Renewable Energy Market Size, Share, Trends 2023

According to Precision Business Insights (PBI), the latest report, the Renewable Energy market was valued at USD 1,052.7 billion in 2022 and is expected to grow at 8.9% CAGR from 2023 to 2029. The primary drivers of the expansion of the global renewable energy market include the increasing environmental consciousness among the public influences the demand for sustainable and lowering impact on environment. In addition, increasing need for energy due demands the alternative for energy source which is expected to boost the growth of renewable energy market.

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The renewable energy market is segmented based on type, end user, and geography.

Based on the type, the market is segmented into the following:
• Hydroelectric Power
• Wind Power
• Bioenergy
• Solar Energy
• Geothermal Energy
• Others

Based on the end user, the market is segmented into the following:
• Residential
• Commercial
• Industrial
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

Based on the type, the global Renewable Energy market is segmented into hydroelectric power, wind power, bioenergy, solar energy, and geothermal energy, others. The hydroelectric power segment is expected to account for a larger revenue share in the global renewable energy market. Hydroelectric power is a renewable energy source where the electricity id obtained from the running water from a higher to lower elevation. This source also serves water for homes, agriculture, business and mitigate the impacts of extreme weather events such as drought and floods. In addition, the development of ongoing hydroelectric power projects in countries such as India, China, and Nepal are expected to drive the growth of renewable energy in this segment.

Asia Pacific Renewable Energy Market
The Asia Pacific renewable energy market is expected to increase over the forecast period due to the increasing population leading to rapid urbanization and industrialization in this region. In addition, the increasing installation of solar panels in this region along with the favourable government initiatives in adoption of renewable energy are expected to boost the growth of renewable energy market in this region over the forecast period. For instance, The Government of India has set a target of installing 175 GW of renewable energy capacity by the year 2022, including 60 GW from wind, 100 GW from solar, 5 GW from small hydropower, and10 GW from bio-power.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

The global Renewable Energy market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In April 2023, Arcelor Mittal announced their joint venture with Casa Dos Ventos to develop 554MW Babylonia wind power project.

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Key players profiles in the Renewable Energy Market report are ABB, ACCIONA, Enel Spa, General Electric, Geronimo Energy, Invenergy, Innergex, The Tata Power Company Limited, Xcel Energy Inc., First Solar Inc., Canadian Solar Inc., Jinko Solar Holding Co. Ltd, Vestas Wind Systems AS.

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This release was published on openPR.