Press release
Future of Renewable Energy Market Insights: Growth Drivers, and Regional Developments
Renewable Energy: Market Insights
The global renewable energy market size was valued at USD 954 billion in 2023. The market is projected to grow from USD 1,020.94 billion in 2024 to USD 1,574.17 billion by 2032, exhibiting a CAGR of 5.56% during the forecast period. Asia Pacific dominated the renewable energy market with a market share of 67.76% in 2023. The Renewable energy market in the U.S. is projected to grow significantly, reaching an estimated value of USD 158.82 billion by 2032.
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Market Snapshot
✔️2023 Market Value: USD 954 billion
✔️2024 Estimate: USD 1,020.94 billion
✔️2032 Forecast: USD 1,574.17 billion
✔️CAGR (2024-2032): 5.56%
✔️Top Regional Market: Asia Pacific (67.76% share in 2023)
What is Renewable Energy?
✔️Derived from natural resources: sun, wind, rain, tides, waves, and heat.
✔️Sustainable alternative to fossil fuels; lower environmental impact.
✔️Driven by climate change concerns, energy security, and tech advancements.
Market Growth Drivers
✔️ESG Investments: Surge in sustainable finance for clean energy projects.
✔️Government Initiatives: Subsidies, tax credits, and ambitious targets (e.g., India's 450 GW by 2030, EU's 42.5% by 2030).
✔️Tech & Cost Advances: Falling costs and better efficiency in solar, wind, and battery storage.
✔️Energy Security: Reduced dependence on imported fossil fuels.
Key Industry Trends
✔️Smart Grid Integration: Automated, digitized grids for efficient energy use and storage.
✔️Offshore Wind & Solar Expansion: Boosted by incentives and falling costs.
✔️Corporate ESG Goals: Rising investment from companies seeking greener portfolios.
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Market Restraints & Challenges
✔️High Upfront Costs: Advanced tech and installation costs remain steep, especially for SMEs.
✔️Energy Storage Challenge: Renewables are intermittent; affordable large-scale battery systems needed.
Segmentation Snapshot
By Type:
✔️Solar (Leader): Fastest growth in developing countries due to cost, policy support, and demand.
✔️Wind: Significant global increase; both onshore and offshore segments.
✔️Hydropower: Essential for local communities and stability.
✔️Bioenergy, Geothermal, Ocean Energy: Valuable niches in specific regions.
By End-User:
✔️Utility (Dominant): Largest segment, powering vast sectors (residential, commercial, industrial).
✔️Residential, Commercial, Industrial: Growing demand due to awareness, urbanization, and tech adoption.
Regional Highlights (2023)
✔️Asia Pacific: USD 646.47B67.76% share, rapid solar & wind deployment, policy support
Major Players
✔️GE Renewable Energy (Vernova)
✔️Tata Power Solar (India)
✔️Enel Green Power (Italy)
✔️First Solar (US)
✔️Vestas Wind Systems (Denmark)
✔️Siemens Gamesa (Germany)
✔️Jinko Solar (China)
✔️Goldwind (China)
✔️Engie (France)
✔️ANDRITZ AG (Austria)
✔️Others (see full list for more)
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Recent Industry Developments
✔️Vestas: 134 MW wind turbine order in Japan (Sep 2024)
✔️GE Vernova: Expanding UK manufacturing for HVDC systems (Sep 2024)
✔️Tata Solar: 2GW module plant operational in India (Sep 2024)
✔️GE & Squadron Energy: 1.4 GW onshore wind agreement in Australia (Jan 2024)
✔️Record Private Equity/Venture Investment: USD 15 billion in 2023
Investment & Opportunities
✔️Private equity & venture capital investment hit a 5-year high (USD 15B in 2023)
✔️New tech growth: Green hydrogen, battery energy storage, electrification of heat and transport
✔️Partnerships and government support are opening new markets, especially in Asia and India.
Outlook
✔️Global market to reach USD 1,574.17 billion by 2032
✔️Continuous expansion expected, driven by innovation, policy, and rising energy needs.
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