Renewable Energy Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2018-2028 By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy), By End Use Industry (Residential, Commercial {Offices, Hotels & Resort, Hospital, Education, & Others}, Industrial {Chemical & Petrochemical, Oil & Gas, Food & Beverage, and Others} and Others), By Region, By Competition

April 2023 | 114 pages | ID: R8C01F35F300EN
TechSci Research

Abstracts

The Global Renewable Energy Market is anticipated to register a high CAGR during the forecast period.

Renewable energy is derived from resources that can be regenerated naturally over time and are thus considered to be renewable. It includes energy sources such as sunshine, wind, water currents, and geothermal heat. Although the fact that the majority of renewable energy sources are sustainable, some are not. For instance, certain biomass sources are deemed unsustainable at the rate at which they are being used. Renewable energy is frequently used to power stand-alone power systems, air and water heating and cooling systems, and electricity generation for a grid. Large-scale renewable energy technology projects are usual, but they are also suitable for rural, isolated, and developing nations, where energy is frequently essential for human growth. Advanced electrification, which has significant benefits, including the ability to transmit heat or things effectively and being clean at the point of use, is frequently used in conjunction with the deployment of renewable energy. Additionally, electrification using renewable energy is more effective and thus results in large reductions in the need for primary energy. Renewable energy increased from 20% to 28% of the world’s electrical supply between 2011 and 2021. Nuclear energy dropped from 12% to 10%, while fossil energy dropped from 68% to 62%. Hydropower's contribution declined from 16% to 15%, while solar and wind energy's share rose from 2% to 10%. Geothermal energy and biomass both increased from 2% to 3%. In 135 nations, there are 3,146 gigawatts installed, while 156 nations have legislation governing the renewable energy industry. Nearly half of the growth in renewable power generated worldwide came from China in 2021.

Growing Industrialization and Commercialization

As the demand for coal and natural gas continues to rise because of expanding industrialization and commercialization, people are using equipment that consumes increasing amounts of electrical energy. Additionally, a growing number of individuals worldwide are worried about the environment and want to do their share to reduce the carbon footprint left behind. These two factors are essential drivers of the market growth for renewable energy in this sector and company. As a result, it is expected that the market for renewable energy will grow steadily during the forecast period.

Infrastructure Development

In 2022, transmission development was anticipated to play a significant role in the renewable energy sector's agenda since it is essential for linking new, sometimes remote-located, renewable energy generation to electricity-consuming centers. Progress, which has frequently been hindered by permission delays of projects, will probably be unlocked with the aid of policy and regulatory support, investments, as well as innovation. Transmission projects, particularly interregional ones, have so far continued to pose a significant barrier to the expansion of renewable energy because they find it difficult to obtain regulatory approval from every state they pass through, as well as opposition from environmental organizations and refusal from landowners.

Transmission interconnection backlogs are holding up around 844 GW of potential capacity, 90% of which is renewable or energy storage. This is especially true with offshore wind, which is expected to increase significantly, and which has to be connected to existing coastal infrastructure. The transmission problem may be resolved by expanding the capacity of current lines as well as by constructing new lines. New transmission projects are either being planned for or are dependent upon by 76%, according to respondents from the electricity and utility industry, as per the survey.

New Technologies

The development of next-generation technology is gaining momentum. Investors in the renewable energy sector are thinking about investing in them, which might eventually support the confident integration of variable renewables such as wind and solar into the electric grid. Private funding, pilot projects, and federal research funding might hasten the commercialization of cutting-edge technologies such as green hydrogen, enhanced batteries, and other types of long-duration storage for a market that has previously been mainly focused on solar and wind energy. To achieve the goal of 100% clean energy, these technologies can offer zero-carbon electricity, longer-term seasonal electricity storage, reduce system congestion, stop renewable energy curtailment, increase dependability, and make it easier to integrate solar and wind power into the grid.

