What is Renewable Energy Market?
Renewable energy is defined as the energy which is generated from natural processes that are constantly replenished sunlight, geothermal heat, water, wind, tides, and others. Numerous advantages of using renewable energy such as maintenance requirements are lower, renewables lower reliance on foreign energy sources, renewables save money, among others. A government initiative to use renewable energy and stringent environmental policies imposed on companies are likely to be a prime driver of the global renewable energy market. The market for renewable energy is anticipated to register a CAGR of over 6.2% during the forecast period.
Highlights from Renewable Energy Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | General Electric (United States), CPFL Energia S.A. (Brazil), Terra-Gen, LLC (United States), Tata Power Company Limited. (India), IHI Corporation (Japan), Alstom SA (France), Shenzhen Energy Group Co., Ltd. (China), ABB Ltd. (Switzerland), Mitsubishi Heavy Industry (Japan) and Enel Green Power S.P.A. (Italy) |
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global renewable energy market can witness an upsurge in the forecast period. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Renewable Energy market throughout the forecasted period.
General Electric (United States), CPFL Energia S.A. (Brazil), Terra-Gen, LLC (United States), Tata Power Company Limited. (India), IHI Corporation (Japan), Alstom SA (France), Shenzhen Energy Group Co., Ltd. (China), ABB Ltd. (Switzerland), Mitsubishi Heavy Industry (Japan) and Enel Green Power S.P.A. (Italy) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Vestas Wind Systems A/S (Denmark), UpWind Solutions, Inc., (United States) and Senvion S.A., (Germany). Renewable Energy Market Segmentation:
Scope | Sub-Segments |
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Type | Solar Energy, Wind Energy, Hydro Energy, Biomass Energy, Ocean Energy and Geothermal Energy |
End User | Residential,Commercial,Industrial,Others |
On the basis of geography, the market of Renewable Energy has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, 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.
Influencing Trend:
Technology Advancement towards Renewable Energy
Market Growth Drivers:
Ever-Increasing Demand for Energy as well as Continuous Decrease of Non-Renewable Sources of Energy and Increase in Awareness about Environmental Safety & Security
Challenges:
Lack of Awareness Regarding the Benefit of Renewable Energy and Lack of information and Huge investments in Renewable Energy
Restraints:
High Cost of Investment for the Infrastructural Setup
Opportunities:
Growing Demand from Emerging Economics such as India, China, and others and Increased Government Funding and Development in the Technologies
Key Target Audience
Manufacturers of Renewable Energy, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others
In January 2019, the General Electric (United States) Company has announced an expansion of GE Renewable Energy. In addition, it includes solar and storage, wind and hydropower. Hence, this expansion will help in strengthening the position of the company in the United States. and In March 2019, the government of India has launched renewable energy projects, which is more than USD 930.0 Million cost. Hence, it will affect the growth of the market in the future.