What is Renewable Power Market?
Renewable power is collected from renewable resources that are naturally restored on a human timescale. It includes sources such as sunlight, wind, rain, tides, waves, and geothermal heat. Renewable power provides benefits such as less global warming, improved public health, inexhaustible energy, stable energy prices, reliability and resilience, jobs, and other economic benefits are the main factors driving the growth of the renewable power market across the globe. Hydroelectric power is a renewable energy source where electrical power is derived from the energy of water moving from higher to lower elevations. Hydropower supplies clean water for agriculture, homes and business and help mitigate the impacts of extreme weather events, such as floods and drought
Highlights from Renewable Power Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | SunPower Corporation (United States), Renewable Energy Group (United States), First Solar, Inc. (United States), BrightSource Energy (United States), General Electric Company (United States), Tata Power Solar Systems (India), NextEra Energy, Inc. (United States), Areva (France), Solar Energy Industries Association (United States) and Hanergy Holding Group (China) |
The global renewable power market is fragmented due to its features such as renewable sources of energy, Independent energy which increase the demand for the solar and automobile industry. So the players are focusing on boosting clean energy technology innovations, and the financial, regulatory, and institutional hurdles must be tackled through a globally coordinated approach. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Renewable Power market throughout the forecasted period.
SunPower Corporation (United States), Renewable Energy Group (United States), First Solar, Inc. (United States), BrightSource Energy (United States), General Electric Company (United States), Tata Power Solar Systems (India), NextEra Energy, Inc. (United States), Areva (France), Solar Energy Industries Association (United States) and Hanergy Holding Group (China) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are SolarReserve (United States), Innergex Renewable Energy (Canada), UpWind Solutions, Inc. (United States), Shenzhen Energy Group Co., Ltd (China) and Mitsubishi Heavy Industry (Canada). Renewable Power Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Heating, Cooling, Desalination and Electricity generation |
Type | Solar Energy, Wind Energy, Hydro Energy, Tidal Energy and Others |
End-Users | Industrial,Commercial,Residential |
On the basis of geography, the market of Renewable Power has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increase in the Awareness of the Importance of Renewable Power
- Rising Dependency on Fossil Fuels across Developing Countries
- Surging Awareness of Environment Protection across the Globe
- Technological Advancements in Solar PV Manufacturing
Market Trend
- Increasing Consumption of Renewable Power Energy Worldwide
- Growing Demand for Renewables from the Corporate Consumers
- Renewables are Mainstream in the Power Sector
Restraints
- High Cost of Maintenance Hindering the Renewable Power Market
- Shortages of Raw Materials
Opportunities
- Increasing Opportunity in the Geothermal Power Sector
- Government Support In Terms Of Policies and Subsidies to Increase Consumption of Renewable Power Energy
- Change in Consumer Mind-set Due To Major Climate Change Caused Due To Growing Carbon Emission Will Be Generating Major Opportunities for Renewable Power Market
- Growing Demand for Solar Energy Consumption and Installation Creating Numerous Opportunity for Renewable Power Market
Challenges
- Problems Related to Power Generation Dependency on Natural Sources
- Concerns with the Supply and Demand of the Renewable Power
Market Leaders & Development Strategies
On 16th June 2022, GE Energy Financial Services (GE EFS) acquired a 49% of interest in the Morjar onshore wind farm from Indian power company Continuum Green Energy India for an undisclosed sum, which is located in the Indian state of Gujrat, a 148.5MW major wind facility will feature 55 units of GE renewable energy 2.7-132 onshore wind turbines. GE Energy recently deliver 37 of its 2.7-132 onshore wind turbines for a 240MW wind-solar hybrid project operated by the continuum in Gujarat, India. GE Energy's partnership further continues to deliver accessible, affordable, and reliable renewable energy across India to support the country's decarbonization and renewable energy targets.
On 22nd June 2022, Tata Power, is the largest integrated power company, installed the solar, wind, and hydro-powered electric vehicle charging stations at residential societies, malls, commercial complexes, and petrol pumps in Mumbai, Maharashtra. Tata Power collaborated with the national real estate developing council, Maharashtra, to install up to 5,000 EV charging points across the state.
The National Electric Code in the United States provides general guidelines for the installation of photovoltaic systems; these may be superseded by local laws and regulations. A permit is frequently required before work can begin, which necessitates the submission of plans and structural calculations. Furthermore, many areas require the work to be done under the supervision of a licensed electrician.
Key Target Audience
Renewable Power Manufacturer, Renewable Power Suppliers and Distributors, New Entrants/Investors, Analysts and Strategic Business Planners, Government Bodies, End-Users and Others