Renewable Energy Market is Expected to Register a Strong CAGR During the Forecast Period
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 market at the global level.
According to
TechSci Research report, “Global Renewable Energy Market - By Region, Competition, Forecast & Opportunities, 2028”, The Global Renewable Energy Market where renewable energy,
also known as clean energy, comes from renewable natural resources that are
continually renewed. The kinetic energy source is utilized to produce electric
energy, which is a form of renewable energy. The wind energy is transformed
into mechanical energy by a wind turbine, and then into electrical energy by a
generator. Onshore and offshore wind farms both produce electricity. While
offshore wind turbines are found in the ocean or water, onshore wind energy is
related to onshore turbines that are situated on the land.
Geothermal energy demand is
anticipated to increase throughout the forecast period owing to increasing
awareness regarding environment, a rise in the need for power security,
opposition to conventional nuclear power, and a lack of innovation in nuclear
power applications. The Climate Act, for example, mandates a 95% decrease in the
emission of greenhouse gases by 2050 compared to 1990 levels and a 49%
reduction in emissions by 2030. The government works on achieving climate
targets across a variety of industries, including power, manufacturing, the
built environment, traffic and transportation, and agricultural and land use. All
newly manufactured passenger cars will have zero emissions by 2030. Support for
the used car market and the construction of 1.8 million charging stations by
2030 are two financial incentives for electric vehicle use. As a result,
throughout the projection period, the market for renewable energy is expected to
develop due to the government's assistance for various industries that are
working to minimize GHG emissions. Furthermore, because of their higher
production efficiency, lower pollution levels, and cheap maintenance costs,
clean energy sources are a priority in both developing and growing nations. For
instance, according to the International Energy Agency, until 2026, the growth
in the world's power capacity was mostly driven by renewable energy
sources—roughly 95%. According to estimates, the renewable capacity will be
higher from 2021 to 2026 than it was from 2015 to 2020. All these reasons,
taken together, increase market demand for renewable power, hence boosting global
renewable energy market growth at the global level.
Based on type, hydroelectric
power is one of
the leading segments in the Global Renewable Energy Market. Growing
investments in the use of off-grid technology for power generation are blamed
for this surge. In addition, the government's growing use of hydroelectric
power in emerging countries to electrify rural regions has contributed to the
segment's expansion.
In terms of region, the global renewable energy market
is segmented into North America, South America, the Middle East & Africa,
Asia- Pacific & Europe. Asia-Pacific is expected to dominate the renewable
energy market at a healthy CAGR during the forecast period. This is owing to
massive FDIs, increased industrialization, fast urbanization, and rapid
population expansion occurring in the Asia Pacific. The need for power is being
driven by all these causes. The government has been obliged to concentrate on
the use of renewable, clean, and green energy sources because of the elevated
pollution levels in the area as a result of earlier rise in industrialization
and urbanization. For instance, China is a major producer of geothermal energy,
wind energy, solar energy, and bioelectricity. China is one of the most
populous nations and the global center for manufacturing. As a result of rising
pollution levels, China has a very high demand for clean energy. Additionally,
an increasing number of industrial and residential developments in India are
driving up demand for renewable energy. The Union Government of India has
decided to begin blending 20% ethanol with gasoline in select regions of the
nation beginning in April 2023, although a national rollout will not likely
occur until 2025 or 2026. To reduce its reliance on imports, the government has
accelerated efforts to increase domestic oil production and make the switch to
other fuels. In India, ethanol and gasoline have previously been blended at a
rate of roughly 10.5%. In the upcoming years, it is anticipated that this kind
of government effort would promote the expansion of the Asia Pacific renewable
energy industry.
Recent Developments:
- The United Kingdom government announced
a USD 1.2 billion packages for public and private investment in India's green
programs and renewable energy in September 2021. A collaboration called the Climate
Finance Leadership Initiative (CFLI) India was also established to attract
private investment into India's sustainable infrastructure. According to a
public announcement from the British High Commission (BHC), these investments
would help India reach its goal of 450 Gw of renewable energy by 2030.
- o In Millburn, New Jersey, NJR Clean
Energy Ventures (CEV) began building an 8.9-MW floating solar project on May 4,
2022, which is anticipated to be the biggest floating array in the US. 16,510
solar panels will likely be installed on a reservoir at the New Jersey American
Water Canoe Brook Water Treatment Plant as part of the project, which employs a
floating racking system. Through a power purchase agreement with CEV, the
renewable energy produced by the array will meet almost 95% of the facility's
yearly power requirements.
- In the Shandong province of China,
Huaneng Power International put into service a 320 MW floating solar PV array
in January 2022. The project is being set up on a reservoir close to its 2.65
GW Dezhou thermal power facility in two stages. Huaneng Power also intended to
construct a 2 GW solar facility in Fengcheng, Jiangxi province. The test array
will comprise solar parks atop fishponds, floating PV, and agrivoltaics. All
remaining capacity will be constructed by 2026, with the first 320 MW unit
being completed this year.
Browse over xx
market data Figures spread through xx Pages and an in-depth TOC on the "Global
Renewable Energy Market".
Key market
players in the Global Renewable Energy Market include:
- 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
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“The
industry is primarily driven by favorable government regulations, rising use of
renewable energy sources, and falling costs for installing solar panels and
wind turbines. Additionally, the market expansion is probably going to be
slowed down by the growing use of alternative, clean energy sources including
gas-fired power plants and nuclear energy projects. Energy storage solutions
and improvements in solar PV manufacturing technology are expected to create
enormous prospects for the industry under study, which is expected to drive the
global renewable energy market during the forecast period," said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Global Renewable Energy Market By Type (Hydroelectric Power, Wind Power,
Bioenergy, Solar Energy, and Geothermal Energy), By End Use Industry (Residential,
Commercial {Offices, Hotels & Resort, Hospital, Education, & Others},
Industrial {Chemical & Petrochemical, Oil & Gas, Food & Beverage,
and Others} and Others, By Region, Competition, Forecast & Opportunities,
2028”, has evaluated the future
growth potential of Global Renewable Energy Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Renewable Energy Market.
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