The Global Renewable Energy Market Is Expected To Grow At A CAGR Of 16.86%

Major companies in Renewable Energy market are Enel Spa, ABB Ltd., General Electric, EDF, The Tata Power Company Limited, Xcel Energy Inc., Geronimo Energy, Innergex, Invenergy, and ACCIONA.

According to analysts at Zion Market Research, the global Renewable Energy market size was valued USD 1218.44 billion in 2023 and is expected to rise to USD 4952.19 billion by 2032 at a CAGR of 16.86%.

This review is based on a report by Zion Market Research, titled “Renewable Energy Market By Type (Solar, Biofuels, Geothermal, Hydropower and Wind Power), and By End Use Industry (Residential, Commercial, Industrial and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 - 2032.”

Rising safety and security concerns about environment to Spur Growth

The Global Renewable Energy Market is likely to have a huge growth in coming future. Rising concern about the safety and security of the environment is the main reason that has driven the growth of the global market. Similarly, growing problem of the energy crisis is also boosting the growth of the Global Renewable Energy Market. Additionally, cost effective bills of the energy are also driving the global market growth. Moreover, increased job opportunities are also powering the growth of the Global Renewable Energy Market.

On the other hand, growing unawareness among the people is the main reason hampering the growth of Global Renewable Energy Market. High cost for the installation of the renewable energy devices and set up is one of the reasons that are decreasing the growth of the global market. In addition to this, high cost of ownership is also one of the significant reasons that are restraining the growth of the global market. The huge transportation charges are also one of the main reasons that are hindering the growth of the global market.

Growing problem of energy crisis in the region to support Asia Pacific Dominance

Area-wise, the global market for renewable energy is significantly segmented into North America, Asia-Pacific, and Rest of the World. Growing problem of the energy crisis in countries such as Indian and China is lowering the global market in Asia Pacific. Rising concern about the safety and security of the environment is boosting the global market in the U.S and Canada. Increasing demand from the industry for renewable energy devices has elevated the global market in Germany and France.

Browse the full “Renewable Energy Market By Type (Solar, Biofuels, Geothermal, Hydropower and Wind Power) and By End Use Industry (Residential, Commercial, Industrial and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 - 2032.” Report at https://www.zionmarketresearch.com/report/renewable-energy-market

The Global Renewable Energy Market is segmented as follows:

By Type

• Solar
  • Crystalline Thin Film
  • Silicon
  • Others
• Biofuels
  • Biodiesel
  • Bio-Ethanol
• Geothermal
  • Direct Use
  • Power Generation
• Hydropower
• Wind Power
  • Vertical Axis Wind Turbines
  • Horizontal Axis Wind Turbines

By End Use Industry

• Residential
• Commercial
• Industrial
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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