PUNE, India, Jan. 12, 2021 (GLOBE NEWSWIRE) -- The Global Renewable Energy Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The Global Renewable Energy Market size was estimated at US$ 750 billion and is expected to reach US$ 1,370 billion by 2030 at a CAGR of 5.5% through 2030. Renewable energy is expanding its reach across the globe with increased adoption of renewable energy generation as an alternative to conventionally operated electricity generation plants. Across major pasts of the world, renewable energy has outpaced the electricity generation compared to traditional coal fired, nuclear and hydroelectric power plants. The increased investment in the development of renewable energy generation plants has witness a steady growth during past decade with major growth exhibited during the past couple of years. Additionally, the cost associated with renewable energy generation is declining across the globe with intense competition amongst regional and global players to grab their share of the pie.
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The global renewable energy market is anticipated to witness swift growth during the forecast period. The cost of technologies auxiliary to the renewable energy generation such as storage or battery modules has witnessed steady decline over past couple of years and is expected to contribute towards the growth of global renewable energy market. Government initiatives to promote clean energy generation is anticipated to hamper the investment in expanding the capacity of conventionally fired power plants. Consequently, the utility departments across the globe are expected to turn towards renewable energy for future energy requirements, thereby fueling the growth of the global renewable energy market in coming years.
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Declining cost of components and increased adoption to fuel the growth of solar energy in coming years
The global renewable energy market is segmented on the basis of type, end use, and geography. Based on type, the global renewable energy market is segmented into hydroelectric power, wind power energy, bioenergy, solar energy, geothermal energy, and others. The hydroelectric power contributed the largest share to the global renewable energy market in 2019 and is anticipated to witness steady growth during forecast period. Extensive hydroelectric power generation infrastructure across the globe has resulted in strong growth during the past decade. However, with shifting preference towards other renewable energy sources is anticipated to impact the growth of hydroelectric power generation. The solar energy is anticipated to be the fastest growing segment during the forecast period owing to rising adoption fueled by increased investment in solar energy development coupled with declining cost of solar panels and batteries. Solar energy is anticipated to outpace other renewable energy sources to emerge as a dominating segment during the forecast period.
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Increased demand from commercial end users to drive the market growth
Based on end use, the global renewable energy market is segmented into residential, commercial, and industrial. The industrial use of renewable energy contributed a significant share to the global renewable energy market in 2019 and is anticipated to witness prominent growth during forecast period. The commercial applications of renewable energy are anticipated to grow significantly during the forecast period.
Based on geography, the global renewable energy market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific contributed the largest share to the global renewable energy market in 2019 and is anticipated to be the fastest growing segment during the forecast period owing to strong demand and increasing investment in development of renewable energy generation facilities across major countries. Asia accounts for largest solar and wind generation and is anticipated to emerge as a global leader during the forecast period. North America is anticipated to witness prominent growth during the forecast period owing to increasing investment in development of renewable energy generation facilities across the region.
Major players active in the global renewable energy market include ABB, Acciona, S.A., EDF Energy, Enel S.p.A., General Electric Company, Geronimo Energy, LLC, Innergex, Invenergy LLC, THE TATA POWER COMPANY LIMITED, and Xcel Energy Inc.
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