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COVID-19 Impact on Renewable Energy Market by Technology (Wind and Solar), End-User (Utilities, Captive (Industrial, Commercial and Residential) and Region - Global Forecast to 2021

April 2020 | 51 pages | ID: CAAC4CD891F5EN
MarketsandMarkets

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Contraction in global oil consumption is one of the driving factors for the renewable energy market

The global renewable energy market size is projected to grow from USD 184.3 billion in 2020 to USD 226.1 billion by 2021. The coronavirus pandemic is adding to the uncertainties that the global oil industry face as it contemplates new investments and business strategies. The pressures on companies are increasing, as they need to show that they can deliver not just the energy that economies rely on but also can reduce emissions that the world needs to tackle the climate change challenges.

The solar segment dominated the renewable energy industry during the forecast period

The solar segment, by technology type, is expected to dominate the global renewable energy market during the forecast period. The solar energy producers’ product portfolio includes inverters, cells, and modules. Some of the major solar energy producers are Canadian Solar (Canada), Jinko Solar (China), SunPower (US), and Tina Solar (China). These manufacturers are still operating with limited production capacities.

The solar producers are negotiating contractual scheduling with their customers. Canadian Solar, which has its substantial PV manufacturing operations in China, has limited cases where the company has to change the shipping schedules. The company is largely able to deliver its orders on-time. This shows that the manufacturers are trying to deliver on time, which is expected to fuel the overall solar segment in the renewable energy market.

The utilities/power producers segment is projected to be the largest renewable energy market during the forecast period

The utilities/power producers segment, by end-user type, is expected to dominate the global renewable energy market during the forecast period. Strict lockdown regulations are stopping people and goods from a free movement, thereby creating a heavy blow to the demand for transport fuels. This is the right time for the utilities to make the transition to 100% renewable energy.

Utilities/power producers, who had already shifted or are planning to shift to the renewable energy sector will be the gainers during the forecast period. Also, the long-term and reliable government policies and increased energy independence are expected to be the key motives for utilities making the transition to 100% renewables in the future.

Asia Pacific is projected to be the largest and optimistic market during the forecast period

Asia Pacific is the largest renewable energy market, by region, during the forecast period. China and India are two big renewable energy markets in the region, which is the reason for market growth in the region. Several of the top ten solar PV manufacturers (in terms of module shipments) are based in China, including Jinko Solar, JA Solar, Trina Solar, LONGi Solar, Risen Energy, GCL System, and Suntech. These companies are expected to resume their operation by the end of April 2020 because of limited COVID-19 cases in China. This is likely to drive the renewable energy market in the region because North America and Europe are still under strict lockdown regulations.

In-depth interviews were conducted with CXOs, managers, and key executives from various key organizations operating in the renewable energy industry.
  • By Company Type: Tire 1: 65%, Tire 2: 24%, and Tire 3: 11%
  • By Designation: C-level: 30%, Directors: 25%, and Others: 45%
  • By Region: Asia Pacific: 33%, North America: 27%, Europe: 20%, Middle East & Africa: 13% South America: 7%
The renewable energy market includes major players, such as Siemens Gamesa (Spain), Goldwind (China), General Electric (US), Orsted (Denmark), Canadian Solar (Canada), Jinko Solar (China), Vestas (Denmark), and SolarEdge (Israel). The study includes COVID-19-focused long- and short-term strategies, recent development, and various drivers and opportunities in the overall renewable energy market globally.

Research Coverage

The study covers the renewable energy market across segments. It aims at estimating the market size and its growth potential across different segments such as technology type, end-user, and region. The study also includes an in-depth COVID-19-focused long- and short-term strategies in the market, along with key observations related to disruptions in the renewable industry, customer analysis, recent developments, and key market strategies to cater to the growing market demand during the current pandemic.

Key Benefits of Buying the Report

The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall renewable energy market and subsegments. This report will help stakeholders in gaining more insights to position their businesses better and plan suitable go-to-market strategies. It will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.
1 INTRODUCTION

1.1 COVID-19 HEALTH ASSESSMENT
1.2 COVID-19 ECONOMIC ASSESSMENT
  1.2.1 COVID-19 IMPACT ON THE ECONOMY—SCENARIO ASSESSMENT

2 COVID-19 IMPACT ON RENEWABLE ENERGY ECOSYSTEM

2.1 VALUE CHAIN OF THE RENEWABLE INDUSTRY
2.2 IMPACT ON VALUE CHAIN
  2.2.1 RAW MATERIAL/SUPPLIERS
  2.2.2 MANUFACTURING
  2.2.3 TRANSPORT AND LOGISTICS
  2.2.4 INSTALLATION
  2.2.5 GRID-CONNECTION
  2.2.6 OPERATION AND MAINTENANCE
2.3 MACROECONOMIC INDICATORS
  2.3.1 DRIVERS
    2.3.1.1 Contraction in oil consumption due to COVID-19 is expected to drive the renewable energy market
  2.3.2 CHALLENGES
    2.3.2.1 Increasing project cost due to shortage of parts used in large-scale renewable projects

