Pune, India, March 08, 2023 (GLOBE NEWSWIRE) -- Renewable Energy Market Update Outlook For [2023-2030] Report
The global renewable energy market size will observe an appreciable gain on account of escalating concerns of soaring carbon emissions. Besides, governments regulation on carbon emissions will complement the rising trend for consumerism of sustainable products. Key energy sources, including wind energy, solar energy and geothermal energy, will remain pivotal to robust growth. Fortune Business Insights™ has delved into these insights in an upcoming research report, titled, “Renewable Energy Market, 2023-2030.”
Some of the Leading Companies Analyzed in the Report:
Ocean Power Technologies, Inc., Ørsted, GE, NextEra Energy, Inc., Enel Group, On Power, Yingli Solar, Tocardo BV, SynTech Bioenergy, Vestas, Siemens Gamesa, Canadian Solar Inc., ABB, TATA Power, Innergex, Xcel Energy, Geronimo Energy, Invenergy LLC, ACCIONA, UpWind Solutions, Inc., Senvion, Sinovel Wind Group Co., Ltd., and ENERCON GmbH.
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COVID-19 Impact-
Slow Expansion of Clean Energy Technologies amidst Pandemic to Challenge Stakeholders
The COVID-19 outbreak has had a notable influence on the energy landscape, disrupting investments and impacting mobility. The IEA predicted the global energy demand to reduce by 6% in 2020, the largest drop in over 7 decades. Additionally, the installation of distributed solar PV slowed in several countries. Meanwhile, renewable power sources have exhibited resilience in the midst of the emergence of COVID-19 variants. According to the IEA, renewables accounted for around 28% share of the global electricity supply in Q1 2020.
Renewable Energy Market Drivers and Restraints:
Growing Traction for Geothermal Energy to Underpin Industry Growth
As a vital step towards clean energy transition, stakeholders are likely to inject funds into geothermal energy. Bullish investments across North America and Europe will augur well for leading companies boosting geothermal energy portfolios. The International Renewable Energy Agency (IRENA) has projected geothermal energy to rise 8-fold by 2050 in Europe. With the soaring demand for an environmentally friendly resource, geothermal energy will continue to be sought to keep up with the need for electricity, heating and cooling. Moreover, a rising exploration into energy has fueled renewable projects. For instance, in September 2021, the U.S. Department of Energy announced USD 12 million funding for seven research projects to bolster the commercialization of enhanced geothermal systems.
The renewable energy industry is being driven by a number of factors.
One of the main drivers is growing concern about environmental issues such as climate change and air pollution. As a result, governments and individuals are increasingly seeking out clean and sustainable energy solutions to reduce their carbon footprint. The decreasing cost of renewable energy technologies such as solar and wind power is also driving the industry's growth, making these energy sources more competitive with traditional fossil fuels.
Also many governments offer incentives and subsidies for renewable energy projects, which can help to stimulate investment in the industry. Finally, advances in renewable energy technologies are driving innovation and improving the efficiency and cost-effectiveness of these energy sources.
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Regional Insights:
The trend for Sustainability to Strengthen the Position of North America
North America renewable energy market growth will witness an upward trajectory in the wake of diminishing cost of energy sources and robust technological advancements. A major force driving the growth of green energy is the integration of solar and wind into the electricity grid. Stakeholders expect Federal support to be in line with private investments. Moreover, sustainable energy has gained ground across the U.S. to boost electricity. Renewable heat consumption is likely to gain prominence across industrial, commercial and construction sectors.
Leading companies are likely to infuse funds across China, India, Australia and Japan to foster clean energy sources. To illustrate, in March 2021, the State Bank of India poured approximately USD 4.28 billion in renewable energy projects in India, financing 752 projects with 13.8 GW of total installed capacity. Citing the International Trade Administration, renewable energy contributed 27.7% towards Australia's total electricity generation. Bullish government policies are likely to drive regional growth during the forecast period.
Competitive Landscape:
Industry Players Boost Strategic Approaches to Tap Markets
Leading companies are expected to invest in technological advancements, mergers & acquisitions, product launches and R&D activities. Industry participants are poised to emphasize geographic expansion to expand their penetration. One of the major industry developments is illustrated below:
Siemens Gamesa announced the inauguration of a new offshore facility in Taiwan to foster wind turbine solutions. The company claims it is their first offshore nacelle assembly facility outside Europe.
However, there are also several restraints that impact the growth and development of the renewable energy industry.
High cash outflow could challenge leading companies vying to expand their presence globally. One such restraint is the limited infrastructure required to support renewable energy production, such as transmission lines and energy storage systems, which is not yet fully developed or widely available. The intermittency of renewable energy sources such as wind and solar power can also create challenges for energy grid management, as their output can be unpredictable and vary with weather conditions.
Renewable energy sources still face competition from traditional fossil fuels, which are often subsidized and have well-established infrastructure and supply chains. Finally, the availability of suitable land and resources for renewable energy projects can be a constraint, particularly in densely populated areas or regions with competing land uses such as agriculture or conservation.
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Renewable Energy Market Segmentation:
Renewable energy is becoming an increasingly important source of power worldwide as countries seek to reduce carbon emissions and move toward sustainable energy solutions. The renewable energy market can be analyzed by type and end-user.
The types of renewable energy include solar energy, wind energy, bioenergy, hydro energy, and geothermal energy.
By Type:
Solar Photovoltaic (PV) to be Sought for Cost-Competitive Energy Resources
Solar energy is sub-segmented into concentrated solar energy and photovoltaic. Solar energy involves harnessing the energy from the sun through solar panels.
Wind energy is sub-segmented into offshore and onshore. Wind energy involves using wind turbines to generate electricity.
Bioenergy is sub-divided into liquid biofuel, biomass and biogas. Bioenergy is produced from biomass, which is any organic material that can be used as fuel.
Hydro energy is generated from moving water, such as from dams or tidal power plants.
Geothermal energy is produced from the earth's heat.
By End-User:
The end-users of renewable energy include residential, commercial, industrial, and utility. Residential users include households that generate their own renewable energy, such as through solar panels or wind turbines. Commercial users include businesses and other organizations that use renewable energy to power their operations. Industrial users include factories and other large-scale industrial operations. Utility users include power companies that generate and distribute renewable energy to their customers.
Global renewable energy market is expected to continue to grow as countries seek to reduce their reliance on fossil fuels and move toward sustainable energy solutions. This growth is likely to be driven by a combination of government policies, technological advancements, and increased awareness of the benefits of renewable energy.
With respect to geography, the industry is fragmented into North America, Asia Pacific, Europe, Latin America and the Middle East & Africa.
Industry participants expect renewable energy market share to gain traction from the demand for photovoltaic systems for solar projects. Several developers are exploring projects owing to the penetration of sustainable technology globally.
Report Coverage:
The upcoming research report includes secondary and primary sources to provide a holistic view. The report consists of government websites, SEC filings annual reports, press releases, journals, studies published by the leading organization. The report also deep dives into top-down and bottom-up approaches to provide a birds-eye-view of product mapping. The report also deep-dives into opportunities, drivers, restraints and trends that could bring a paradigm shift in the landscape.
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