Global Renewable Energy Market Overview
Introduction:
Renewable energy technology uses energy sources that are continually refilled by nature and includes water, sun, the wind, the earth’ heat, and plants. Renewable energy technologies convert fuels into the various forms of energy i.e., heat, chemicals, mechanical power, and electricity. Renewable energy is energy derived from natural sources that are replenished at a higher rate that they are consumed. It provides reliable power supplies and fuel diversification, which enhance energy security, lower risk of fuel spills, and reduce the need for imported fuels. Renewable energy sources, such as biomass, geothermal resources, sunlight, water, and wind, are natural resources that can be converted into these types of clean, usable energy. Sources like wind energy, solar energy, and hydropower are sustainable forms of energy because they have a low environmental impact, are widely available, are naturally replenished. The global renewable energy market accounted for US$ 881.7 billion in 2020 and is estimated to be US$ 1950.99 billion by 2030 and is anticipated to register a CAGR of 8.3%.
Global Renewable Energy Market Dynamics
Rising demand of clean energy
The renewable energy uses the resources directly from the environment including winds, steam, tides, sunshine, biomass and others to produce energy which is the major driving factor for the growth of the global market. Additionally, the maintenance for the renewable energy generation technology is very low and is the boosting factor for the growth of the target market. Moreover, the generation of renewable energy is harmless for the environment and health because it does not produce any greenhouse gases and pollutants which is the fueling factor for the growth of the global market.
However, storage capacity for renewable energy is low is the major restraining factor for the growth of the target market. Furthermore, the system or technology can interrupt or can be turned off due to unpredictable climate changes which are another hampering factor for the global renewable energy market. Nevertheless, the increasing storage capacity can create a better opportunity for the development of the renewable energy market.
Global Renewable Energy Market Segmentation
Source: Prophecy Market Insights |Disclaimer: Data is only a representation. Actual data may vary in the final report.
The global renewable energy market is segmented based on type, end user and region.
Based on types, the global renewable energy market is segmented into the geothermal energy, hydroelectric power, wind power, solar energy, and bioenergy. Based on the end-user, the target market is segmented into industrial, residential, commercial, and others. The industrial segment is the dominating segment due to increasing industrialization in developing countries.
Regional Insights:
The global renewable energy market accounted for US$ 881.7 billion in 2020 and is estimated to be US$ 1950.99 billion by 2030 and is anticipated to register a CAGR of 8.3%. On region the global renewable energy market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region is expected to dominate the renewable energy market is projected to register a high CAGR over the forecast period owing to the growing numbers of industries due to rapid development, increasing government programs/schemes for green development and increasing awareness about renewable energy in the developing countries like China and India.
Report Scope:
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Attribute |
Details |
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Base year for estimation |
2020 |
|
Forecast period |
2020 – 2030 |
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Market representation |
Revenue in USD Billion & CAGR from 2020 – 2030 |
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Market Segmentation |
By Type- Geothermal Energy, Hydroelectric Power, Wind Power, Solar Energy, and Bioenergy By End User– Industrial, Residential, Commercial, and Others |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global renewable energy market report based on types, end user and region.
Global Renewable Energy Market, By Region:
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- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Global Renewable Energy Market Key Players
The key players operating in the global renewable energy market includes ABB Ltd., General Electric, The Tata Power Company Limited, Innergex Renewable Energy, Alterra Mountain Company, ENERCON GmbH, Sinovel Wind Group Co., Ltd., UpWind Solutions, Inc., Geronimo Energy, and Vestas Wind Systems A/S. Prominent players operating in the target market are focusing on strategic partnerships as well as the launching of the types to gain a competitive edge in the target market.
ABB Ltd:
Hitachi ABB Power Grids announced the launch of SVC Light enhanced at CIGRE 2021 – its next generation grid stabilization solution. SVC Light enables smooth integration of renewable energy into the world’s rapidly evolving energy system, underpinning new and fast-growing uses for emission free electrification, ranging from powering data centers to sustainable mobility.
Global Renewable Energy Market Company Profile
- ABB Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- General Electric
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- The Tata Power Company Limited
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Innergex Renewable Energy
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Alterra Mountain Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- ENERCON GmbH
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Sinovel Wind Group Co., Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- UpWind Solutions, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Geronimo Energy
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Vestas Wind Systems A/S
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
Global Renewable Energy Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Industry Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Outlook for Renewable Energy Strategies
- Key Questions this Study will Answer
- Market Snippet, By Types
- Market Snippet, By End-User
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Global Renewable Energy Market, By Types, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Geothermal Energy
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Hydroelectric Energy
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Wind Power
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Solar Energy
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Bioenergy
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Renewable Energy Market, By End-User, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Industrial
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Residential
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Commercial
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Others
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Renewable Energy Market, By Region, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Regional Trends
- North America
- Market Size and Forecast (US$ Mn), By Types, 2020 – 2030
- Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Mn), By Types, 2020 – 2030
- Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Mn), By Types, 2020 – 2030
- Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Mn), By Types, 2020 – 2030
- Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Mn), By Types, 2020 – 2030
- Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- ABB Ltd.
- Company Overview
- Types Portfolio
- Key Highlights
- Financial Performance
- General Electric
- The Tata Power Company Limited
- Innergex Renewable Energy
- Alterra Mountain Company
- ENERCON GmbH
- Sinovel Wind Group Co., Ltd.
- UpWind Solutions, Inc.
- Geronimo Energy
- Vestas Wind Systems A/S
- ABB Ltd.
- The Last Word
- Future Impact
- About Us
- Contact
FAQs
The Global Renewable Energy Market report segments the market on the basis into type, end-user and region.
Renewable energy sources include wind, steam, tides, sunlight, biomass, and other natural resources, and is a primary driver of worldwide market growth.
Asia-Pacific renewable energy market size is projected to grow at a CAGR during the forecast period and accounted for of renewable energy market share in 2020.
The leading players operating in the Global Renewable Energy Market includes ABB Ltd., General Electric, The Tata Power Company Limited, Innergex Renewable Energy, Alterra Mountain Company, ENERCON GmbH, Sinovel Wind Group Co., Ltd., UpWind Solutions, Inc., Geronimo Energy, and Vestas Wind Systems A/S.