Global Renewable energy Market

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. 
$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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. 

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global Renewable energy Market

Report ID: SQMIG10B2061

$5,300
BUY NOW GET FREE SAMPLE