Press release
Renewable Energy Market Size Is Set To Fly High In Years To Come | Jinko Solar Holding Co. Ltd, Vestas Wind Systems A/S, Canadian Solar
A recent study conducted by the strategic consulting and market research firm, Report Ocean, revealed that the renewable energy market was worth USD 949.2 billion in 2021 and is projected to grow to USD 1.6 trillion by 2022. The growth of the renewable energy market is attributed to the surging energy consumption in commercial and household spaces along with favorable government initiatives and investments towards boosting the adoption of renewable energy. Furthermore, declining levels of non-renewable energy resources such as fossil fuels along with growing awareness towards energy conservation and sustainability are anticipated to boost the growth of the renewable energy market in the forecast period. However, the high initial cost involved in renewable energy plants acts as a major restraint for the market growth.
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Increasing Demand for Renewable Energy is Driving Market Growth
The surging demand for renewable energy is emerging as one of the major driving factors for the renewable energy market growth. According to the International Energy Agency, the renewable energy capacity is projected to surge by 50% for 2021-2026, compared to 2015-2020. Commercial and industrial facilities are increasingly adopting renewable energy to diversify energy supply and reduce the dependence on imported fuel, which proves to be cost-efficient in the long run. This is anticipated to boost the market growth in the forecast period.
Rising Energy Consumption Worldwide is Propelling the Overall Renewable Energy Market
The expanding economic activities in developed and developing countries are boosting the global energy demand. The increasing population and number of electronic items such as smartphones as well as electric vehicles are also resulting in increased energy consumption. However, the non-renewable energy sources such as coal, natural gas, oil, etc., are unable to meet the growing energy demands. This is prompting the shift towards non-renewable energy sources, which is providing lucrative growth opportunities to the overall market growth.
Renewable Energy Market - By End-User
Based on end-user, end-user, the renewable energy market is segmented into residential, commercial, industrial, and others. The industrial segment dominates the market owing to the high investment required for setting up renewable energy infrastructure. The adoption of renewable energy proves to be economical for the industrial sector and cuts their overall operational cost in the long run, which favors the market growth. The residential sector also covers a substantial market share owing to government support and subsidies for home installations.
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Renewable Energy Market - Regional Insights
Geographically, the renewable energy market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America accounts for the largest share in the renewable energy market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. Countries such as India, China, Japan, etc., are significantly investing towards renewable energy market infrastructure. China is among the leading producers of electricity through renewable energy. The government of other emerging economies is also investing significantly which is propelling the overall market growth.
Impact of COVID-19 on Renewable Energy Market
The renewable energy market was significantly halted by the sudden COVID-19 pandemic outbreak. The private and public operations of the renewable energy infrastructure development were halted due to lockdown restrictions and social distancing norms. The government investment towards renewable energy was also diverted towards healthcare infrastructure, which also halted the growth of the renewable energy market. However, the market is projected to flourish in the post lockdown period as the need for sustainability and better energy conservation plans spikes.
Competitive Landscape
The leading market players of the renewable energy market are First Solar Inc., Jinko Solar Holding Co. Ltd, Vestas Wind Systems A/S, Canadian Solar Inc., Orsted AS, Acciona Energia SA, EDF SA, Berkshire Hathaway Energy, NextEra Energy Inc., Duke Energy Corporation, General Electric Company, Siemens Gamesa Renewable Energy SA, Innergex Renewable Energy, Invenergy, Tata Power Company Limited, and other prominent players.
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Market Segment:
By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar, Geothermal, Others)
By End-User (Residential, Commercial, Industrial, Others)
By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
The renewable energy market holds great future potential and is, therefore, highly fragmented with the presence of several established players and startups. The companies are significantly investing towards expanding their energy generation capacities. They are also attracting significant investments from public and private establishments to expand their product portfolio. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Table of Content:
Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix
Key Reasons to Buy this Report:
Access to date data compiled by means of our researchers. These grant you with historic and forecast data, which is analyzed to inform you why your market is set to change
This allows you to expect market adjustments to continue to be in advance of your competitors
You will be in a position to replica information from the Excel spreadsheet straight into your advertising plans, commercial enterprise presentations, or different strategic documents
The concise analysis, clear graph, and desk structure will allow you to pinpoint the records you require quickly
Provision of market cost (USD Billion) records for every phase and sub-segment
Indicates the area and section that is predicted to witness the quickest increase as nicely as to dominate the market
Analysis through geography highlighting the consumption of the product/service in the area as nicely as indicating the elements that are affecting the market inside every region
Competitive panorama which contains the market rating of the predominant players, alongside with new service/product launches, partnerships, commercial enterprise expansions, and acquisitions in the previous 5 years of organizations profiled
Extensive business enterprise profiles comprising of business enterprise overview, employer insights, product benchmarking, and SWOT evaluation for the primary market players
The cutting-edge as nicely as the future market outlook of the enterprise regarding current traits which contain boom possibilities and drivers as properly as challenges and restraints of each rising as nicely as developed regions
Includes in-depth evaluation of the market from quite a number views via Porter's 5 forces analysis
Provides perception into the market via Value Chain
Market dynamics scenario, alongside with boom possibilities of the market in the years to come, 6-month post-sales analyst help
.................Some More Report..............
North America Digital Respiratory Solutions Market: https://www.barchart.com/story/news/14177591/north-america-digital-respiratory-solutions-market-size-forecast-business-growth-and-development-factors-by-2030
Europe Digital Respiratory Solutions Market: https://www.barchart.com/story/news/14177589/europe-digital-respiratory-solutions-market-size-growth-future-trends-development-strategies-forecast-to-2030
Asia Pacific Digital Market: https://www.barchart.com/story/news/14177587/asia-pacific-digital-market-size-share-trend-analysis-production-scenario-and-supply-forecast-by-2030
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About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.
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