Renewable Energy market expected to Witness a Sustainable Growth over 2023 – 2030
Research Reports
Jul 13, 2023
The Global Renewable Energy market is expected to register a CAGR of ~ 10.10% from 2023 to 2030 and hold a value of over USD 2.4 trillion by 2030.
Renewable energy refers to energy generated from natural and sustainable resources such as the sun, wind, rain, tides, and geothermal heat, which can be replenished naturally. Unlike non-renewable energy sources such as fossil fuels, renewable energy is considered to be more environmentally friendly and less harmful to the planet.
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The COVID-19 pandemic has had a significant impact on the renewable energy sector. The global lockdown measures and reduced economic activity have led to a decrease in energy demand and a corresponding drop in greenhouse gas emissions.
Key Players
- 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
Regional Analysis
The Asia-Pacific region is expected to be the fastest-growing market for renewable energy, driven by increasing demand for clean energy sources and supportive government policies. Countries such as China, India, and Australia are leading the way in terms of investment and deployment of renewable energy technologies.
The region is also home to some of the world’s largest solar and wind energy markets and is expected to continue to play a major role in the growth of renewable energy in the coming years.
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Renewable Energy Market Restrain
Policy and regulatory changes: Changes in government policies and regulations can have a significant impact on the renewable energy market. Alterations to subsidies, incentives, or renewable energy targets may create uncertainty and reduce investor confidence in the sector.
Investment challenges: Financing is crucial for the expansion of renewable energy projects. If access to capital becomes limited or more expensive, it could hinder the development and deployment of renewable energy technologies.
Infrastructure limitations: The integration of renewable energy into existing power grids can be challenging, especially in areas with outdated or inadequate transmission and distribution infrastructure. Insufficient grid capacity and interconnection challenges may impede the growth of renewable energy sources.
Technological limitations: Despite advancements in renewable energy technologies, certain limitations still exist. For example, energy storage solutions, such as batteries, may not have reached optimal efficiency or cost-effectiveness. Technological constraints could slow down the pace of renewable energy adoption.
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Market Segmentation
The Global Renewable Energy market has been segmented into type and end user.
Based on the type, the market has been segmented into Hydropower, Wind Energy, Solar Energy, Bioenergy, Geothermal Energy, and Ocean Energy.
Based on the end user, the market has been segmented into Industrial (Power, Chemicals & Petrochemicals, Oil & Gas, Food & Beverage), Residential, and Commercial.
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