What is the global market size of the Renewable Energy Market?

Global Renewable Energy Market size was valued at USD 769.9 Billion in 2021 and is poised to grow from USD 899.24 Billion in 2022 to USD 3114.73 Billion by 2030, at a CAGR of 16.8% during the forecast period (2023-2030).

Who are the key vendors in the Global Renewable Energy Market?

The global renewable energy market is highly competitive, with a large number of players operating in various segments of the market. The market is characterized by a mix of established companies, as well as new and innovative startups. In addition, there is a growing trend towards collaboration and partnerships between companies in the renewable energy space. There is a growing trend towards collaboration and partnerships between companies in the renewable energy space. For example, several companies are partnering to develop large-scale offshore wind farms, leveraging each other's expertise and resources. This collaboration is also happening at the local level, with small startups partnering with local utilities to develop community solar projects. The competitive landscape of the global renewable energy market is dynamic and constantly evolving, driven by new technologies, changing market conditions, and shifting customer preferences. '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)', 'Pattern Energy (US)', 'Xcel Energy (US)', 'EDF Renewables (France)', 'Dominion Energy (US)', 'Innergex Renewable Energy (Canada)', 'Greenko Energy Holdings (India)', 'Vestas Wind Systems (Denmark)'

What is the key driver of the Global Renewable Energy Market?

Growing concerns about climate change and environmental degradation have led to increased demand for renewable energy sources. As consumers become more aware of the impact of their energy consumption on the environment, they are seeking out cleaner, more sustainable energy sources. The use of renewable energy sources can help reduce the carbon footprint of individuals, businesses, and countries, thereby mitigating the impact of climate change. renewable energy can help reduce other forms of environmental degradation, such as air and water pollution, which are associated with the burning of fossil fuels. By adopting renewable energy sources, countries can reduce their dependence on imported fossil fuels, which can lead to the degradation of local ecosystems due to extraction, transportation, and refining processes.

What is the key market trend for the Global Renewable Energy Market?

Environmental Concerns and Climate Change Mitigation: One of the most significant drivers of the global renewable energy market is the growing awareness of environmental issues, particularly climate change. Countries and organizations worldwide are taking measures to reduce carbon emissions and mitigate the adverse effects of climate change. Renewable energy sources, such as wind, solar, and hydroelectric power, are low-carbon and play a crucial role in these efforts.

Which region accounted for the largest share in the Global Renewable Energy Market?

In 2022, Asia Pacific region dominated the global renewable energy market accounting for over 40.40% of the total revenue. This growth can be attributed to the increasing adoption of solar power projects in China and India, which are among the largest markets for solar panels worldwide. Other countries in the region, such as Australia and Japan, also offer significant growth potential due to their substantial investments in solar power generation in recent years.

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 News

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.

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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).

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. '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) '

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.

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.

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.

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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

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What is the global market size of Renewable Energy Market?

Who are the key vendors in the Renewable Energy Market?

What is the key driver of Renewable Energy Market?

What is the key market trend for Renewable Energy Market?

Which region accounted for the largest share in Renewable Energy Market?

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