Market Analysis
The renewable energy market will develop at a favorable 8.53% CAGR by 2027, states the latest Market Research Future (MRFR) report.
Drivers
Growing Environmental Awareness to Boost Market Growth
The growing environmental awareness among citizens of the world along with their desire to reduce humankind’s carbon footprint will boost market growth over the forecast period. Owing to this state governments across the globe have initiated favorable regulations and policies.
Opportunities
Need for More Power to offer Robust Opportunities
Increasing commercialization and industrialization have led people towards technology which needs more and more power daily. This will offer robust opportunities for the market over the forecast period.
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Restraints
Unpredictable Climate Conditions to act as Market Restraint
The unpredictable climate conditions and the unavailability of renewable sources may act as market restraint over the forecast period.
Challenges
High Costs Involved to act as Market Challenge
The high costs involved and the delay in the production installation of power equipment may act as market challenge over the forecast period.
Market Segmentation
The global renewable energy market is bifurcated based on end use and type.
By type, the global renewable energy market is segmented into ocean energy, hydropower, wind energy, bioenergy, solar energy, and geothermal energy.
By end use, the global renewable energy market is segmented into industrial, commercial, and residential. The industrial segment is again food and beverage, chemicals and petrochemicals, automotive oil and gas, power, and iron and steel.
COVID-19 Analysis
The COVID-19 outbreak and the lockdowns brought the whole world’s economies to a standstill and faced a blow to the supply chain to all industries worldwide. With unprecedented supply chains, and crippling challenges and workforce in shorter supply than it ever has been, the market suffered various setbacks. The market overview with regards to the crisis gives a detailed and clearer picture of how this unforeseen calamity affected the renewable energy market on the whole.
Regional Analysis
APAC to Hold Lions Share in Renewable Energy Market
The APAC region will hold the lions share in the renewable energy market over the forecast period. Increase in industrialization in China and India, ever-surging need for energy, rising population, favorable government policies, increasing urbanization, mushrooming middle class, and increasing population are adding to the global renewable energy market growth in the region.
Key Players
Eminent industry players profiled in the global renewable energy market report include Ørsted A/S, General Electric, Enel Spa, On Power, Yingli Solar, NextEra Energy, Inc., Ocean Power Technologies, Inc., Tocardo BV, Vestas Wind Systems A/S, SynTech Bioenergy LLC, Siemens AG, and Canadian Solar Inc.
The global renewable energy market is both fragmented and also competitive for the presence of different international domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more. Besides, they are also investing in various research and development activities.
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