Renewable Energy Market
The Renewable Energy Market is projected to grow at a higher CAGR over the forecast period (2020-2027).
The factors driving the growth of Renewable Energy Market includes growing concerns about carbon emissions generated from the combustion of fossil fuels and increasing number of Hydropower projects for supplying clean water in agriculture fields, homes etc. As per the report published by International Energy Agency (IEA), India is expected to add 26,000 megawatts (MW) of hydropower projects by 2030, over 9,000 MW large hydro projects are under construction at the moment, which will increase the market growth in India in the approaching years. Moreover, the rising capacities of renewable energy sources and increasing consumer inclination to use cost effective and environment-friendly clean energies, are further boosting the Global Renewable Energy Market Size. In addition, the increasing Private investments for renewable energy sector is expected to increase the Renewable Energy Market size in the coming years, according to Bloomberg, USD 47 billion were invested for renewable energy. The rising population, increasing energy consumptions and growing demand for renewable energy at commercial and residential areas, are some of the additional factors, propelling the Renewable Energy Market.
The prominent players operating in the market are Tata Power, Enel Spa, Goldwind, Canadian Solar, Innergex, Siemens Gamesa Renewable Energy, S.A., General Electric, Vestas, ABB, and SolarEdge Technologies Inc. among others.
Type: Segment Analysis
Based on the type, the solar energy segment is expected to grow at a significant CAGR over the forecast period due to growing demand for Building-integrated photovoltaics (BIPV) solar technology and fall in the prices of battery.
End User: Segment Analysis
According to Renewable Energy Market Analysis, the residential segment is projected to grow at a faster Compound Annual Growth Rate (CAGR) during the forecast period. The growing adoption of clean and cost-effective energy by consumers and rising demand for renewable energy in the residential areas, are some of the factors augmenting the growth of the segment.
Regional: Segment Analysis
Based on the region, the Asia-Pacific region is expected to grow at a significant CAGR over the forecast period. The increasing energy consumption levels, investments by Government and Private players on renewable energy along with rapid urbanization, rising population and growing disposable incomes, are the factors supplementing the Renewable Energy Market Growth in Asia-Pacific. In addition, the Indian Government has allocated INR 19,500 Crores for Solar PLI Scheme, which will further boost the market growth in India, in the coming few years.
Global Renewable Energy Market by Type
- Wind Power
- Solar Energy
- Hydroelectric Power
- Geothermal Energy
Global Renewable Energy Market by End-User
Global Renewable Energy Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: [email protected]
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland