USD 899.24 Billion
Renewable Energy Market Size, Share, Growth Analysis, By Product(Hydro Power, Wind Power, and Solar Power), By Application(Industrial, Commercial, and Residential), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10B2061 |
Region:
Global |
Published Date: August, 2024
Pages:
178
|Tables:
65
|Figures:
75
Renewable Energy Market Insights
Global Renewable Energy Market size was valued at USD 899.24 Billion in 2022 and is poised to grow from USD 1050.31 Billion in 2023 to USD 3637.99 Billion by 2031, growing at a CAGR of 16.80% in the forecast period (2024-2031).
In recent times, the renewable energy sector has witnessed massive growth owing to the transformation towards low-carbon fuels and the presence of strict environmental laws in most of the developed economies. The energy generation market is growing because of rising installation capacity of renewable sources because of the growing environmental concerns along with pressure to minimize harmful impact of greenhouse gases (GHG). These are some of the primary factors expanding the solar and wind energy sectors. The growing awareness about the hazardous impacts of fossil fuels on the environment, increasing government initiatives for encouraging the utilization of clean and green energy are also boosting the market growth. Nowadays, people along with private and public institutes are also trying to minimize carbon emissions and increasing the adoption of green energy, resulting in the growth of the global renewable energy market.
Growing industrialization and urbanization in the developing economies worldwide is also driving the demand for various renewable energy sources like solar and geothermal energy. The growing developments in technology are also reducing the expense of renewable energy and the rising competitiveness of the battery storage market are also positively influencing the renewable energy market.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hydro Power
Fastest Growth
Hydro Power
Growth Rate
16.80% CAGR
Global Renewable Energy Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Renewable Energy Market Segmental Analysis
The Renewable Energy Market is segmented based on Product, Application, and Regions. Based on Product, the market is segmented into Hydro Power, Wind Power, and Solar Power. Based on applications, the renewable energy market is segmented into Industrial, Commercial, and Residential. Region wise, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Renewable Energy Market Analysis by Product
Based on product, the hydro power segment is witnessing the maximum growth in the renewable energy market. This is primary due to the increasing investments in the development of off-grid energy and electrification of rural areas in the developing economies such as China, India, Brazil, Colombia, and Vietnam. This has resulted in the growing demand for the small-scale hydropower plants in the last few years. Nowadays, governments of various countries are also taking more initiatives for promoting the generation and adoption of hydropower, fueling the growth of the hydro power segment in the global renewable energy market. For example, the Indian Government adopted the Rajiv Gandhi Grameen Vidyutikaran Yojana for providing electricity to the rural areas in India. Therefore, the demand for hydro power is increasing, propelling the renewable energy market.
The solar power segment is growing rapidly in the renewable energy market. This is mainly because of the rising investments in the implementation of solar panels for generating electricity from solar heat energy. This heat is used in applications for different industries, commercial settings, and residential units worldwide. Furthermore, the reducing expense of solar photovoltaic (PV) technology has made solar power market immensely cost-competitive with the traditional sources of electricity. The minimizing cost of solar panels, development in PV technology, and government initiatives have made solar power financially an acceptable option. This is primarily true for utility scale and distributed generation projects. This has led to a rise in solar energy installations globally, boosting the renewable energy market.
Renewable Energy Market Analysis by Application
The industrial segment is dominating the renewable energy market. The industrial establishments have high demand for energy, making them one of the major consumers of electricity. By embracing various renewable sources of energy like solar, wind, or hydropower, companies can minimize their dependency on traditional fossil fuel-based energy. It will also help them to minimize their carbon footprint. This shift towards clean and sustainable energy sources matches with their corporate sustainability objectives and environmental commitments. The industrial sector frequently needs a large-scale and constant electricity supply for manufacturing procedures and operations. Renewable energy technologies, especially solar and wind, can provide dependable and cost-efficient solutions for meeting these energy demands, making them an attractive option for industrial players.
The commercial segment is witnessing the fastest growth in the renewable energy market share. This is because governments are also becoming more aware about the environment and taking initiatives to reduce carbon emissions. Nowadays, government bodies are offering subsidies and regulatory reforms for promoting the adoption of renewable energy sources in the commercial sector, augmenting market growth. The technological development in renewable energy is minimizing the expenses of eco-friendly energy, increasing demand for renewable energy market.
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Renewable Energy Market Regional Insights
Based on regions, the Asia-Pacific region is dominating the renewable energy market. The growing industrialization and urbanization in the region have led to an increase in the pollution levels. Moreover, due to an increase in the population there is also a rise in residential projects in the region, which is fueling the demand for electricity. The renewable energy market is experiencing massive growth in the developing economies like India and China due to the robust increase in the economy. This is primarily due to the rising industrialization. Nowadays, government bodies are also taking many initiatives and playing a vital part in the adoption of renewable energy across various end user applications. Furthermore, the rising demand for electricity due to the increasing investments in industrialization is also propelling investments in the deployment of solar energy infrastructure.
North America is witnessing the fastest growth in the renewable energy market in the last few years. This is mainly because power generation from industrial sectors has massively increased due to the availability of efficient solar cells in the market. The expense of the electricity produced by renewable sources has also reduced, increasing the competition in the industry. These factors are boosting the demand for renewable energy in the region. Furthermore, factors like increasing concern about GHG emissions, decreased generation expenses, and regulations to reduce carbon footprint are also driving the renewable energy market.
