Renewable Energy Market Size to grow 2.0 trillion by 2028 | CAGR of 7.5%| Opportunity Analysis and Industry | Introspective Market Research

Market Overview:

The Global Renewable Energy market was estimated at USD 1.20 trillion in 2021 and is anticipated to reach USD 2.0 trillion by 2028, growing at a CAGR of 7.5%.

The term renewable energy is derived from renewable resources which are naturally replenished at a high rate than they are consumed. Here are a few common sources of renewable energy wind, ocean, bio, sunlight, the movement of water, and geothermal heat. Among this solar, geothermal, wind, hydroelectricity, and biomass is the most efficient form of renewable energy. Although most renewable energy sources are sustainable, some of them are not. For example, some biomass sources are considered to be unsustainable for exploitation. In the last two decades, these alternatives have transformed the national grids. Renewable resources are present all around us and are plentiful.

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• Patent Analysis
• Regulatory Framework
• Technology Roadmap
• BCG Matrix
• Heat Map Analysis
• Price Trend Analysis
• Investment Analysis

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Market Dynamics:

Driver:
Growing awareness of the harmful effects of fossil fuels on the environment, increasing government initiatives to promote the adoption of clean and green energy, increasing public and private sector action to limit carbon dioxide emissions, and increasing the adoption of green energy among consumers. These key factors are expected to drive the growth of the global renewable energy market. Rising urbanization and industrialization in developing countries around the world will increase the demand for various renewable energy sources such as solar energy and geothermal during the forecast period.

Opportunities:
The increasing development of technology leads to a decrease in the costs of renewable energy, and the improvement of the competitiveness of battery storage systems has a positive effect on the growth of the renewable energy market. Growing concerns about climate change and ESG around the world are attracting huge investments in the deployment of renewable energy sources. Governments in various developed and developing economies offer subsidies to companies to move to clean and green energy for sustainability and environmental protection.

Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help

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Segmentation Analysis Of The Renewable Energy Market

Renewable Energy market segments cover the Product and application. By Product, the Hydropower segment is Anticipated to Dominate the Market Over the Forecast period.

• In the past few years, the increased investment in the generation of off-grid energy and electrification of rural areas in developing economies such as China, India, Brazil, Colombia, and Vietnam has increased the demand for small-scale hydropower plants.

By Product
• Hydro Power
• Wind Power
• Solar Power
• Bioenergy
• Others

By Application
• Industrial
• Residential
• Commercial

Regional Analysis of The Renewable Energy Market
Asia Pacific is Expected to Dominate the Market Over the Forecast period.

• In recent years, the Asia-Pacific region has dominated the renewable energy market. It is likely to maintain its dominance throughout the period of forecast.

• China will be the global leader in the deployment of renewable energy sources by 2021. In 2021, the nation's total renewable energy capacity reached 1,020.2 GW, an increase of approximately 13.4% from the previous year. Wind, solar, and hydropower are the primary renewable energy sources in the country.

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Top Key Players Covered in The Renewable Energy Market
• ABB (Switzerland)
• Acconia (Europe)
• Enel Spa (Italy)
• General Electric (US)
• Innergex (Canada)
• Invenergy (US)
• Schneider Electric (France)
• Siemens Gamesa Renewable Energy, S.A. (Germany)
• Suzlon Energy Ltd. (India)
• Tata Power (India)
• Xcel Energy Inc. (US), and other major players.

Key Industry Developments in the Renewable Energy Market

In May 2022, NJR Clean Energy Ventures (CEV) has begun construction on an 8.9-MW floating solar installation in Millburn, New Jersey, which will be the largest floating array in the United States. 16 510 solar panels will likely be installed on a reservoir at the New Jersey American Water Canoe Brook Water Treatment Plant using a floating rack system. Through a power purchase agreement with CEV, the array will provide approximately 95% of the facility's annual power requirements.

In February 2022, India ordered 1,9 gigawatts of wind turbines from China's second-largest wind turbine manufacturer, highlighting companies' efforts to seek overseas sales as the domestic market becomes increasingly competitive. The combined orders from Envision Energy Co. represent the largest capacity that a Chinese wind manufacturer has sold to a single foreign country.

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