Report Description

The Global Renewable Energy Market is anticipated to register a high CAGR during the forecast period. Renewable energy is derived from resources that can be regenerated naturally over time and are thus considered to be renewable. It includes energy sources such as sunshine, wind, water currents, and geothermal heat. Although the fact that the majority of renewable energy sources are sustainable, some are not. For instance, certain biomass sources are deemed unsustainable at the rate at which they are being used. Renewable energy is frequently used to power stand-alone power systems, air and water heating and cooling systems, and electricity generation for a grid. Large-scale renewable energy technology projects are usual, but they are also suitable for rural, isolated, and developing nations, where energy is frequently essential for human growth.

Advanced electrification, which has significant benefits including the ability to transmit heat or things effectively and being clean at the point of use, is frequently used in conjunction with the deployment of renewable energy. Additionally, electrification using renewable energy is more effective and thus results in large reductions in the need for primary energy. Renewable energy increased from 20% to 28% of the world’s electrical supply between 2011 and 2021. Nuclear energy dropped from 12% to 10%, while fossil energy dropped from 68% to 62%. Hydropower's contribution declined from 16% to 15% while solar and wind energy's share rose from 2% to 10%.  Geothermal energy and biomass both increased from 2% to 3%. In 135 nations, there are 3,146 gigawatts installed, while 156 nations have legislation governing the renewable energy industry. Nearly half of the growth in renewable power generated worldwide came from China in 2021.


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Growing Industrialization and Commercialization

As the demand for coal and natural gas continues to rise because of expanding industrialization and commercialization, people are using equipment that consumes increasing amounts of electrical energy. Additionally, growing number of individuals worldwide are worried about the environment and want to do their share to reduce the carbon footprint left behind. These two factors are essential drivers of the market growth for renewable energy in this sector and company. As a result, it is expected that the market for renewable energy would grow steadily during the forecast period.

Infrastructure Development

In 2022, transmission development is anticipated to play a significant role in the renewable energy sector's agenda since it is essential for linking new, sometimes remote-located renewable energy generation to electricity-consuming centres. Progress, which has frequently been hindered by permission delays of projects, will probably be unlocked with the aid of policy and regulatory support, investments, as well as innovation. Transmission projects, particularly interregional ones, have so far continued to pose a significant barrier to the expansion of renewable energy because they find it difficult to obtain regulatory approval from every state they pass through, as well as opposition from environmental organizations and refusal from landowners.

Transmission interconnection backlogs are holding up around 844 GW of potential capacity, 90% of which is renewable or energy storage. This is especially true with offshore wind, which is expected to increase significantly, and which has to be connected to existing coastal infrastructure. The transmission problem may be resolved by expanding the capacity of current lines as well as by constructing new lines. New transmission projects are either being planned for or are dependent upon by 76%, according to respondents from the electricity and utility industry as per the survey.

New Technologies

The development of next-generation technology is gaining momentum. Investors in the renewable energy sector are thinking about investing in them, which might eventually support the confident integration of variable renewables such as wind and solar into the electric grid. Private funding, pilot projects, and federal research funding might hasten the commercialization of cutting-edge technologies such as green hydrogen, enhanced batteries, and other types of long-duration storage for a market that has previously been mainly focused on solar and wind energy. To achieve the goal of 100% clean energy, these technologies can offer zero-carbon electricity, longer-term seasonal electricity storage, reduce system congestion, stop renewable energy curtailment, increase dependability, and make it easier to integrate solar and wind power into the grid.

The falling prices of renewable energy, a vital component in the production process, has been a major factor in the emergence of green hydrogen. Owing to green hydrogen's ability to serve as a long-term and seasonal fuel storage system that is readily accessible to create electricity on demand, it is anticipated that green hydrogen development will expand in 2022 as the grid's penetration of renewable energy source rises. States and energy corporations are also seizing this opportunity and increasing the production of renewable hydrogen. A variety of developing mechanical and battery storage technologies that provide choices for long-term energy storage and assist the grid is also generating a lot of interest.

Market Segmentation

The Global Renewable Energy Market is divided on the basis of type  end-use industry and Industrial. Based on type, the market is further divided into hydroelectric power, wind power, bioenergy, solar energy, and geothermal energy. Based on end-use industry, the market is segmented into residential, commercial, industrial, and others. The commercial sub-segment is further segregated into offices, hotels & resort, hospital, education and others. Also, the Industrial Sub-segment is segregated into chemical & petrochemical, oil & gas, food & beverage, and others.

Market Players

Major market players in the Global Renewable Energy Market are Canadian Solar Inc., General Electric Company, Vestas Wind Systems AS, First Solar Inc., Jinko Solar Holding Co. Ltd, Tata Power, Xcel Energy Inc, Siemens Gamesa Renewable Energy, S.A., Enel Spa, and Acconia.

