Analysis of Renewable Energy Market: Assessment of Market Size, Trends, Statistics, and Competitors
Global Renewable Energy Market by Type (Wind Power, Hydroelectric Power, Solar Power, Bio Energy, and Geothermal), by End User (Residential, Industrial, and Commercial), and by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Market Size, Share, COVID-19 Impact, Regional Analysis & Forecast Till 2030
Category - Energy & Power
Report Code - OMR-EP-228
Format: PDF, PPT, and Excel
Renewable Energy Market Overview
Natural resources that are regenerated at a faster pace than they are used are considered renewable energy sources. Examples of such renewable resources are sunlight and wind. The world is teeming with renewable energy options. In contrast, fossil fuels like coal, oil, and gas are formed over hundreds of millions of years and are not renewable resources. When burned for power, fossil fuels release dangerous greenhouse gases like carbon dioxide into the atmosphere. The renewable energy sector has significantly benefited from the shift toward low-carbon fuels and strong environmental regulations in most developed countries. Installed capacity from renewable sources has increased in the electricity generation sector over the past few years in response to rising concerns about the environment and the need to lessen the impact of greenhouse gases. (GHG). Because of this, the solar and wind energy industries have flourished. Compared to burning fossil fuels, the emissions produced by renewable energy generation are far lower. The most effective way to combat climate change is to switch from fossil fuels, responsible for the vast majority of emissions, to renewable energy sources. To generate electricity from various sources, we need specialized technologies. When deciding which energy sources to prioritize, the effectiveness of conversion devices is crucial. Renewable energy sources are not nearly as efficient as their more conventional counterparts.
Renewable Energy Market Growth Factors
Rising Awareness Among the General Population Combined with Rapid Advancements in Technology to Widen Market Width
Wind, hydropower, solar, geothermal, and biofuel are just a few examples of renewable energy options. Renewable energy sources are estimated to provide about 7 % of the world's energy needs. The future holds great promise for this percentage's growth. The major factors that are expected to foster the growth of the global renewable energy market are the growing awareness about the harmful effects of fossil fuels on the environment, the rising government initiatives to promote the adoption of clean and green energy, the rising public and private efforts to curb carbon emission, and the growing adoption of the green energy among the consumers. Demand for renewable energy sources like geothermal and solar energy is predicted to increase throughout the forecast period as industrialization and urbanization spread across developing countries worldwide. Battery storage systems are becoming more competitive, which has a beneficial effect on expanding the renewable energy market, and the costs of renewable energy are falling as a result. Large sums of money are being poured towards the widespread adoption of renewable energy sources in response to growing global concerns about climate change and environmental, social, and governance issues.
U.S. and Germany as a Region to Play a Pivotal Role in Shaping Market Development
Consumption of processed foods has skyrocketed in recent decades. A significant contributor to this Government initiative and the easy access to biomass feedstock are propelling the industry in the United States. The strict government laws surrounding emissions have led to an expansion in renewable energy facilities throughout the country. More people are switching from coal to natural gas and renewable energy, altering the country's power landscape. End-users are likely to gravitate towards installing -hydropower systems due to increased electricity distribution prices, power outages caused by problems in the main grid, and incentive programs created by the U.S. government, all of which will increase demand for renewable energy. Germany has an advanced economy and is a major European market. The country has invested in unconventional power production technologies to become more energy independent and less reliant on conventional sources like crude oil, coal, and others. The solar power generating market has expanded rapidly over the past few years. This trend will continue throughout the projection period as more money is put into renewable energy. The projection period will likely be driven by the expanding solar sector in Germany, which will boost the market.
Renewable Energy Industry Segmentation
Type
• Wind Power
• Hydroelectric Power
• Solar Power
• Bio Energy
• Geothermal
End User
• Residential
• Industrial
o Power
o Chemicals & Petrochemicals
o Oil & Gas
o Food & Beverage
o Others
• Commercial
Renewable Energy Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Japan
o China
o India
o South Korea
o Rest of APAC
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
Type Insight
Hydropower Utilization to Dominate Energy Production Due to Inexpensive & Effective Operability
The global market can be split into wind power, hydroelectric power, solar power, bioenergy, and geothermal based on type.
