Renewable Energy Market Size, Share, Growth Report 2032

Renewable Energy Market Insights

Zion Market Research has published a report on the global Renewable Energy Market, estimating its value at USD 1218.44 Billion in 2023, with projections indicating that it will reach USD 4952.19 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 16.86% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Renewable Energy Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Market Overview

The Global Renewable Energy Market accounted for more than USD 751.95 Billion in 2020 and is expected to reach more than USD 1387.89 Billion by 2028, growing at a CAGR of more than 8.6% from 2021 to 2028.

Renewable energy refers to the generation of electricity through the renewable sources available to extract this energy. The renewable sources from which the generation of electricity is being carried out can be sub divided into solar energy, wind energy, biomass, geothermal and hydroelectricity. The volume of electricity generated through these sources helps in calculating and determining the volume of market on an annual basis of electricity generation. Increased awareness regarding the safety and efficacy of environment and the limited presence of fossil fuels in driving the market growth.

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COVID-19 Impact Analysis

Covid-19 has significantly impacted the Global Renewable Energy market. With the decreasing investment by a number of private and government authorities there has been a significant economic slowdown across the globe which has in turn resulted into a decline in the energy consumption. Favorable government policies have resulted into an increased adoption of renewable sources of energy and has helped the market growth, but the measures taken in order to curb the pandemic has caused a disruption in the supply chain which has delayed the ongoing projects. However, certain countries having energy sectors as essential services has seen a significant growth.

Growth Factors

The increasing concern regarding the safety and efficacy of environment with the increased governmental funding and investment in the generation and utilization of renewable sources of energy is driving the growth of the market across the globe. Rapid urbanization and industrialization have also been found to drive the market. Other factors such as cost effectiveness, environment friendly, less emissions of greenhouse gases specifically CO2 due to the utilization of fossil fuels are also anticipated to be responsible for the overall growth of the market.

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Increasing technological advancement with the increased governmental investment in the renewable energy market is also contributing to the growth opportunities during the forecast period. Increasing strict rules and regulations policies regarding the environment in developing countries such as China and India are also expected to show the growth of the market.

Renewable Energy Market: Report Scope

Type Segment Analysis Preview

Hydropower segment held a share of around 27.46% in 2020. The hydropower generation is a process that involves the utilization of running water to generate electricity. The hydropower segment serves as the largest gain from a renewable source in 2019 and due to their use in the electricity market the production from renewable energy market is expected to grow. The hydropower has certain benefits over other sectors under renewable energy market such as it has low operating expenses which has been enabling the growth of market and is expected to increase the demand and increase the growth of market in the forecast period.

Application Segment Analysis Preview

Industrial application segment will grow at a CAGR of more than 4.96% from 2021 to 2028. This is attributable to the rapid industrialization and urbanization. With the growing industrialization the need for having better and efficient energy sources to meet the overall industrial demand of power requirement is driving the growth of renewable energy market in the industrial segment. With the increasing governmental implementation regarding the safety and efficacy of environment the rapid growth of renewable energy market can be seen over the forecast period.

Regional Analysis Preview

The Asia Pacific region held a share of 29.45% in 2020. The region from over the years has seen an increasing demand for energy and with rapid industrialization in countries situated in this region such as China and India there is rise in demand for the generation of electricity from renewable sources and in order to meet the demand the region has developed and increased the power generation capacity which is owing to drive the overall renewable energy market in the forecast period. Other factors such as favorable governmental policies regarding the renewable sources, rapid industrialization and rise in population is also responsible for the market growth in this region.

The European region is projected to grow at a CAGR of more than 7.6% over the forecast period. The European market is one of the largest markets in terms of revenue and is anticipated to drive the market growth in the forecast period. The region shows high availability of new forms of energy and has enabled to drive focus towards the sources which are yet to be utilized for the electricity generation such as offshore wind energy, energy from oceans which in turn helps in tapping energy from such undiscovered sources and drive the growth of market.

Key Market Players & Competitive Landscape

Some of key players 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.

Key players are focusing on adopting various strategies such as business expansion, product launch, partnership, collaboration, acquisition to have competitive presence in the market.

For example, Innergex has acquired Alterra. The acquisition has involved two geothermal facilities and has added around 485 MW (gross 1,049 MW) of renewable energy assets, to its portfolio.

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