Attribute

Details

Base Year

2022

Historic Data

2018– 2022

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2024-2028

Report Coverage

Revenue forecast, company share, growth factors, and trends

Segments Covered

Type

End Use Industry

Regional scope

Asia-Pacific, North America, Europe, Middle East & Africa, South America

Key companies profiled

Canadian Solar, Inc., General Electric Company, Vestas Wind Systems AS, First Solar Inc, Jinko Solar Holding Co. Ltd, Tata Power, Xcel Energy Inc, Siemens Gamesa Renewable Energy, S.A., Enel Spa, Acconia

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 Report Scope:

In this report, the Global Renewable Energy Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

·         Global Renewable Energy Market, By Type:

o   Hydroelectric Power

o   Wind Power

o   Bioenergy

o   Solar Energy

o   Geothermal Energy

·         Global Renewable Energy Market, By End Use Industry:

o   Residential

o   Commercial

§  Offices

§  Hotels & Resort

§  Hospital

§  Education

§  Others

o   Industrial

§  Chemical & Petrochemical

§  Oil & Gas

§  Food & Beverage

§  Others

o   Others

·         Global Renewable Energy Rental Market, By Region:

o   Asia-Pacific

o   North America

o   Europe

o   Middle East & Africa

o   South America

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Renewable Energy Market.

Available Customizations:

With the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Renewable Energy Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

2.    Research Methodology

3.    Impact of COVID-19 on the Global Renewable Energy Market

4.    Executive Summary

5.    Voice of Customers

5.1.1.    Brand Awareness

5.1.2.    Factors Considered for Choosing Global Renewable Energy Market.

5.1.3.    Major Challenges Related to Global Renewable Energy Market.

6.    Global Renewable Energy Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy)

6.2.2.  By End Use Industry (Residential, Commercial {Offices, Hotels & Resort, Hospital, Education, & Others}, Industrial {Chemical & Petrochemical, Oil & Gas, Food & Beverage, and Others)

