Renewable Energy Transition Market To Benefit From Broader Global Perspective On Sustainability
Research Reports
Apr 17, 2024
Market Overview
Market Research Future (MRFR) report highlights Renewable Energy Transition Market Information By Application, Distribution Channel And Region – Forecast till 2030″; the market will achieve a 9.80% CAGR.
With the mounting scientific consensus on the detrimental effects of climate change, governments, businesses, and communities are increasingly acknowledging the need for immediate action to reduce greenhouse gas emissions and shift towards sustainable energy sources. Governments worldwide are addressing this urgent need by enacting laws and regulatory frameworks that facilitate the deployment of renewable energy. This pledge provides a distinct indication to industries and investors, urging them to choose sustainable practices and technology.
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Businesses are increasingly acknowledging the financial and public image advantages of adopting renewable energy sources. Moreover, global initiatives such as the Paris Agreement have stimulated worldwide endeavors to restrict global temperature rises, promoting a cooperative strategy to tackle climate change. Businesses are being driven to incorporate renewable energy into their operations due to corporate sustainability objectives and consumer demand for environmentally conscious products and services.
Hydropower facilities have a lengthy operational lifespan and produce fewer greenhouse gas emissions, making them a cost-effective and environmentally good choice. In addition, the ability of hydropower to store energy in reservoirs helps maintain grid stability, which helps overcome the issue of intermittent power supply that is common with other renewable energy sources. This not only corresponds to their environmental obligations but also improves their brand reputation and competitiveness in a market increasingly influenced by environmentally aware consumers.
Renewable energy objectives, tax incentives, feed-in tariffs, and carbon pricing mechanisms are used to promote the growth and implementation of clean energy technology. These rules create a favorable climate for businesses to invest in and shift towards renewable energy sources. The progress in wind turbine, solar panel, and energy storage technologies has significantly improved the efficiency and affordability of residential systems, hence promoting their adoption. Government incentives and regulations that encourage the installation of renewable energy systems in residential areas also contribute to the establishment of market dominance.
Market Competitive Landscape:
- Exelon Corporation
- Duke Energy Corporation
- Pacific Gas and Electric Company
- Southern Company
- American Electric Power
- Edison International
- Repsol
- Brookfield Renewable Partners
- Plug Power Inc.
- Enphase
- First Solar
Market Segmentation
By Type, the market includes Wind Power, Solar Power, Bioenergy, and Hydropower. By Application, the market includes Residential, Commercial, and Utility-Scale.
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Regional Insights
The North American Renewable Energy Transition market area is the leading force in this industry, driven by the increasing acknowledgment of the environmental, economic, and societal advantages of renewable energy, as well as the presence of favorable regulations and incentives. Europe’s Renewable Energy Transition market holds the second-largest stake in the industry. This is because the region is strongly dedicated to achieving ambitious renewable energy goals and has well-established policies and incentives in place.
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The Asia-Pacific Renewable Energy Transition Market is projected to experience the most rapid Compound Annual Growth Rate (CAGR). The reason for this is the growing need for energy, coupled with worries about air pollution, energy stability, and the impacts of climate change. Furthermore, the Renewable Energy Transition market in China had the highest market share, while the Indian Renewable Energy Transition market experienced the most rapid growth in the Asia-Pacific region.
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