3 CUSTOMER ANALYSIS

3.1 SHIFT IN SOLAR POWER PRODUCERS
  3.1.1 DISRUPTION IN THE INDUSTRY
  3.1.2 KEY INITIATIVES TO MITIGATE/REDUCE THE IMPACT AND TO RESUME/IMPROVE PRODUCTION
  3.1.3 SOLAR ENERGY SUPPLY CHAIN
    3.1.3.1 Raw materials/suppliers
    3.1.3.2 Manufacturers
    3.1.3.3 Solar energy producers & installers
    3.1.3.4 End users
  3.1.4 NEW MARKET OPPORTUNITIES/GROWTH OPPORTUNITIES
3.2 SHIFT IN WIND ENERGY PRODUCERS
  3.2.1 DISRUPTION IN THE INDUSTRY
  3.2.2 KEY INITIATIVES TO MITIGATE/REDUCE THE IMPACT AND RESUME/IMPROVE PRODUCTION
  3.2.3 WIND ENERGY SUPPLY CHAIN
    3.2.3.1 Raw materials/suppliers
    3.2.3.2 Manufacturers
    3.2.3.3 Wind energy producers & installers
    3.2.3.4 End users
  3.2.4 NEW MARKET OPPORTUNITIES/GROWTH OPPORTUNITIES

4 DISRUPTIONS IN THE RENEWABLE ENERGY MARKET

4.1 BIGGEST GAINERS AND LOSERS BY TECHNOLOGY
  4.1.1 SOLAR
  4.1.2 WIND
4.2 BIGGEST GAINERS AND LOSERS BY END USER
  4.2.1 UTILITIES/POWER PRODUCERS
  4.2.2 CAPTIVE (COMMERCIAL, INDUSTRIAL, AND RESIDENTIAL)

5 SHORT TERM STRATEGIES OF RENEWABLE ENERGY COMPANIES

DUE TO COVID-19 IMPACT
5.1 IMPACT ON SOLAR ENERGY COMPANIES PORTFOLIO
  5.1.1 PRODUCT AND APPLICATION
  5.1.2 REGION
5.2 IMPACT ON WIND ENERGY COMPANIES PORTFOLIO
  5.2.1 PRODUCT AND APPLICATION
  5.2.2 REGION
5.3 WINNING STRATEGIES TO GAIN MARKET SHARE
  5.3.1 SHORT TERM STRATEGIES
  5.3.2 LONG TERM STRATEGIES

6 IMPACT OF COVID-19 ON THE RENEWABLE ENERGY MARKET, BY TECHNOLOGY TYPE

6.1 INTRODUCTION
6.2 SOLAR
6.3 WIND
6.4 OTHERS

7 IMPACT OF COVID-19 ON THE RENEWABLE ENERGY MARKET, BY END USER

7.1 INTRODUCTION
7.2 UTILITIES/POWER PRODUCERS
7.3 CAPTIVE
  7.3.1 COMMERCIAL
  7.3.2 INDUSTRIAL
  7.3.3 RESIDENTIAL

8 IMPACT OF COVID-19 ON THE RENEWABLE ENERGY MARKET, BY REGION

8.1 INTRODUCTION
  8.1.1 OPTIMISTIC SCENARIO
  8.1.2 REALISTIC SCENARIO
  8.1.3 PESSIMISTIC SCENARIO
8.2 NORTH AMERICA
8.3 EUROPE
8.4 ASIA PACIFIC
8.5 SOUTH AMERICA
8.6 MIDDLE EAST & AFRICA
8.7 RECENT DEVELOPMENTS RELATED TO RENEWABLE ENERGY MARKET DURING
COVID-19 PANDEMIC