6.2.3.    By Region

6.2.4.    By Company (2022)

7.    Asia-Pacific Renewable Energy Market Outlook

7.1. Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Type

7.2.2.    By End Use Industry

7.2.3.    By Country

7.3. Asia-Pacific: Country Analysis

7.3.1.    China Renewable Energy Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Type

7.3.1.2.2.           By End Use Industry

7.3.2.    Japan Renewable Energy Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Type

7.3.2.2.2.           By End Use Industry

7.3.3.    India Renewable Energy Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Type

7.3.3.2.2.           By End Use Industry

7.3.4.    South Korea Renewable Energy Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.           By Value

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.           By Type

7.3.4.2.2.           By End Use Industry

7.3.5.    Australia Renewable Energy Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.           By Value

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.           By Type

7.3.5.2.2.           By End Use Industry

8.    North America Renewable Energy Market Outlook

8.1. Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Type      

8.2.2.    By End Use Industry

8.2.3.    By Country

8.3. North America: Country Analysis

8.3.1.    United States Renewable Energy Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Type

8.3.1.2.2.           By End Use Industry

8.3.2.    Canada Renewable Energy Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Type

8.3.2.2.2.           By End Use Industry

8.3.3.    Mexico Renewable Energy Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Type

8.3.3.2.2.           By End Use Industry

9.    Europe Renewable Energy Market Outlook

9.1. Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Type      

9.2.2.    By End Use Industry

9.2.3.    By Country

9.3. Europe: Country Analysis

9.3.1.    Germany Renewable Energy Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Type

9.3.1.2.2.           By End Use Industry

9.3.2.    United Kingdom Renewable Energy Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Type

9.3.2.2.2.           By End Use Industry

9.3.3.    France Renewable Energy Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Type

9.3.3.2.2.           By End Use Industry

9.3.4.    Spain Renewable Energy Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Type

9.3.4.2.2.           By End Use Industry

9.3.5.    Italy Renewable Energy Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.           By Value

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.           By Type

9.3.5.2.2.           By End Use Industry

10. Middle East & Africa Renewable Energy Market Outlook

10.1.  Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Type      

10.2.2. By End Use Industry

10.2.3. By Country

10.3.  Middle East & Africa: Country Analysis

10.3.1. Saudi Arabia Renewable Energy Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Type

10.3.1.2.2.         By End Use Industry

10.3.2. UAE Renewable Energy Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Type

10.3.2.2.2.         By End Use Industry

10.3.3. South Africa Renewable Energy Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Type

10.3.3.2.2.         By End Use Industry

11. South America Renewable Energy Market Outlook

11.1.  Market Size & Forecast

11.1.1. By Value

11.2. Market Share & Forecast

11.2.1. By Type

11.2.2. By End Use Industry

11.2.3. By Country

11.3.  South America: Country Analysis

11.3.1. Brazil Renewable Energy Market Outlook

11.3.1.1.     Market Size & Forecast

11.3.1.1.1.         By Value

11.3.1.2.     Market Share & Forecast

11.3.1.2.1.         By Type

11.3.1.2.2.         By End Use Industry

11.3.2. Argentina Renewable Energy Market Outlook

11.3.2.1.     Market Size & Forecast

11.3.2.1.1.         By Value

11.3.2.2.     Market Share & Forecast

11.3.2.2.1.         By Type

11.3.2.2.2.         By End Use Industry

11.3.3. Colombia Renewable Energy Market Outlook

11.3.3.1.     Market Size & Forecast

11.3.3.1.1.         By Value

11.3.3.2.     Market Share & Forecast

11.3.3.2.1.         By Type

11.3.3.2.2.         By End Use Industry

12.  Market Dynamics

12.1. Drivers

12.1.1.  New Technologies

12.1.2. Growing Industrialization and Commercialization

12.1.3. Infrastructure Development

12.2. Challenges

12.2.1. Generate Power is the High Expense

12.2.2. Non-renewable energy monopoly

12.2.3. Lack of knowledge and awareness

13. Market Trends & Developments

13.1.   Biofuel Development

13.2.   Geothermal Development

13.3.   Government Initiatives

13.4.   Merger & Acquisitions

14. Policy & Regulatory Landscape

15. PORTER Analysis

16. Company Profiles

16.1.             Canadian Solar Inc,

16.1.1. Business Overview

16.1.2. Key Revenue and Financials (If Available)

16.1.3. Recent Developments

16.1.4. Key Personnel

16.1.5. Key Product/Services

16.2.             General Electric Company

16.2.1. Business Overview

16.2.2. Key Revenue and Financials (If Available)

16.2.3. Recent Developments

16.2.4. Key Personnel

16.2.5. Key Product/Services

16.3.             Vestas Wind Systems AS

16.3.1. Business Overview

16.3.2. Key Revenue and Financials (If Available)

16.3.3. Recent Developments

16.3.4. Key Personnel

16.3.5. Key Product/Service

16.4.             First Solar Inc,

16.4.1. Business Overview

16.4.2. Key Revenue and Financials (If Available)

16.4.3. Recent Developments

16.4.4. Key Personnel

16.4.5. Key Product/Service

16.5.             Jinko Solar Holding Co. Ltd

16.5.1. Business Overview

16.5.2. Key Revenue and Financials (If Available)

16.5.3. Recent Developments

16.5.4. Key Personnel

16.5.5. Key Product/Services

16.6.             Tata Power

16.6.1. Business Overview

16.6.2. Key Revenue and Financials (If Available)

16.6.3. Recent Developments

16.6.4. Key Personnel

16.6.5. Key Product/Services

16.7.             Xcel Energy Inc,

16.7.1. Business Overview

16.7.2. Key Revenue and Financials (If Available)

16.7.3. Recent Developments

16.7.4. Key Personnel

16.7.5. Key Product/Services

16.8.             Siemens Gamesa Renewable Energy, S.A.

16.8.1. Business Overview

16.8.2. Key Revenue and Financials (If Available)

16.8.3. Recent Developments

16.8.4. Key Personnel

16.8.5. Key Product/Services

16.9.             Enel Spa

16.9.1. Business Overview

16.9.2. Key Revenue and Financials (If Available)

16.9.3. Recent Developments

16.9.4. Key Personnel

16.9.5. Key Product/Services

16.10.          Acconia

16.10.1.              Business Overview

16.10.2.              Key Revenue and Financials (If Available)

16.10.3.              Recent Developments

16.10.4.              Key Personnel

16.10.5.              Key Product/Services

17. Strategic Recommendations

17.1.   Key focus on Asia-Pacific Region

17.2.   Key focus towards Hydroelectric Power Segment

About Us & Disclaimer

Figures and Tables

Frequently asked questions

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Canadian Solar, Inc., General Electric Company, Vestas Wind Systems AS, First Solar, Inc., Jinko Solar Holding Co. Ltd, Tata Power, Xcel Energy Inc, Siemens Gamesa Renewable Energy, S.A., Enel S.p.A, and Acconia are some of the leading players in the Global Renewable Energy Market.

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The major segments in the Global Renewable Energy Market are type and end use industry.

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The global market for renewable energy is anticipated to expand in the upcoming years as a result of increasing awareness regarding the effects of climate change and global industrialization and commercialization.

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The major challenges facing the Global Renewable Energy Rental Market are the high cost of generating power, the monopoly of non-renewable energy, and a lack of information and awareness.

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Parvati Sharma

Account Manager BD
Press Release

Renewable Energy Market is Expected to Register a Strong CAGR During the Forecast Period

Dec, 2022

The rising government and corporate investments toward the adoption and deployment of renewable energy sources in the industrial and commercial sectors are driving the growth of the renewable energy