Renewable Energy Market Surges, Projected to Reach USD 2,025.94 Billion by 2030

The Global Renewable Energy Market, is anticipated to reach an impressive USD 2,025.94 billion by 2030, showcasing a robust CAGR of 9.6% from 2022 to 2030. The Renewable Energy Market refers to the dynamic and evolving sector focused on the production, distribution, and utilization of energy derived from naturally replenishing sources. Unlike traditional fossil fuels, renewable energy sources are sustainable, environmentally friendly, and harness energy from abundant natural processes. This market encompasses various technologies, including solar, wind, hydroelectric, geothermal, and biomass, each contributing to a diversified and cleaner global energy landscape. The global renewable energy market is witnessing substantial growth and transformation as the world shifts towards sustainable and cleaner energy sources.

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Market Dynamics and Trends:

The renewable energy market is fueled by dynamic trends across various industries. In the power sector, solar and wind energy installations are witnessing a surge, with governments worldwide emphasizing clean energy initiatives. Innovations such as floating solar farms and advanced battery technologies are contributing to the sector's growth.
Additionally, governments in both developed and developing economies are undergoing numerous regulatory changes and providing subsidies to encourage the corporate sector to embrace renewable energy sources. As per a June 2022 report from the International Energy Agency, global energy investments are expected to rise by 8% in 2022, reaching USD 2.4 trillion. This increase is primarily attributed to investments in clean energy, with renewables, grids, and storage accounting for over 80% of total power sector investments. Moreover, expenditures on solar PV, batteries, and electric vehicles are increasing at rates aligned with achieving global net zero emissions by 2050.

Furthermore, the rise in collaboration between countries for development and installation of green power plants leads to growth in the renewable energy market trends. For instance, in August 2022, the Investment Board of Nepal and India's National Hydro Power Revenues Corporation Ltd signed an MoU to develop two projects, West Seti Hydropower Project and Seti River Hydropower Project on the Seti River. The projects are expected to develop a total of 1,200 MW of energy.

Challenges such as intermittency and storage concerns, along with initial setup costs, pose obstacles to market growth.
However, advancements in energy storage technologies and the integration of artificial intelligence for grid optimization present opportunities for overcoming these challenges. In addition, technological advancements in solar PV manufacturing and solving intermittency problems using energy storage systems are expected to provide huge opportunities for renewable energy market trends in the coming future.

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Regional Outlook:

Asia-Pacific:

• Asia-Pacific accounts for more than half of the global energy consumption with 85% of that regional consumption coming from fossil fuels. Demand for sustainable energy is on the rise, owing to rapid urbanization and industrialization and considerable opportunities exist to avoid long-term lock-in with carbon-based energy technologies.

• The rising investments and governmental initiatives, supportive policies, and advancements in renewable energy technologies is driving the growth of the region. An illustrative example is the June 2021 decision by the Japanese government to transition from Feed-in-Tariff (FiT) to Feed-in-Premium (FiP), effective from April 2022. Under the new program, renewable generators can vend electricity in the spot market at a premium compared to wholesale prices. This shift aims to stimulate competition in the renewable sector while alleviating costs for consumers.

Europe:

• Various government schemes in Europe, including tax incentives, aim to promote the adoption of alternative and sustainable power sources, providing added momentum to the growth of the green energy industry. In July 2022, the UK government conducted the 4th round of contracts for difference, resulting in approximately 11GW of renewable energy capacity. This capacity can generate clean, affordable energy equivalent to powering around 12 million British homes, reducing dependence on volatile global prices.

• The increasing awareness of the positive impacts of green energy contributes to industry growth in the region. Governments across several European countries are making substantial investments in alternative and sustainable power sources to optimize electricity usage and mitigate environmental risks. For instance, in September 2021, the Norwegian government allocated USD 9.1 million for the development of hybrid hydropower and floating solar energy projects.

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Key Market Segments:

By Type

• Wind Power
• Hydroelectric Power
• Solar Power
• Bio Energy
• Geothermal

By End-User

• Residential
• Industrial
• Commercial

By Geography

• North America
• The U.S.
• Canada
• Mexico
• Europe
• The U.K
• Germany
• France
• Italy
• Spain
• The Netherlands
• Denmark
• Finland
• Norway
• Sweden
• Russia
• Rest of Europe.
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Singapore
• Taiwan
• Thailand
• Rest of Asia Pacific
• RoW
• Latin America
• Middle East
• Africa

Key Players: The competitive landscape features industry giants such as General Electric, ABB Ltd, ACCIONA, Enel Spa, Schneider Electric SE, Xcel Energy Inc., Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Limited, Innergex Renewable Inc, Tata Power and Others.

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