9 APPENDIX

9.1 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
9.2 AUTHOR DETAILS

LIST OF TABLES

TABLE 1 RENEWABLE ENERGY MARKET SIZE, BY TECHNOLOGY TYPE, 2019–2021 (USD MILLION)
TABLE 2 SOLAR: RENEWABLE ENERGY MARKET, BY REGION, 2019–2021 (USD MILLION)
TABLE 3 WIND: RENEWABLE ENERGY MARKET, BY REGION, 2019–2021 (USD MILLION)
TABLE 4 OTHERS: RENEWABLE ENERGY MARKET, BY REGION, 2019–2021 (USD MILLION)
TABLE 5 RENEWABLE ENERGY MARKET SIZE, BY END USER, 2019–2021 (USD MILLION)
TABLE 6 UTILITIES/POWER PRODUCERS: RENEWABLE ENERGY MARKET, BY REGION, 2019–2021 (USD MILLION)
TABLE 7 CAPTIVE: RENEWABLE ENERGY MARKET, BY REGION, 2019–2021 (USD MILLION)
TABLE 8 CAPTIVE: RENEWABLE ENERGY MARKET, BY CAPTIVE END USER, 2019–2021 (USD MILLION)
TABLE 9 CAPTIVE: COMMERCIAL RENEWABLE ENERGY MARKET, BY REGION, 2019–2021 (USD MILLION)
TABLE 10 CAPTIVE: INDUSTRIAL RENEWABLE ENERGY MARKET, BY REGION, 2019–2021 (USD MILLION)
TABLE 11 CAPTIVE: RESIDENTIAL RENEWABLE ENERGY MARKET, BY REGION, 2019–2021 (USD MILLION)
TABLE 12 OPTIMISTIC SCENARIO: RENEWABLE ENERGY MARKET SIZE, BY REGION, 2019–2021 (USD MILLION)
TABLE 13 REALISTIC SCENARIO: RENEWABLE ENERGY MARKET SIZE, BY REGION, 2019–2021 (USD MILLION)
TABLE 14 PESSIMISTIC SCENARIO: RENEWABLE ENERGY MARKET SIZE, BY REGION, 2019–2021 (USD MILLION)
TABLE 15 NORTH AMERICA: RENEWABLE ENERGY MARKET SIZE, BY TECHNOLOGY TYPE, 2019–2021 (USD MILLION)
TABLE 16 NORTH AMERICA: RENEWABLE ENERGY MARKET SIZE, BY END USER, 2019–2021 (USD MILLION)
TABLE 17 NORTH AMERICA: CAPTIVE RENEWABLE ENERGY MARKET SIZE, BY CAPTIVE END USER, 2019–2021 (USD MILLION)
TABLE 18 NORTH AMERICA: RENEWABLE ENERGY MARKET SIZE, BY COUNTRY, 2019–2021 (USD MILLION)
TABLE 19 EUROPE: RENEWABLE ENERGY MARKET SIZE, BY TECHNOLOGY TYPE, 2019–2021 (USD MILLION)
TABLE 20 EUROPE: RENEWABLE ENERGY MARKET SIZE, BY END USER, 2019–2021 (USD MILLION)
TABLE 21 EUROPE: CAPTIVE RENEWABLE ENERGY MARKET SIZE, BY CAPTIVE END USER, 2019–2021 (USD MILLION)
TABLE 22 EUROPE: RENEWABLE ENERGY MARKET SIZE, BY COUNTRY, 2019–2021 (USD MILLION)
TABLE 23 ASIA PACIFIC: RENEWABLE ENERGY MARKET SIZE, BY TECHNOLOGY TYPE, 2019–2021 (USD MILLION)
TABLE 24 ASIA PACIFIC: RENEWABLE ENERGY MARKET SIZE, BY END USER, 2019–2021 (USD MILLION)
TABLE 25 ASIA PACIFIC: CAPTIVE RENEWABLE ENERGY MARKET SIZE, BY CAPTIVE END USER, 2019–2021 (USD MILLION)
TABLE 26 ASIA PACIFIC: RENEWABLE ENERGY MARKET SIZE, BY COUNTRY, 2019–2021 (USD MILLION)
TABLE 27 SOUTH AMERICA: RENEWABLE ENERGY MARKET SIZE, BY TECHNOLOGY TYPE, 2019–2021 (USD MILLION)
TABLE 28 SOUTH AMERICA: RENEWABLE ENERGY MARKET SIZE, BY END USER, 2019–2021 (USD MILLION)
TABLE 29 SOUTH AMERICA: CAPTIVE RENEWABLE ENERGY MARKET SIZE, BY CAPTIVE END USER, 2019–2021 (USD MILLION)
TABLE 30 SOUTH AMERICA: RENEWABLE ENERGY MARKET SIZE, BY COUNTRY, 2019–2021 (USD MILLION)
TABLE 31 MIDDLE EAST & AFRICA: RENEWABLE ENERGY MARKET SIZE, BY TECHNOLOGY TYPE, 2019–2021 (USD MILLION)
TABLE 32 MIDDLE EAST & AFRICA: RENEWABLE ENERGY MARKET SIZE, BY END USER, 2019–2021 (USD MILLION)
TABLE 33 MIDDLE EAST & AFRICA: CAPTIVE RENEWABLE ENERGY MARKET SIZE, BY CAPTIVE END USER, 2019–2021 (USD MILLION)
TABLE 34 MIDDLE EAST & AFRICA: RENEWABLE ENERGY MARKET SIZE, BY COUNTRY, 2019–2021 (USD MILLION)

LIST OF FIGURES

FIGURE 1 COVID-19 THE GLOBAL PROPAGATION
FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES
FIGURE 3 COUNTRIES BEGIN WITH SIMILAR TRAJECTORIES BUT CURVES DEVIATE BASED ON MEASURES TAKEN
FIGURE 4 REVISED GDP FORECASTS FOR SELECT G20 COUNTRIES IN 2020
FIGURE 5 CRITERIA IMPACTING THE GLOBAL ECONOMY
FIGURE 6 SCENARIOS IN TERMS OF RECOVERY OF THE GLOBAL ECONOMY
FIGURE 7 RENEWABLE ENERGY VALUE CHAIN


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