The hydropower industry will continue to grow at a stable CAGR from 2023 to 2030, holding the greatest share in 2022. Hydropower, commonly known as hydroelectric power, provides storage, power, and flexible services and significantly benefits communities and climate change. The estimate calls for the solar power market to expand faster than any other sector. It's inexpensive, provides a "green label" for your home or business, reduces power outages, and has several other advantages. Power outages are common with grid electricity, and even hydroelectric power might experience them during transmission; nevertheless, solar systems are more reliable.
Solar power is expected to expand faster during the predicted period than any other sector. Solar power is catching on quickly all around the world. More and more money is being poured into installing solar panels to harness the sun's thermal energy and convert it into electricity in various commercial and residential settings. Demand for solar energy is predicted to rise in the future due to government initiatives to construct "smart cities" in nations like China, India, and Saudi Arabia. The worldwide solar segment of the renewable energy market is anticipated to develop due to the government sector's increased adoption of solar electricity.
Regional Insights
Asia Pacific to Dominate Global Market Owing to Increased Consumer Spending & Urbanization
Geographically, the global market can be divided into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
In terms of revenue, the Asia-Pacific region was the most important in the year 2022. Increased solar power project installations in China and India are largely responsible for the region's increased need for renewable energy. These are the most important markets for solar panels worldwide and in the Asia-Pacific region. Furthermore, the market has substantial growth potential because nations in the region, such as Australia and Japan, have been spending heavily on solar power generation in recent years. As more effective solar cells have been commercially available, the industrial sector's use of solar energy to generate electricity has grown. Moreover, the rising level of competition in the sector has contributed to lower electricity prices and a wider selection of solar panels.
North America is expected to have the highest growth rate during the projection period. The primary drivers driving the growth of the North American renewable energy market are rising awareness about the deteriorating environmental conditions, rising government attempts to limit carbon footprint, and growing investments in renewable energy sources.
During the anticipated period, Europe will remain a major player internationally. When it comes to creating and implementing Renewable Energy systems, the country has been at the forefront. The solar and wind power industries are major growth drivers for the Renewable Energy Market in the region. In Europe, no market is larger than Germany's for renewable energy. When it comes to creating and implementing Renewable Energy systems, the country has been at the forefront. The European renewable energy market is expanding due to the rising demand for renewable power.
Renewable Energy Industry Analysis
The renewable energy industry's heavy hitters are concentrating on new and improved technologies to reduce the price of their products. Furthermore, industry participants are engaging in various strategic efforts to strengthen their position in the market.
Due to multiple major competitors, the renewable energy industry might be described as moderately fragmented. To maintain or improve their standing in the market and expand their share, the major players consistently engage in various developmental initiatives, including partnerships, mergers, acquisitions, collaborations, and new product launches.
Renewable Energy Market Recent Developments
• In July 2022, for 5-10 years, ACCIONA and FORTIA have agreed to deliver over 1TWh of renewable electricity and provide an energy management platform for large industrial consumers.
• In May 2022, in Millburn, New Jersey, NJR Clean Energy Ventures (CEV) has begun building what is believed to be the largest floating solar array in the United States at 8.9 MW. A reservoir at the New Jersey American Water Canoe Brook Water Treatment Plant will be outfitted with a floating racking system and 16,510 solar panels as part of this project. Through a power purchase agreement with CEV, the clean energy produced by the array will meet nearly all of the facility's yearly power requirements.
• In January 2022, the Uttar Pradesh New and Renewable Energy Development Agency recently held a bidding procedure for a 125 MW solar project, ultimately awarded to SJVN (Satluj Jal Vidyut Nigam Ltd). (UPNEDA). Jalaun has a 75 MW solar project connected to the grid, and Kanpur Dehat has a 50 MW solar project.
