A comprehensive overview of the Renewable Energy Market is recently added by UnivDatos to its humongous database. The Renewable Energy report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Renewable Energy market. The Renewable Energy report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates Renewable Energy at the global and regional levels. The Global Renewable Energy Market is expected to grow at a CAGR of XX% from 2021-2027 to reach US$ million by 2027.
Market Overview
The market is expected to witness a boost on account of rising demand for clean energy, rising incidences of deaths due to pollution from fossil fuel, Limited availably of fossil fuel, etc. Globally, a total of 10.2 million premature deaths annually is attributable to PM 2.5 generated from the combustion of fossil fuels. Also, the global production of oil, coal, and gas (Fossil fuels) increased from50,685 TWh, 44,958 TWh, and 35,117 TWh in 2015 to 52,079 TWh, 46,627 TWh, and 39,762 TWh respectively. In 2020, the consumption of all other fuels declined while the only source which increased the demand for energy sources was renewables. As the global economy recovers from the crisis, The renewable energy source witnessed an uptake, therefore, expand more quickly. As per International Energy Agency (IEA), in 2020, the annual renewable capacity additions increased witnessed the highest year-on-year increase since 1999 and increased by 45% or 280 GW. Furthermore, exceptionally high-capacity additions become the “new normal” in 2021 and 2022, with renewables accounting for 90% of new power capacity expansion globally
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COVID-19 Impact
Renewable energy consumption in the US increased by 40% and by 45% in India during the first ten weeks of lockdown in 2020. Global renewable energy generation rose by 3%, primarily driven by new solar and wind projects that came online in the last year. Further, 13 countries awarded new renewable capacity addition of approximately 50GW in the first half of 2020 despite the pandemic. Stringent environmental regulations, growing investors’ sentiment for renewable power built upon slowdown in energy demand, and fall in oil prices during the pandemic have been criticized for promoting the growth of renewable energy
Global Renewable Energy Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into
- Hydroelectric Power
- Wind Power
- Bioenergy
- Solar Energy
- Geothermal Energy
The Hydroelectric Power segment dominated the by type segment and gathered XX% of the Renewable Energy Market in 2020. Moreover, the market is expected to grow at % CAGR to reach US$ million by the year 2027.
By End-Use, the market is primarily segmented into
- Residential
- Commercial
- Industrial
- Power
- Chemicals & Petrochemicals
- Oil and Gas
- Food & Beverage
- Others
Based on the End-Use, the Industrial segment accounted for the largest share and is expected to grow at % CAGR during the forecast period 2021-2027. In 2020, the Industrial segment generated a revenue of US$ million.
Renewable Energy Geographical Segmentation Includes:
- North America
- Europe
- Asia-Pacific
- Rest of the World
Based on the estimation, the Asia-Pacific region dominated the Renewable Energy Market with almost US$ million in revenue in 2020. At the same time, the Europe region is expected to grow remarkably with a CAGR of % over the forecast period owing to the government’s regulation for reducing the share of fossil fuel in the power generation mix.
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The major players targeting the market includes
- ABB Ltd
- General Electric
- The TATA Power Company Limited
- Innergex
- Enel Spa
- Xcel Energy Inc.
- EDF
- Geronimo Energy
- Invenergy
- ACCIONA
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Renewable Energy Market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Renewable Energy Market?
- Which factors are influencing the Renewable Energy Market over the forecast period?
- What are the global challenges, threats, and risks in the Renewable Energy Market?
- Which factors are propelling and restraining the Renewable Energy Market?
- What are the demanding global regions of the Renewable Energy Market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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