North America Is Expected To Hold a Dominant Position in the Global Renewable Energy Technologies Market

Growing environmental concerns due to changing climatic conditions is predominantly propelling the growth of the renewable energy technologies market. According to the Center for Climate and Energy Solutions, renewables made up 26.2 percent of global electricity generation in 2018. That’s expected to rise to 45 percent by 2040. Most of the increase will likely come from solar, wind, and hydropower. Moreover, Energy Information Administration projects that U.S. renewable energy consumption will continue to increase through 2050. Thus, growing environmental concerns and increasing population is raising the adoption of renewable sources of energy across countries such as Denmark, Australia, Germany, and the U.S. This factor will favor the growth of the market in the near future.

1. In April 2021, Clean Energy Technologies, Inc. announced that it has entered into a Memorandum of Understanding (MOU) with Ashfield Ag Resources to co-develop its initial biomass renewable energy processing facility using the revolutionary high temperature ablative fast pyrolysis reactor (HTAP Biomass Reactor)
2. In April 2021, With a $20 million fund from the estate of trustee emeritus and alumnus Ralph S. O'Connor, the Johns Hopkins University and its Whiting School of Engineering announced the establishment of the Ralph S. O'Connor Sustainable Energy Institute (ROSEI) to serve as the university's interdisciplinary home for ongoing research and education aimed at creating clean, renewable, and sustainable energy technologies
3. In September 2020, Unilever, a manufacturer of cleaning and laundry products, announces it will source 100% of the carbon derived from fossil fuels in its cleaning and laundry product formulations with renewable or recycled carbon.

The market is expected to grow at a CAGR of 8.3% and is anticipated to reach around USD 1911 Million by 2026.

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Some of the major players analyzed in this report are listed below,
ABB Ltd.,
General Electric (GE),
The Tata Power Company Limited (Tata Power),
Innergex,
Enel Spa (Enel),
Xcel Energy Inc. (Xcel Energy),
EDF,
Geronimo Energy,
Invenergy
ACCIONA
Others.

Renewable Energy Market Segmentation:
By Type
Hydroelectric Power
Wind Power Energy
Bioenergy
Solar Energy
Geothermal Energy

By End-Use
Residential
Commercial
Industrial
Others

Renewable energy is basically useful energy that is gathered from naturally replenishing resources, which are, of course, replenished on a regular human basis, such as wind, water, sunshine, and rain. This kind of energy can be found almost everywhere, and it is the perfect type of energy for a sustainable and long-term lifestyle. Many scientists are beginning to realize how important it is for everyone to start using renewable energy.

North America is expected to hold a dominant position in the global renewable energy technologies market owing to the high adoption rate of renewable sources of energy in the region. According to the U.S. Energy Information Administration, in 2020, renewable energy provided about 11.59 quadrillion British thermal units (Btu)—1 quadrillion is the number 1 followed by 15 zeros—equal to 12% of total U.S. energy consumption. The electric power sector accounted for about 60% of total U.S. renewable energy consumption in 2020, and about 20% of total U.S. electricity generation was from renewable energy sources.

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