Global Renewable Energy Market By Geography
- Largest
- Fastest
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Renewable Energy Market Dynamics
Renewable Energy Market Drivers
Rapid Climate Change to Increase Requirement for Renewable Energy
- Climate change and environmental concerns are highlighting the significance of renewable energy. Nowadays people are becoming more energy conscious and implementing renewable and cleaner energy sources. The minimization of the negative influence of global warming on individuals, business organizations, and countries is increasing the implementation of renewable energy sources. These energy sources can also decrease the release of greenhouse gases coming from the combustion of fossil fuels, which is a major form of environmental pollution. Many countries who are importing fossil fuels from other nations can also stop as they are responsible for the pollution of environment during the extraction, transportation, and refining processes, by embracing renewable energies.
Growing Emphasis on Enhancing Air Quality
- The rising demand for renewable energy is boosted by increasing greenhouse gas emissions. Today, many countries are witnessing substantial levels of air pollution and environmental degradation because of heavy dependency on fossil fuels. This is leading to the rising awareness of about the transformation towards cleaner and sustainable energy sources. Renewable energy provides a viable solution for stopping greenhouse gas emissions and withstand climate change. The production of electricity from renewable sources like solar, wind, and hydropower minimizes carbon dioxide emissions compared to conventional fossil fuel-driven power generation. Therefore, there is a strong push for renewable energy adoption to reduce carbon footprint and enhance air quality.
Renewable Energy Market Restraints
High Expense of Investment for Infrastructure Set Up
- Implementing a renewable energy facility requires high capital investments for solar panels, batteries, and installation expense. Furthermore, wind energy power also needs wind turbine components like rotors, blades, nacelles, towers, and transformers, increasing the cost of infrastructure. The requirement for customer information related to subsidies and technologies can also restrain the growth of the global renewable energy market.
Inaccurate Resource Location to Restrain Market Growth
- Most of the renewable energy installations that are incorporated into the grid need a significant amount of space. In maximum cases, renewable energy sources are restricted by geography, which can be challenging for companies. There are many renewable energy sources that are just not available in all areas. Furthermore, in terms of expense and efficiency, the distance between the renewable energy source and the grid is vital. Moreover, renewable energy sources rely on weather, climate, and geographical location, implicating that a single type of energy generation is not perfect for any other region, significantly restraining the renewable energy market growth.
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Renewable Energy Market Competitive Landscape
The renewable energy market is witnessing exceptional growth and innovation. The hydro power and solar power segments are leading the market due to advancement of technologies and reduced expense. The market is also driven by various factors as prominent companies are forming strategic alliances and going into joint ventures. With this they are launching products that use renewable energy, increasing their presence and share in the market.
Renewable Energy Industry Top Players Company Profiles
- Enel (Italy)
- NextEra Energy (US)
- Iberdrola (Spain)
- EDP Renováveis (Spain)
- China Three Gorges Corporation (China)
- Orsted (Denmark)
- SSE (Scotland)
- Invenergy (US)
- Brookfield Renewable Partners (Canada)
- Canadian Solar (Canada)
- Acciona (Spain)
- E.ON (Germany)
- Engie (France)
Recent Developments in Renewable Energy Industry
- In May 2024, Correlate Energy Corp. and Energetic Capital partnered. The objective was to work together to provide renewable energy. They will offer services in areas that do not have a lot of resources.
- SJVN won a 125 MW Uttar Pradesh solar project in January 2022 through UPNEDA auction. The project has 75 MW grid-connected solar in Jalaun and 50 MW in Kanpur.
- Japanese officials want to reduce carbon release by 50% by 2030 and reach carbon neutrality by 2050. For this, Green Power Investment (GPI) selected GE Renewable Energy for the Fukaura Wind Farm in Fukaura Town, Japan, in September 2022.
- In December 2022, Amazon unveiled one of its initial wind-solar hybrid projects in India. The projects in Madhya Pradesh and Karnataka provide 300 MW of renewable energy capacity.
Renewable Energy Key Market Trends
Favorable Government Initiatives
- Government initiatives and policies are majorly increasing in the global market. Due to increasing investments in wind, solar, and other renewable energy sources, which minimizes reliance on unconventional power plants. The emphasis on minimizing global dependence on coal and other fossil fuels is reducing massively. Furthermore, the innovation of clean energy sources from financial establishments, like the International Finance Corporation (IFC), the Asian Development Bank (ADB), and the World Bank, is also creating a surge in the market share of renewable energy sources.
Emergence of Zero-Energy Buildings
- One of the massive factors increasing opportunities for the market is zero-energy building. The construction sector is embracing numerous efficiency measures like enhanced designs and materials that encourage a healthy and productive environment. It also helps in reducing the problems related to GHG emissions and decrease fossil fuel-based consumption. The growing demand for electricity has been boosted by factors, like environmental conditions, ESG concerns, and the shift towards electrification in smart cities.
Renewable Energy Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global renewable energy market is growing as more people understand the importance of transforming to cleaner energy sources. This is also helped by the minimized expense of renewable energy methods. The growth of the market is being assisted by several government policies and programs. With the enhancement of energy storage technology, renewable energy sources are becoming more stable and cost-efficient. This has helped the market progression massively.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 899.24 Billion |
| Market size value in 2031 | USD 3637.99 Billion |
| Growth Rate | 16.80% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered | |
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Renewable Energy Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Renewable Energy Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Renewable Energy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Renewable Energy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Renewable Energy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Renewable Energy Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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