The falling prices of renewable energy, a vital component in the production process, have been a major factor in the emergence of green hydrogen. Owing to green hydrogen's ability to serve as a long-term and seasonal fuel storage system that is readily accessible to create electricity on demand, it is anticipated that green hydrogen development will expand in 2022 as the grid's penetration of renewable energy sources rises. States and energy corporations are also seizing this opportunity and increasing the production of renewable hydrogen. A variety of developing mechanical and battery storage technologies that provide choices for long-term energy storage and assist the grid is also generating a lot of interest.

Market Segmentation

The Global Renewable Energy Market is divided on the basis of type, end-use industry, and Industrial. Based on type, the market is further divided into hydroelectric power, wind power, bioenergy, solar energy, and geothermal energy. Based on the end-use industry, the market is segmented into residential, commercial, industrial, and others. The commercial sub-segment is further segregated into offices, hotels & resorts, hospitals, education, and others. Also, the Industrial Sub-segment is segregated into chemical & petrochemical, oil & gas, food & beverage, and others.

Market Players

Major market players in the Global Renewable Energy Market are Canadian Solar Inc., General Electric Company, Vestas Wind Systems AS, First Solar Inc., Jinko Solar Holding Co. Ltd, Tata Power, Xcel Energy Inc, Siemens Gamesa Renewable Energy, S.A., Enel Spa, and Acconia.

Report Scope:

In this report, the Global Renewable Energy Market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:

• Global Renewable Energy Market, By Type:
• Hydroelectric Power
• Wind Power
• Bioenergy
• Solar Energy
• Geothermal Energy
• Global Renewable Energy Market, By End Use Industry:
• Residential
• Commercial
• Offices
• Hotels & Resort
• Hospital
• Education
• Others
• Industrial
• Chemical & Petrochemical
• Oil & Gas
• Food & Beverage
• Others
• Others
• Global Renewable Energy Market, By Region:
• Asia-Pacific
• North America
• Europe
• Middle East & Africa
• South America

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Renewable Energy Market.

Available Customizations:

With the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Contents

1. PRODUCT OVERVIEW

2. RESEARCH METHODOLOGY

3. IMPACT OF COVID-19 ON THE GLOBAL RENEWABLE ENERGY MARKET

4. EXECUTIVE SUMMARY

5. VOICE OF CUSTOMERS

6. GLOBAL RENEWABLE ENERGY MARKET OUTLOOK

6.1. Market Size & Forecast
  6.1.1. By Value
6.2. Market Share & Forecast
  6.2.1. By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy)
  6.2.2. By End Use Industry (Residential, Commercial {Offices, Hotels & Resort, Hospital, Education, & Others}, Industrial {Chemical & Petrochemical, Oil & Gas, Food & Beverage, and Others)
  6.2.3. By Region
  6.2.4. By Company (2022)
6.3. Market Map

7. ASIA-PACIFIC RENEWABLE ENERGY MARKET OUTLOOK

7.1. Market Size & Forecast
  7.1.1. By Value
7.2. Market Share & Forecast
  7.2.1. By Type
  7.2.2. By End Use Industry
  7.2.3. By Country
7.3. Asia-Pacific: Country Analysis
  7.3.1. China Renewable Energy Market Outlook
    7.3.1.1. Market Size & Forecast
      7.3.1.1.1. By Value
    7.3.1.2. Market Share & Forecast
      7.3.1.2.1. By Type
      7.3.1.2.2. By End Use Industry
  7.3.2. Japan Renewable Energy Market Outlook
    7.3.2.1. Market Size & Forecast
      7.3.2.1.1. By Value
    7.3.2.2. Market Share & Forecast
      7.3.2.2.1. By Type
      7.3.2.2.2. By End Use Industry
  7.3.3. India Renewable Energy Market Outlook
    7.3.3.1. Market Size & Forecast
      7.3.3.1.1. By Value
    7.3.3.2. Market Share & Forecast
      7.3.3.2.1. By Type
      7.3.3.2.2. By End Use Industry
  7.3.4. South Korea Renewable Energy Market Outlook
    7.3.4.1. Market Size & Forecast
      7.3.4.1.1. By Value
    7.3.4.2. Market Share & Forecast
      7.3.4.2.1. By Type
      7.3.4.2.2. By End Use Industry
  7.3.5. Australia Renewable Energy Market Outlook
    7.3.5.1. Market Size & Forecast
      7.3.5.1.1. By Value
    7.3.5.2. Market Share & Forecast
      7.3.5.2.1. By Type
      7.3.5.2.2. By End Use Industry

