Renewable Energy Market: Sustainable Power | Europe 8%+ CAGR by Ireland, UK, Germany, France, Denmark, Netherlands, Sweden, Greece, Spain

According to a new report published by Allied Market Research, The global renewable energy market size was valued at $881.7 billion in 2020, and 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 derived from resources that are naturally replenished on a human timescale and are considered environmentally sustainable. Unlike non-renewable sources such as fossil fuels, renewable energy sources are essentially inexhaustible and have lower environmental impacts in terms of greenhouse gas emissions.

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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.

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

Top Companies

ABB, Acciona, EDF, Enel Spa, General Electric, Innergex, Invenergy, National Grid Renewables, The Tata Power Company Limited (Tata Power), and Xcel Energy Inc.

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.

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

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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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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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