Renewable Energy Market is Rapidly Growing with Huge Application Scope and Growth Opportunities by 2021-2030

Renewable energy market is projected to reach $1,977.6 billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030.Increasing aid from governmental institutions, coupled with favourable policies and regulations has played a pivotal role in renewable energy market growth.

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.

According to the International Energy Agency, the share of renewable energy to meet the global energy demand is predicted to grow in the next five years to reach 12.4% in 2023. Renewable energy is derived from natural processes such as wind and sunlight. Solar, geothermal, wind, bioenergy, hydropower, and ocean power are some of the major sources of renewable energy.

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By type, the hydroelectric segment held the largest share in 2020, accounting for more than two-fifths of the global renewable energy market, due to rise in activity across the globe and increase in investment in off-grid energy generation and rural electrification across the developing countries. However, the solar segment is expected to register the highest CAGR of 13.3% during the forecast period, owing to decrease in prices of solar modules and increase in installation of solar energy infrastructure in commercial and residential sectors.

By end use, the industrial segment would showcase the highest CAGR of 8.9% from 2021 to 2030, due to increased use of geothermal power plants to produce electricity to curb the carbon footprint. However, the residential segment held the largest share in 2020, contributing to nearly two-fifths of the global renewable energy market, owing to rise in use of geothermal heat pump in residential heating applications.

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By region, the market across Asia-Pacific, followed by Europe and North America, is expected to register the highest CAGR of 9.6% during the forecast period, due to rise in industrialization and rise in population. However, the global renewable energy market across Europe held the largest share in 2020, accounting for more than one-third of the market, owing to rise in investments in renewable energy.

Key players operating in the global renewable energy market include ABB, Acciona, EDF, Enel Spa, General Electric, Innergex, Invenergy, National Grid Renewables, The Tata Power Company Limited (Tata Power), and Xcel Energy Inc.

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COVID-19 impact on global renewable energy market:
• The limited availability of spare parts and labour due to the pandemic is a primary factor that affects the renewable energy market growth.
• The wind energy sector witnessed a decline in growth during the COVID-19 pandemic. Industry players faced major issues in installing and maintaining turbines due to disturbed transportation, lack of workforce, and social distancing norms.
• Project delays and cancellations of orders impacted the market.
• Travel restrictions have shifted the focus toward the domestic supply chain, which boost domestic production of turbines. Use of technology makes remote monitoring of turbines easy.

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