Global Renewable Energy Market Prominent Players
• ABB (Switzerland)
• General Electric (U.S.)
• Schneider Electric (France)
• General Electric (U.S.)
• Tata Power (India)
• Siemens Gamesa Renewable Energy, S.A. (U.S.)
• Xcel Energy, Inc. (U.S.)
• Innergex (Canada)
• Suzlon Energy Ltd. (India)
• Invenergy (U.S.)
• Acconia (Spain)
• National Grid Renewables (U.S.)
Frequently Asked Questions (FAQs)
At what rate will the Renewable Energy Market Expand?
Objective Market Research estimates that the renewable energy market will grow at a CAGR of 12.1% during the forecast period.
What are the factors driving the global Renewable Energy Market?
The global renewable energy market is expected to grow during the forecast period owing to technological advancements in solar PV manufacturing and solving intermittency problems, government incentives, rising interest, and falling costs associated with renewable energy sources like solar panels and wind turbines.
Which segment accounted for the largest Renewable Energy Market share by type?
Due to its inexpensive nature, the hydroelectricity segment is expected to be dominated during the forecast period compared to its counterparts.
What region holds the major share in the global market scape?
Asia Pacific is expected to witness the largest revenue stream for the global market owing to increased government spending and rising public awareness.
Which are the dominating players in the market during the forecast period?
Some prominent players in the global renewable energy market are ABB (Switzerland), General Electric (U.S.), Schneider Electric (France), General Electric (U.S.), Tata Power (India), Siemens Gamesa Renewable Energy, S.A. (U.S.), among others.
