Renewable Energy Market Will Grow Tremendously to Reach $1,512.3 Billion by 2025
The global renewable energy market is expected to be heading toward expansion phase during the forecast period. Factors propelling the market growth include concerns regarding environmental impacts of fossil fuels such as degradation, greenhouse gas emissions (GHG), severe climate change conditions, and others. In addition, rapid urbanization, and economic growth in the developing countries are significant factors driving the renewable energy market.
Rising climate awareness among people all over the world has led to an increase in concerns regarding the carbon footprint. These concerns worldwide are set to fuel the market. International Solar Alliance is a step towards this goal in the future.
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However renewable energy technologies continue to face a number of barriers. The major challenge is mainly economic, the costs comprise infrastructure investment, day-to-day operations, and market costs of supply. On the contrary, regions such as Europe and Asia, are shifting toward electrification of vehicles, wherein China leads the market. This factor is expected to provide lucrative opportunities for the growth of the renewable energy market. Also, favorable government policies and increasing adoption of renewable energy, with the declining price of solar panels and wind turbines and their installation cost, are likely to support the global renewable energy market.
The major factors which are propelling the growth of the global renewable energy market include the continuous technological advancements for the production of renewable energy and several government initiatives and programs to promote the usage of renewable energy. Additionally, several projects for the deployment of renewable energy across several regions, followed by the reducing operational costs of renewable energy and increasing capacity of renewable energy sources, will further energize the demand for renewable energy in the coming years.
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In addition, Europe is also aiming to reduce to greenhouse gas emissions by decreasing its dependency on the fossil fuels. Sweden, Austria, and Germany are some of the countries dominating the Europe renewable energy market. There is significant increase in biofuels production in European countries specifically in Sweden, and Austria due to which bioenergy has dominant share after hydroelectric power in Europe renewable energy market.
Most of the bioenergy is produced domestically in Sweden, with a significant contribution being biomass from the forest industry. Moreover, Germany consumes more energy as compared to other countries due to presence of energy intensive industries such as chemical and automobile.
Furthermore, the renewable energy market size is increasing due to rapid urbanization in Asia-Pacific. Presence of countries such as China, India, and Indonesia, in the Asia-Pacific that experience rapid industrialization along with increase in stringent environmental regulations, has fueled the demand for energy as compared to other regions. China has the dominant share in the Asia-Pacific renewable energy market.
The renewable energy market analysis covers in-depth information of major industry participants. The key player operating and profiled in the market includes
• ABB Ltd.
• General Electric (GE)
• The Tata Power Company Limited
• Enel Spa (Enel)
• Xcel Energy Inc.
• Geronimo Energy
Other players in the value chain of the market includes Vestas Wind Systems A/S, UpWind Solutions, Inc., Senvion S.A., and Sinovel Wind Group Co., Ltd. ENERCON GmbH.
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