8. NORTH AMERICA RENEWABLE ENERGY MARKET OUTLOOK

8.1. Market Size & Forecast
  8.1.1. By Value
8.2. Market Share & Forecast
  8.2.1. By Type
  8.2.2. By End Use Industry
  8.2.3. By Country
8.3. North America: Country Analysis
  8.3.1. United States Renewable Energy Market Outlook
    8.3.1.1. Market Size & Forecast
      8.3.1.1.1. By Value
    8.3.1.2. Market Share & Forecast
      8.3.1.2.1. By Type
      8.3.1.2.2. By End Use Industry
  8.3.2. Canada Renewable Energy Market Outlook
    8.3.2.1. Market Size & Forecast
      8.3.2.1.1. By Value
    8.3.2.2. Market Share & Forecast
      8.3.2.2.1. By Type
      8.3.2.2.2. By End Use Industry
  8.3.3. Mexico Renewable Energy Market Outlook
    8.3.3.1. Market Size & Forecast
      8.3.3.1.1. By Value
    8.3.3.2. Market Share & Forecast
      8.3.3.2.1. By Type
      8.3.3.2.2. By End Use Industry

9. EUROPE RENEWABLE ENERGY MARKET OUTLOOK

9.1. Market Size & Forecast
  9.1.1. By Value
9.2. Market Share & Forecast
  9.2.1. By Type
  9.2.2. By End Use Industry
  9.2.3. By Country
9.3. Europe: Country Analysis
  9.3.1. Germany Renewable Energy Market Outlook
    9.3.1.1. Market Size & Forecast
      9.3.1.1.1. By Value
    9.3.1.2. Market Share & Forecast
      9.3.1.2.1. By Type
      9.3.1.2.2. By End Use Industry
  9.3.2. United Kingdom Renewable Energy Market Outlook
    9.3.2.1. Market Size & Forecast
      9.3.2.1.1. By Value
    9.3.2.2. Market Share & Forecast
      9.3.2.2.1. By Type
      9.3.2.2.2. By End Use Industry
  9.3.3. France Renewable Energy Market Outlook
    9.3.3.1. Market Size & Forecast
      9.3.3.1.1. By Value
    9.3.3.2. Market Share & Forecast
      9.3.3.2.1. By Type
      9.3.3.2.2. By End Use Industry
  9.3.4. Spain Renewable Energy Market Outlook
    9.3.4.1. Market Size & Forecast
      9.3.4.1.1. By Value
    9.3.4.2. Market Share & Forecast
      9.3.4.2.1. By Type
      9.3.4.2.2. By End Use Industry
  9.3.5. Italy Renewable Energy Market Outlook
    9.3.5.1. Market Size & Forecast
      9.3.5.1.1. By Value
    9.3.5.2. Market Share & Forecast
      9.3.5.2.1. By Type
      9.3.5.2.2. By End Use Industry

10. MIDDLE EAST & AFRICA RENEWABLE ENERGY MARKET OUTLOOK

10.1. Market Size & Forecast
  10.1.1. By Value
10.2. Market Share & Forecast
  10.2.1. By Type
  10.2.2. By End Use Industry
  10.2.3. By Country
10.3. Middle East & Africa: Country Analysis
  10.3.1. Saudi Arabia Renewable Energy Market Outlook
    10.3.1.1. Market Size & Forecast
      10.3.1.1.1. By Value
    10.3.1.2. Market Share & Forecast
      10.3.1.2.1. By Type
      10.3.1.2.2. By End Use Industry
  10.3.2. UAE Renewable Energy Market Outlook
    10.3.2.1. Market Size & Forecast
      10.3.2.1.1. By Value
    10.3.2.2. Market Share & Forecast
      10.3.2.2.1. By Type
      10.3.2.2.2. By End Use Industry
  10.3.3. South Africa Renewable Energy Market Outlook
    10.3.3.1. Market Size & Forecast
      10.3.3.1.1. By Value
    10.3.3.2. Market Share & Forecast
      10.3.3.2.1. By Type
      10.3.3.2.2. By End Use Industry

