energy equipment, such as wind turbines and solar panels, are encouraging growing usage of renewables. New government expenditures, regulations, and policies aided the industry in weathering the global financial crisis better than many other industries. However, as of 2019, the International Renewable Energy Agency estimates that renewables' overall share of the energy mix (including power, heat, and transportation) must grow six times faster in order to keep these rises in average global temperatures "well below" 2.0 °C (3.6 °F) during the current century, compared to pre-industrial levels.
Demand for energy and related services is rising in order to satisfy social and economic development goals while also improving human wellbeing and health. Energy services are required in all cultures to support basic human requirements (like lighting, cooking, space comfort, movement, and communication) as well as to serve productive activities. Since around 1850, the global usage of fossil fuels (coal, oil, and gas) has grown to dominate energy supply, resulting in a significant increase in carbon dioxide (CO2) emissions. Renewable energy has the potential to bring broader advantages in addition to mitigating climate change. Renewable energy, if correctly implemented, has the potential to contribute to social and economic growth, energy access, a secure energy supply, and the reduction of negative environmental and health impacts
RENEWABLE ENERGY MARKET: RESTRAINT
Improper resource location Restrain Market Growth
Most renewable energy installations that feed into the grid necessitate a substantial amount of space. In most situations, renewable energy sources are constrained by geography, which can be discouraging to customers. For starters, some renewable energy sources are just not available in all areas. Second, in terms of cost and efficiency, the distance between the renewable energy source and the grid is critical. Furthermore, renewable energy sources are weather, climate, and geographical location dependent, implying that one type of energy generation is not ideal for the region.
RENEWABLE ENERGY MARKET: SEGMENTATION
The Global Renewable Energy Market is segmented by Sector, Application, and Region. Based on the Sector, the market is categorized into Solar Power, Wind Power, Bio-Power, and Others. Based on the Application the market is categorized into Utility-Scale, Commercial/Industrial, and Residential. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
RENEWABLE ENERGY MARKET: BY REGION
Based on the Region, the Global Renewable Energy Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
North America had the highest share in the year 2021. The region's growth is being boosted by the countries' collaboration in increasing power sources. For example, the United States and India decided in March 2021 to organize their strategic power relationship to collaborate in cleaner power areas such as biofuels and hydrogen generation. The two countries would increase their efforts to capitalize on advanced US technologies as well as India's rapidly expanding power sector.
In 2021, China alone should account for about half of the global increase in renewable electricity, followed by the United States, and other regions.
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RENEWABLE ENERGY MARKET: COMPETITIVE LANDSCAPE
The major key players operating in the global Renewable Energy market are Siemens Gamesa Renewable Energy SA, Acciona SA, Enel S.p.A, Electricite de France SA, Canadian Solar Inc. and among others.
The companies operating in this industry are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focus on maintaining sustainable development. The market-leading players are focusing on securing a leading position in this industry. These players are heavily focusing on the opportunity to strengthen their competitive advantage.
RENEWABLE ENERGY MARKET: KEY PLAYERS
• Siemens Gamesa Renewable Energy SA
• Acciona SA
• Enel S.p.A
• Electricite de France SA
• Canadian Solar Inc.
• SunEdison (Globeleq Mesoamerica Energy)
• JinkoSolar Holding Co.
• Iberdrola SA
• Vestas Wind Systems
• First Solar Inc.
• GE Energy
• NextEra Energy, Inc.
The scope of the report includes a detailed study of regional markets for Global Renewable Energy Market. The report covers the Global Renewable Energy Market segmented by Sector, Application, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Renewable Energy Market.
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