Wilmington, Delaware , Sept. 19, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Renewable Energy Market by Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy and Geothermal Energy) and End Use (Residential, Commercial, Industrial and Utilities): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the renewable energy market was valued at $1.1 trillion in 2023, and is estimated to reach $2.5 trillion by 2033, growing at a CAGR of 8.5% from 2024 to 2033.
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Prime determinants of growth
The global renewable energy market is experiencing growth due to favorable government policies & incentives and surge in investment and financing in renewable energy. However, high initial capital costs hinder the market growth. Moreover, integration of renewable energy in smart grids presents additional opportunities for the renewable energy market. The integration of renewable energy into smart grids opens up new business models and revenue streams for utilities, energy service providers, and technology vendors. These include offerings such as virtual power plants (VPPs), energy storage services, demand-side management solutions, and grid-interactive buildings. By leveraging data analytics, artificial intelligence, and predictive algorithms, stakeholders optimize energy operations, improve asset utilization, and unlock value from renewable energy investments.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $1.1 trillion |
| Market Size in 2033 | $2.5 trillion |
| CAGR | 8.5% |
| No. of Pages in Report | 340 |
| Segments Covered | Type, End Use, and Region |
| Drivers | Favorable government policies and incentives |
| Surge in investment and financing in renewable energy | |
| Opportunities | Integration of renewable energy in smart grids |
| Restraints | High initial capital costs |
Hydroelectric power segment to maintain its dominance by 2033
By type, the hydroelectric power segment held the highest market share in 2023. The reliability and predictability of hydroelectric power have long been significant driving factors. Hydroelectric power offers a consistent and controllable source of renewable energy compared to solar and wind energy, which are intermittent and dependent on weather conditions. By regulating water flow through dams and reservoirs, hydroelectric plants are adjusting electricity generation to match fluctuating demand, providing essential grid stability and energy security. This reliability has made hydroelectric power a cornerstone of many energy systems worldwide, particularly in regions with abundant water resources.
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Residential segment is expected to lead the market by 2033
By end use, the residential segment held the highest market share in 2023 and is estimated to dominate during the forecast period. Technological advancements and innovations in renewable energy systems play a crucial role in driving residential adoption. Solar panels, wind turbines, and other renewable energy technologies have become more efficient, reliable, and affordable that makes them increasingly accessible to homeowners. In addition, advances in energy storage solutions, such as batteries, enable homeowners to store excess energy generated by renewable sources for use during periods of low generation or high demand, enhancing the reliability and functionality of residential renewable energy systems. In addition, smart home technologies and energy management systems allow homeowners to monitor and optimize their energy usage, maximizing the efficiency and performance of their renewable energy installations.
Asia-Pacific is expected to experience fastest growth during the forecast period
Based on region, Asia-Pacific was the fastest growing region in terms of revenue in 2023. Supportive policy frameworks and government incentives have played a crucial role in driving the adoption of renewable energy in the Asia-Pacific region. Countries in the region have implemented renewable energy targets, feed-in tariffs, tax incentives, and other supportive policies to encourage investment in renewable energy projects and stimulate market growth. These policies provide certainty and stability for investors, reduce financial risks, and create a conducive environment for the development of renewable energy infrastructure. Moreover, international commitments such as the Paris Agreement have prompted governments in the Asia-Pacific region to ramp up their efforts to reduce greenhouse gas emissions and transition to low-carbon energy systems that drive the demand for renewable energy.
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Leading Market Players:
- Xcel Energy Inc.
- General Electric
- ACCIONA
- Tata Power
- National Grid Renewables
- Invenergy
- ABB
- Enel Green Power S.p.A.
- EDF Renewables
- Innergex
The report provides a detailed analysis of these key players in the global renewable energy market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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