WILMINGTON, DE / ACCESSWIRE / July 8, 2023 / Transparency Market Research Inc. - The global renewable energy market is anticipated to grow at an 8.6% CAGR from 2023 to 2031. A market valuation of US$ 30.1 billion is expected by end of the forecast period. The renewable energy sector has experienced significant growth in recent years, thanks to the increasing adoption of low-carbon fuels and the implementation of strict environmental regulations in many developed nations.
This shift towards sustainable energy sources has propelled the market for renewable energy generation, leading to a substantial increase in the installed capacity of renewable sources. This growth can be attributed to mounting environmental concerns and the urgent need to mitigate the adverse impacts of Greenhouse Gas (GHG) emissions. Consequently, the solar and wind energy sectors have witnessed remarkable expansion as a result of these driving factors.
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Renewable Energy Market: Prominent Players
The global market for renewable energy is characterized by several regional and global entities. Some key renewable energy providers profiled by TMR include:
- ABB
- Xcel Energy Inc.
- EDF
- National Grid Renewables
- Acciona
- Enel Spa
- Innergex
- The Tata Power Company Limited
- General Electric
- Invenergy
Prominent developments in the renewable energy market domain by key players are as follows:
- ABB showcased its cutting-edge solutions at the prestigious DISTRIBUTECH International 2023 event held in San Diego, California, on February 6, 2023. These innovative solutions are designed to enhance the efficiency and sustainability of energy delivery in the utility industry.
- Solaria made a significant advancement in September 2021 by introducing a black solar panel specifically designed for residential applications, boasting an impressive power output of 430 W.
- In June 2023, ABB announced to acquire Eve Systems GmbH, a Munich-based company famous for its smart home products with operations in United States and Europe.
Renewable energy sources, including wind, hydropower, solar, geothermal, and bioenergy, currently meet approximately 7% of global energy demand. However, this share is projected to increase significantly in the near future. Factors driving this growth include heightened awareness of the environmental impact of fossil fuels, government initiatives promoting clean energy adoption, efforts to reduce carbon emissions from both public and private sectors, and increased consumer uptake of green energy. Furthermore, the developing countries' industrialization and urbanization are expected to drive demand for renewable sources like geothermal and solar energy in the forecast period.
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Key Takeaways from the Market Report
- The global renewable energy market is expected to be worth US$ 15.53 billion as of 2023.
- From 2023 to 2031, the market is projected to grow with a CAGR of 8.6%.
- By type, solar energy is expected to dominate the market in 2023 while growing at a CAGR of 11.2% during the forecast period.
- By application, electricity generation is expected to create demand for renewable energy with a CAGR of 12% during the forecast period.
- As per TMR projections, the market in China is anticipated to grow at a CAGR of 9.2% during the forecast period.
Renewable Energy Market: Growth Drivers & Trends
- The declining costs of renewable energy, driven by technological advancements, along with the increasing competitiveness of battery storage systems, are significant factors driving market growth.
- The global concerns surrounding climate change and environmental, social, and governance (ESG) factors are attracting substantial investments in the adoption of renewable energy sources, driving market growth.
- Rising adoption of green energy among consumers is expected to drive market growth.
- Increasing initiatives by the government to curb carbon emission are expected to fuel market expansion.
Renewable Energy Market: Regional Analysis
- Asia Pacific is expected to dominate the dominate the market in 2023, by accumulating approximately 41.2% market share. The market in this region is expected to grow with a CAGR of 9% during the forecast period. The region's growing demand for renewable energy is primarily driven by the increasing installation of solar power projects in China and India, which are key markets for solar panels globally and within Asia Pacific. Moreover, countries like Australia and Japan hold significant growth potential in the market due to their substantial investments in solar power generation over the past few years.
- The European market is expected to grow with a CAGR of 8.9% during the forecast period. The market benefits from the availability of increasingly efficient solar cells, leading to improved power output from solar panels in the industrial sector. The industry's growing competitiveness has also expanded the range of solar panel options and lowered electricity production costs. These factors are anticipated to fuel the demand for renewable energy in the region throughout the forecast period. United Kingdom is expected to hold leading market share in the region, while Germany is most likely to stand out as rapidly growing market.
Renewable Energy Market- Key Segments
- Type
- Solar Energy
- Active Energy
- Passive Energy
- Wind Energy
- Offshore
- Onshore
- Hydroelectric Energy
- Ocean Energy
- Geothermal Energy
- Biomass Energy
- Biowaste
- Biofuel
- Wood
- Others (Algae Fuel)
- Solar Energy
- Connectivity
- On-grid
- Off-grid
- Application
- Heating and Cooling
- Electricity Generation
- Others
- End-use
- Residential
- Commercial
- Industrial
- Others
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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