What Are the Challenges Facing the Renewable Energy Market? ABB, Acciona, EDF, Enel, General Electric, Innergex, Invenergy, Xcel Energy

The global renewable energy market size is projected to reach $1,977.6 billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030.

Renewable energy refers to energy sources that are naturally replenished and have a minimal impact on the environment compared to traditional fossil fuels. These energy sources derive from natural processes and are considered sustainable because they are not depleted by human consumption. Renewable energy technologies play a crucial role in reducing greenhouse gas emissions, mitigating climate change, and transitioning toward a more sustainable energy future.

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Solar Energy: Solar energy is harnessed from the sun's rays using photovoltaic (PV) cells to convert sunlight directly into electricity or using solar thermal systems to generate heat for various applications.

Wind Energy: Wind turbines capture the kinetic energy of moving air to generate electricity. Wind farms, consisting of multiple turbines, are often located in windy areas onshore or offshore.

Hydropower: Hydropower harnesses the energy of flowing water (rivers, dams, tidal movements) to generate electricity. It is one of the oldest and most widely used forms of renewable energy.

Europe accounted for 35.5% of renewable energy market share in 2020, in terms of revenue, growing at a CAGR of 8.4%.

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.

Geothermal Energy: Geothermal energy taps into the heat stored within the Earth's crust. It is used for electricity generation and direct heating applications, such as space heating and industrial processes.

Biomass Energy: Biomass energy is derived from organic materials, such as wood, agricultural residues, and waste. It can be used for electricity generation, heating, and biofuel production.

Ocean Energy: Ocean energy encompasses several technologies, including tidal energy, wave energy, and ocean thermal energy conversion, that harness the power of ocean tides, waves, and temperature gradients.

The renewable energy market has grown considerably in countries such as China and India. China is one the key players in hydropower, onshore, wind power and solar photovoltaic, and became the world's largest producer of bioelectricity in 2017.

The solar energy segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 13.3% from 2021 to 2030.

The industrial end use is anticipated to register the highest CAGR of 8.9% during the forecast period.

Renewable energy is derived from natural resources such as wind, solar, biomass, and geothermal that are constantly replenished.

The Asia-Pacific renewable energy market growth is projected to grow at the highest CAGR during the forecast period, owing to rise in industrialization as well increase in population.

Wind energy, a type of renewable energy, is used to generate electric energy from kinetic energy source. Wind turbine converts the wind energy into mechanical energy, which is further converted into electrical energy through generator.

Wind energy can be generated at offshore and onshore. Onshore wind energy is associated with onshore turbines that are located on land, whereas offshore wind turbines are found in ocean or sea.

The concern about the reduction of greenhouse gases emissions, increase in search for energy security along with the aversion to the traditional nuclear power, and the lack of progression in the application of the nuclear power are expected to drive the demand for geothermal power sector which further escalates the demand for renewable energy market during the forecast period.

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.

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Key benefits of renewable energy include:

Reduced Carbon Emissions: Unlike fossil fuels, renewable energy sources produce little to no direct greenhouse gas emissions, helping to mitigate climate change.

Sustainable Resource: Renewable energy sources are naturally replenished and are unlikely to be exhausted, ensuring a long-term energy supply.

Local Job Creation: The growth of renewable energy industries creates job opportunities in manufacturing, installation, maintenance, and research.

Energy Independence: Relying on domestic renewable resources reduces dependence on imported fossil fuels and enhances energy security.

Environmental Protection: Renewable energy has a smaller environmental footprint in terms of pollution, habitat disruption, and water consumption compared to fossil fuels.

Technological Advancements: Advances in renewable energy technologies drive innovation and contribute to economic growth.

Community Benefits: Renewable energy projects can provide economic benefits to local communities through tax revenue and lease payments for land use.

Solar, geothermal, wind, bioenergy, hydropower, and ocean power are some of the major sources of renewable energy.

Renewable energy is utilized in heating, electricity, cooling, and transport sectors. Renewable energy collectively provides around 7% of the world's energy demands.

Several factors are responsible to drive the usage of renewable energies, the most crucial being the attribution of global warming due to carbon dioxide (CO2) emission from the combustion of fossil fuels.

However, developing new resources requires large initial investments to build infrastructure. These investments increase the cost of providing electricity, especially during early years.

COVID-19 analysis

The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.

The COVID-19 pandemic severely impacted the wind turbine manufacturing in countries such as China and Germany. For instance, in 2020, Germany's Nordex SE reported negative EBITDA of $86.5 million down from positive EBITDA of $21 million in previous financial year (2019).

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In addition, limited availability of spares and manpower for maintenance is a major problem affecting the market growth.

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