Market Analysis
The global renewable energy market size is predicted to touch USD 2,900 billion at an 8.53% CAGR between 2019- 2027, states the recent Market Research Future (MRFR) analysis. Renewable energy technologies help to convert the energy from various natural sources like wind, tides, sun, and others into the usable electricity forms. Ocean energy, geothermal energy, bioenergy, solar energy, wind energy, and hydropower are the different types of renewable energy which has wide applications in residential and commercial and industrial sectors (automotive, food and beverage, oil and gas, chemicals and petrochemicals, iron and steel, power, and others).
Various factors are propelling the global renewable energy market share. According to the recent MRFR report, such factors include the growing greenhouse gas emissions like carbon dioxide owing to use of fossil fuels to generate energy, demand for fossil fuels to generate energy as it is cost-effective, constant technological advances, increased government funds in the renewable energy sector, and rise in strict government rules and regulations concerning climate change especially in developing and developed economies.
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On the contrary, huge investment needs for energy generation from renewable sources, volatile prices, limited fossil fuel presence on earth, and the impact of the on-going COVID-19 pandemic are factors that may limit the global renewable energy market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global renewable energy market based on the type and end use.
By type, the renewable energy market is bifurcated into ocean energy, geothermal energy, bioenergy, solar energy, wind energy, and hydropower. Of these, the hydropower segment is predicted to lead the market over the forecast period. It is likely to touch USD 381.2 billion at an 11.02% CAGR by 2027.
By end use, the renewable energy market is segmented into residential and commercial and industrial. The industrial segment is again segmented into automotive, food and beverage, oil and gas, chemicals and petrochemicals, iron and steel, power, and others. Of these, the chemicals and petrochemicals segment is predicted to dominate the market over the forecast period. It is predicted to touch USD 126.1 billion at an 8.95% CAGR by 2027.
Regional Analysis
Based on the region, the global renewable energy market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the APAC region is predicted to stay at the forefront over the forecast period. It is predicted to develop at a healthy 8.90% CAGR by 2027. The shift to unconventional energy sources from conventional power resources as it lacks to cater to the growing energy need, growing demand for energy, speedy urbanization and industrialization, mushrooming middle-class, expanding consumer base, and implementation of environment-friendly power generation solutions in India and China to deal with the growing population level is adding to the global renewable energy market growth in the region.
A few countries in the US and Europe are dependent largely on solar cells and modules that are low-cost from China. Besides, the United States depends on different countries for the import of wind equipment. The COVID-19 pandemic worldwide, as a result, has put the manufacturing operation of components on halt that is ultimately predicted to create unprecedented hindrance in the worldwide supply.
The global renewable energy market in the MEA is predicted to have sound growth over the forecast period.
Key Players
Leading contenders profiled in the global renewable energy market report include Canadian Solar Inc, Siemens AG, SynTech Bioenergy LLC, Vestas Wind Systems A/S, Tocardo BV, Ocean Power Technologies, Inc., NextEra Energy, Inc., Yingli Solar, On Power, Enel Spa, General Electric, and Ørsted A/S.
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