Fort Collins, Colorado, Sept. 19, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Renewable Energy Market Size, Growth, Share, Statistics Report, By Type (Solar Energy, Wind Energy, Hydro Energy, And Others), By User (Residential, Commercial, And Industrial), By Region, And Segment Forecasts, 2023-2032.”
According to DataHorizzon Research, The renewable energy market size was valued at USD 978.8 Billion in 2022 and is anticipated to reach USD 2,152.4 Billion by 2032 with a CAGR of 8.3%. Rising oil prices, especially since the pandemic and with growing technological advancements that help utilize natural sources for energy production without drastically harming the environment is predominant for an increase in the demand for these energy sources.
With growing climatic issues due to the burning of fossil fuels and mining activities to generate energy, many countries have started facing many climatic issues like droughts, air pollution, and landslides in some areas. This has forced these countries to look for sustainable alternatives for energy generation.
Additionally, with depleting fuel reserves, the prices are skyrocketing, making it difficult for many countries to buy oil for their use. This has also led to these countries looking for other energy sources, with renewable energy generation options being the most preferred option. Also, with many companies and governments actively investing in the development of this energy at it is sustainable, environment-friendly, and low cost, the demand and adoption of these energy sources is expected to grow in during the forecast period.
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Report Snapshot:
| Report Title | Renewable Energy Market |
| Market Size in 2022 | USD 978.8 Billion |
| Market Size by 2032 | USD 2,152.4 Billion |
| CAGR from 2023 to 2032 | 8.3% |
| Largest Market | Asia Pacific |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Renewable Energy Type | Solar Energy, Wind Energy, Hydro Energy, and Others |
| By User | Residential, Commercial, and Industrial |
| By Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | CLP Group, Enphase Energy, SolarEdge, TATA Power, Saudi Electricity Company, Nextera Energy, Iberdrola SA, Adani Green, Plug Power Inc., Duke Energy Corporation, Vestas Wind System. |
Segmentation Overview
The global renewable energy market has been segmented based on renewable energy type, type and region. Hydroenergy holds a major share in the renewable energy type as it helps in energy generation around the year and is also a cheaper energy source than other sustainable energy sources. Also, the maintenance cost of the infrastructure is lower than other energy sources, thus adding to its advantage. Residential use holds a major segment in the user segment. Electricity is used for energy generation, home heating, and water heating purposes.
Asia Pacific holds a major share of the renewable energy market. This is because all these countries are heavily depending on other countries to meet their oil demands, and with rising prices, these countries were forced to look for other alternative energy sources. Also, governments are actively supporting and investing in sustainable energy generation, thus leading to market growth. North America also holds a significant share in the renewable energy market due to rising investment in hydro and solar energy generation plants and usage.
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Key Developments in the Industry:
- In September 2023, India and the United States collaborated to develop and set up renewable energy plants in India. All the activities from developing new technologies, testing, training, and development, and adopting these technologies will be covered under this collaboration. This step is taken to expand the usage and lower the costs of green energy.
- In July 2023, Amazon started setting up their five new solar and wind projects in the South-east United States. This will increase the count of renewable plants of the company to 30 in this region, and with this, it is expected to produce around 7,500 GWh of clean energy every year through these plants.
Renewable Energy Market Report Highlights:
- The renewable energy market is projected to rise at a CAGR of 8.3% by 2032.
- Hydro energy market holds a major market share in the renewable energy type segment because of its easy availability, low maintenance, and initial costs.
- The use of renewable energy at residences holds a major share in the user segment because at residences it is used to charge electric vehicles and also for home heating purposes, especially in Western countries. Also, people prefer this energy source as it is sustainable.
- Based on region Asia Pacific holds a major market share in the renewable energy market due to rising oil prices and their higher dependence on oil-producing countries.
- Some of the prominent players in the renewable energy industry report include CLP Group, Enphase Energy, SolarEdge, TATA Power, Saudi Electricity Company, Nextera Energy, Iberdrola SA, Adani Green, Plug Power Inc., Duke Energy Corporation, Vestas Wind System and others.
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Renewable Energy Market Report Segmentation:
Renewable Energy Market, By Renewable Energy Type (2023-2032)
- Solar Energy
- Wind Energy
- Hydro Energy
- Others
Renewable Energy Market, By User (2023-2032)
- Residential
- Commercial
- Industrial
Renewable Energy Market, By Region (2023-2032)
- North America
-
- U.S.
- Canada
- Europe
-
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
About DataHorizzon Research:
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