Press release
Renewable Energy Market Size, Share, Growth and Trends, Report 2024-2031
Renewable Energy Market || 2024-2031
Globally, the adoption of renewable energy is on the rise, driven largely by increased investment in the sector. For example, the European Union (EU) has set a target to invest €210 billion (USD 223 billion) in renewable energy by 2027.
The International Renewable Energy Agency (IRENA) projects that by 2050, 85% of global energy generation will come from renewable sources. This shift is expected to drive significant growth in the global renewable energy market, fueled by rapid capacity expansion in major countries such as India, China, and the U.S. Global initiatives and agreements, including the Paris Agreement, have set ambitious goals for reducing greenhouse gas emissions and increasing the adoption of renewable energy. For example, China has pledged to install over 1,200 GW of solar and wind energy capacity by 2030, as part of its broader strategy to achieve carbon neutrality by 2060.
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Market Dynamics:
Growing Adoption of Smart Grid Technology
Smart grids enable modernizing traditional electricity grids by incorporating advanced technologies and communication systems. The grids replace aging infrastructure with digital, interconnected systems that can handle the evolving energy landscape, including the integration of renewable energy sources, energy storage, electric vehicles, and other emerging technologies. Smart grid technologies facilitate the integration of energy storage systems with renewable energy sources. Energy storage helps address the intermittent nature of renewable generation by storing excess energy during times of high production and releasing it during periods of low or no age. Smart grids improve the reliability and dispatch ability of renewable energy, making it a key factor in increasing the global adoption of renewable energy.
Segment Covered in the Renewable Energy Market:
By Type: Hydroelectric Energy, Solar Energy, Wind Energy, Geothermal Energy.
By End-User: Residential, Commercial, Industrial.
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Key players involved in Renewable Energy Market:
• Acciona Energia
• EDF Renewables
• Vestas
• Ørsted A/S
• First Solar
• Adani Green Energy
• Tata Power
• Duke Energy Corporation
• Iberdrola, S.A.
• NextEra Energy, Inc.
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Well Testing Services Market: https://www.datamintelligence.com/research-report/well-testing-services-market
Regional Analysis:
The global Renewable Energy Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Renewable Energy Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.
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DataM Intelligence is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
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