Fuelling the Future: Analyzing Opportunities in the Renewable Energy Market

The renewable energy market size has grown strongly in recent years. It will grow from $1025.93 billion in 2023 to $1109.41 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to strong emerging markets growth, the rise in use of renewable energy compared to other energy sources, the growing investments in the renewable energy sources, and rapid industrialization. .

The renewable energy market size is expected to see strong growth in the next few years. It will grow to $1554.65 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to the increasing electricity consumption, the rising urbanization, government initiatives, and the rise in greenhouse gas emissions. Major trends in the forecast period include focus on developing innovative technologies, launch of renewable energy platforms, blockchain technology, use of advanced robotics, product launches, partnerships and collaborations, and new investments. .

Market Overview -
Renewable energy refers to energy produced from natural energy sources, such as the sun and wind that are constantly replenished. Renewable energy is used for space and water heating and cooling, electricity generation, and transportation. Renewable energy causes less global warming, improved public health, inexhaustible energy, stable energy prices, reliability, and resilience.

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Surge In Power Consumption Fuels Accelerated Growth In The Renewable Energy Market
An increase in power consumption is expected to propel the growth of renewable energy. Global energy demand is rising due to increased industrial activity and technological advancements in developing and developed countries. Additionally, there is a rapid increase in energy consumption because of the growing world population, which implies growing energy requirements. Due to such an increase in the use of power, there is a need to produce renewable energy because of its improved energy security and reduced risk of fuel spills that emit no greenhouse gases from fossil fuels and decrease certain types of air pollution. For instance, According to Enerdata, the world energy, and climate statistics, the 2022 report states that global electricity consumption increased by +5.5% in 2021, after contracting by 0.7% in 2020 owing to the COVID-19 crisis. Furthermore, according to the International Energy Agency, an intergovernmental organization, worldwide electricity demand will increase by about 5% in 2021 and 4% in 2022. Therefore, an increase in power consumption will drive the renewable energy market.

Competitive Landscape -
Major companies operating in the renewable energy market report are Orsted AS, Iberdrola SA, Enel Spa, Brookfield Corporation, Acciona SA, NEXTERA ENERGY INC, EDF SA, Xcel Energy Inc, The Tata Power Company Limited, Innergex Renewable Energy Inc, Adani Green Energy Limited, NTPC Limited, ReNew Power Private Limited, Suzlon Energy Limited, Sinohydro Corporation, China Yangtze Power Co. Ltd, Xinjiang Goldwind Science Technology Co. Ltd, JinkoSolar Holdings Co. Ltd, Tina Solar Ltd, Japan Renewable Energy Co. Ltd, JinkoSolar Holding Co. Ltd, Enova Community Energy Ltd, AGL Energy Ltd, Origin Energy, Voltlage, EOLFI, ABO Wind AG, EnviTec Biogas, CropEnergies, Siemens Energy, Peimar Srl, Edison SpA, Siemens Gamesa Renewable Energy SA, Gruppo STG Srl, OG (Ofer Global) Energy, Virtual Power Plant, ?EZ Group, RusHydro, Hevel LLC, Fortum Oyj, Rosseti PJSC, Enel S.p.A, Energias de Portugal S.A, General Electric Company, First Solar Inc, Northland Power, Tesla, SunPower Corporation, National Grid Renewables, Duke Energy Corporation, Inventure Renewables Inc, Algonquin Power & Utilities Corp, TransAlta Renewables, Arrebeef SA, 360 Energy SA, Genneia SA, YPF Luz, Pampa Energia SA, Atlas Renewable Energy, ArcelorMittal, Elera Renováveis, Enel Green Power, Akuo Energy SAS, Enerwhere, Yellow Door Energy, BELECTRIC Solar & Battery GmbH, Doral Group, Energix Renewable Energies Ltd, Enlight Renewable Energy Ltd, Econergy Renewable Energy Ltd, BioTherm Energy, Sasol Solar Power, Lake Turkana Wind Farm, Tarfaya Wind Farm, Ras Ghareb Wind Farm, West Bakr Wind Project, Adama I & Ii Wind Farm, Taiba N'diaye Wind Farm

Renewable Energy Market Surges Forward With Cutting-Edge Technological Advancements
Technological advancement is a key trend gaining popularity in the renewable energy market. Renewable technologies are recognized as green energy sources. The effective utilization of these resources minimizes environmental consequences, produces minimal secondary waste, and is sustainable in light of present and projected economic and societal needs. Recently, the market has witnessed the use of bio-mass energy and dual-module solar systems that can significantly reduce greenhouse gas emissions. Major companies in the renewable energy market are advancing in their new technologies and research and development to sustain their market position. For instance, In March 2022, Gautam Solar, an India-based Solar panels manufacturer, launched a G-2X dual-generation monocrystalline technology solar modules. This Gautam Solar module provides power from both the front and back of the module, making it ideal for use in rooftop and ground-mounted solar power plants, creating an additional 10%- 30% extra power generation. The solar module's combined front and back efficiency goes up to 25.72%. This G-2X mono series will save BOS and installation costs while increasing electricity generation by up to 30% in the same available space.

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Key Segments -

The renewable energy market covered in this report is segmented -

1) By Type: Solar Energy, Wind Energy, Bio Energy, Hydro Energy, Geothermal Energy
2) By Capacity: 0-1,000 Kwh, 1,100-5,000 Kwh, More Than 5,000 Kwh
3) By End User: Residential, Commercial, Industrial, Utility, Others

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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