11. SOUTH AMERICA RENEWABLE ENERGY MARKET OUTLOOK

11.1. Market Size & Forecast
  11.1.1. By Value
11.2. Market Share & Forecast
  11.2.1. By Type
  11.2.2. By End Use Industry
  11.2.3. By Country
11.3. South America: Country Analysis
  11.3.1. Brazil Renewable Energy Market Outlook
    11.3.1.1. Market Size & Forecast
      11.3.1.1.1. By Value
    11.3.1.2. Market Share & Forecast
      11.3.1.2.1. By Type
      11.3.1.2.2. By End Use Industry
  11.3.2. Argentina Renewable Energy Market Outlook
    11.3.2.1. Market Size & Forecast
      11.3.2.1.1. By Value
    11.3.2.2. Market Share & Forecast
      11.3.2.2.1. By Type
      11.3.2.2.2. By End Use Industry
  11.3.3. Colombia Renewable Energy Market Outlook
    11.3.3.1. Market Size & Forecast
      11.3.3.1.1. By Value
    11.3.3.2. Market Share & Forecast
      11.3.3.2.1. By Type
      11.3.3.2.2. By End Use Industry

12. MARKET DYNAMICS

12.1. Drivers
12.2. Challenges

13. MARKET TRENDS & DEVELOPMENTS

14. POLICY & REGULATORY LANDSCAPE

15. COMPANY PROFILES

15.1. Canadian Solar Inc,
  15.1.1. Business Overview
  15.1.2. Key Revenue and Financials (If Available)
  15.1.3. Recent Developments
  15.1.4. Key Personnel
  15.1.5. Key Product/Services
15.2. General Electric Company
  15.2.1. Business Overview
  15.2.2. Key Revenue and Financials (If Available)
  15.2.3. Recent Developments
  15.2.4. Key Personnel
  15.2.5. Key Product/Services
15.3. Vestas Wind Systems AS
  15.3.1. Business Overview
  15.3.2. Key Revenue and Financials (If Available)
  15.3.3. Recent Developments
  15.3.4. Key Personnel
  15.3.5. Key Product/Service
15.4. First Solar Inc,
  15.4.1. Business Overview
  15.4.2. Key Revenue and Financials (If Available)
  15.4.3. Recent Developments
  15.4.4. Key Personnel
  15.4.5. Key Product/Service
15.5. Jinko Solar Holding Co. Ltd
  15.5.1. Business Overview
  15.5.2. Key Revenue and Financials (If Available)
  15.5.3. Recent Developments
  15.5.4. Key Personnel
  15.5.5. Key Product/Services
15.6. Tata Power
  15.6.1. Business Overview
  15.6.2. Key Revenue and Financials (If Available)
  15.6.3. Recent Developments
  15.6.4. Key Personnel
  15.6.5. Key Product/Services
15.7. Xcel Energy Inc,
  15.7.1. Business Overview
  15.7.2. Key Revenue and Financials (If Available)
  15.7.3. Recent Developments
  15.7.4. Key Personnel
  15.7.5. Key Product/Services
15.8. Siemens Gamesa Renewable Energy, S.A.
  15.8.1. Business Overview
  15.8.2. Key Revenue and Financials (If Available)
  15.8.3. Recent Developments
  15.8.4. Key Personnel
  15.8.5. Key Product/Services
15.9. Enel Spa
  15.9.1. Business Overview
  15.9.2. Key Revenue and Financials (If Available)
  15.9.3. Recent Developments
  15.9.4. Key Personnel
  15.9.5. Key Product/Services
15.10. Acconia
  15.10.1. Business Overview
  15.10.2. Key Revenue and Financials (If Available)
  15.10.3. Recent Developments
  15.10.4. Key Personnel
  15.10.5. Key Product/Services

16. STRATEGIC RECOMMENDATIONS

16.1. Key focus on Asia-Pacific Region
16.2. Key focus towards Hydroelectric Power Segment

17. ABOUT US & DISCLAIMER