Renewable Energy Market Statistics 2023 – Share by Company, Regions, Types, Current Disruptions and Trends, Forecast 2030

The global Renewable Energy Market is estimated to be worth USD 2172.37 Billion by 2030, registering a 10.13% CAGR during the forecast period (2022- 2030).

Renewable Energy Market Growth Insights

Electricity is generated from a mechanical energy source applying wind energy, and renewable energy. The mechanical energy is further transformed into electrical energy via a generator. Onshore and offshore wind farms are both feasible sources of renewable energy. A ground-based wind farm produces onshore electricity, while an offshore wind farm produces energy from the sea.

Wind and sunshine are two examples of free, generous, and sustainable energy sources. Renewable energy sources encompass hydropower, solar, biofuel, geothermal, wind, and ocean power. Renewable energy is exercised in heating, power, air conditioning, and transportation. Renewable sources meet seven percent of the world’s electricity needs. In comparison to fossil fuels, renewable energy is enormously more expensive. Several reasons are driving the use of renewable energy, the most substantial of which is the link between carbon dioxide emissions from burning coal and worldwide climate change.

Market Growth Driving Factors

• Surge of interest and consequent boost in investments
• Increasing industrialization and commercialization
• Rising environmental awareness

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The expanding developments in technology are resulting in the deterioration in costs of renewable energy and the adding competitiveness of the battery storage systems is admiringly impacting the growth of the renewable energy market. The growing concerns related to climate change and ESG concerns all over the world are attracting huge investments toward the embracement of renewable energy sources. The government in many developed and developing economies is offering subsidies to the corporate sector to shift towards clean and green energy to elevate sustainability and preserve the environment. These factors are commanding the growth of the renewable energy market across the globe.

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Regional Analysis

The global Renewable Energy Market is divided into five regions: North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

Asia Pacific is anticipated to have a high CAGR in the global market in the future. Power consumption in nations like China and India has augmented significantly as a result of increased investment in renewable energy projects. The boosting demand for renewable energy in the Asia Pacific is imputed to the rising installation of solar power projects in China and India. These nations are the pivotal markets for solar panels both globally and in the Asia Pacific. In the annex, nations in the region, including Australia and Japan, have towering growth capability for the market as they’ve been investing largely in solar power generation for the last many years.

North America is anticipated to be the fastest-growing market during the forecast period. The rising consciousness regarding the deteriorating environmental conditions, increasing government initiatives to measure carbon footprint, and rearing investments in renewable energy sources are the considerable factors that are driving the growth of the North-American renewable energy market.

The global Renewable Energy Market’s prominent key players are,

• ABB Ltd.
• General Electric (GE)
• The Tata Power Company Limited (Tata Power)
• Innergex
• Enel Spa (Enel)
• Xcel Energy Inc. (Xcel Energy)
• EDF
• Geronimo Energy
• Invenergy and others.

Market Segmentation

The global Renewable Energy Market is segmented into the following types;

By Type

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

By End Use

• Residential
• Commercial
• Industrial
• Others

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