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Table of Content
1. Introduction
1.1 Market Definition
1.2 Objective of the Study
1.3 Market Scope
1.4 Years Considered in the Study
1.4.1 Historic Year: 2019-2021
1.4.2 Base Year: 2022
1.4.3 Forecast Period: 2023-2030
1.5 Currency Used in the Study
1.6 Boundaries for the Study
1.7 Collaborators/Stakeholders/Benefactors
2. Research Methodology
2.1 Research Outline
2.2 Data Collection Methods
2.3 Data Sources
2.3.1 Secondary Sources
2.3.1.1 Paid Sources
2.3.1.2 Unpaid Sources
2.3.2 Primary Sources
2.4 Market Estimation Methodology
2.4.1 Top-Down Approach
2.4.2 Bottom-Up Approach
2.5 Data Triangulation
2.6 Assumptions of the Study
2.7 Limitations of the Study
3. Executive Summary
3.1 Market Outlook
3.2 Analysts Perspective
4. Market Overview
4.1 Market Dynamics
4.1.1 Drivers
4.1.1.1. Increased Government Initiatives
4.1.1.2. Widening Utilization within Industrial Sector
4.1.2. Restrain
4.1.2.1. Lower Effectiveness
4.1.3. Opportunities
4.1.3.1. U.S. and Germany to Act as Hotbed for Opportunities
4.1.4. Impact of Market Dynamics
4.2. Impact of COVID-19 pandemic
4.3. Value Chain Analysis
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Buyers
4.4.2. Bargaining Power of Suppliers
4.4.3. Threat of Substitution
4.4.4. Threat of New Entrants
4.4.5. Competitive Rivalry
5. Global Renewable Energy Market Analysis & Forecast, by Type from 2019-2030 (in USD million)
5.1. Wind Power
5.2. Hydroelectric Power
5.3. Solar Power
5.4. Bio Energy
5.5. Geothermal
6. Global Renewable Energy Market Analysis & Forecast, by End User from 2019-2030 (in USD million)
6.1. Residential
6.2. Industrial
6.2.1. Power
6.2.2. Chemicals & Petrochemicals
6.2.3. Oil & Gas
6.2.4. Food & Beverage
6.2.5. Others
6.3. Commercial
7. Global Renewable Energy Market Analysis & Forecast, by Region from 2019-2030 (in USD million)
7.1. North America
7.1.1. North America Renewable Energy Market Analysis & Forecast, By Country
7.1.1.1. U.S.
7.1.1.2. Canada
7.1.1.3. Mexico
7.1.2. North America Renewable Energy Market Analysis & Forecast, By Type
7.1.3. North America Renewable Energy Market Analysis & Forecast, By End User
7.2. Europe
7.2.1. Europe Renewable Energy Market Analysis & Forecast, By Country
7.2.1.1. Germany
7.2.1.2. UK
7.2.1.3. France
7.2.1.4. Spain
7.2.1.5. Italy
7.2.1.6. Rest of Europe (RoE)
7.2.2. Europe Renewable Energy Market Analysis & Forecast, By Type
7.2.3. Europe Renewable Energy Market Analysis & Forecast, By End User
7.3. Asia-Pacific (APAC)
7.3.1. Asia-Pacific Renewable Energy Market Analysis & Forecast, By Country
7.3.1.1. Japan
7.3.1.2. China
7.3.1.3. India
7.3.1.4. South Korea
7.3.1.5. Rest of the APAC
7.3.2. Asia-Pacific Renewable Energy Market Analysis & Forecast, By Type
7.3.3. Asia-Pacific Renewable Energy Market Analysis & Forecast, By End User
7.4. Latin America
7.4.1. Latin America Renewable Energy Market Analysis & Forecast, By Country/Region
7.4.1.1. Argentina
7.4.1.2. Brazil
7.4.1.3. Rest of Latin America
7.4.2. Latin America Renewable Energy Market Analysis & Forecast, By Type
7.4.3. Latin America Renewable Energy Market Analysis & Forecast, By End User
7.5. Middle East & Africa
7.5.1. Middle East & Africa Renewable Energy Market Analysis & Forecast, By Country/Region
7.5.2. Middle East & Africa Renewable Energy Market Analysis & Forecast, By Type
7.5.3. Middle East & Africa Renewable Energy Market Analysis & Forecast, By End User
7.5.2. Middle East & Africa Epoxy Coatings Market Analysis & Forecast, By Type
7.5.3. Middle East & Africa Epoxy Coatings Market Analysis & Forecast, By Application
8. Competitive Landscape
8.1. Market Share Analysis (2022)
8.2. Market Positioning of Top Players (2022)
8.3. Key Developments & Growth Strategies (2020-2022)
8.3.1. Product Launches
8.3.2. Merges, Collaborations & Agreements
8.3.3. Expansion
8.4. SWOT Analysis
9. Company Profiles (Business Overview, Products Offered, Financial Details*, Recent Developments)
ABB (Switzerland)
9.2. General Electric (U.S.)
9.3. Schneider Electric (France)
9.4. General Electric (U.S.)
9.5. Tata Power (India)
9.6. Siemens Gamesa Renewable Energy, S.A. (U.S.)
9.7. Xcel Energy, Inc. (U.S.)
9.8. Innergex (Canada)
9.9. Suzlon Energy Ltd. (India)
9.10. Invenergy (U.S.)
9.11. Acconia (Spain)
9.12. National Grid Renewables (U.S.)
9.13. Others
9.2. Kansai Paint (Japan)
9.3. RPM International Inc. (U.S.)
9.4. The Valspar Corporation (U.S.)
9.5. MBCC Group (Germany)
9.6. AkzoNobel (Netherlands)
9.7. Sherwin-Williams Company (U.S.)
9.8. Asian Paints (India)
9.9. BASF (Germany)
9.10. Axalta Coating Systems LLC (U.S.)
9.11. Others
10. Appendix
10.1. Currency Exchange Rate to USD
10.2. Abbreviations
* Financial details captured might be subjected to information available and not be given for privately-held companies or for companies that do not report it in the public domain