BANGALORE, India, Feb. 11, 2020 /PRNewswire/ -- The report focuses on the market of various Renewable technologies that convert energy from different natural sources such as sun, tides, wind and others, into its usable forms such as electricity. Increasing awareness and knowledge about carbon footprint management is expected to generate lucrative growth prospects for the renewable energy market globally.
The global renewable energy market was estimated at USD 928.0 Billion in 2017 and is expected to reach USD 1,512.3 Billion by 2025, posting a 6.1 percent CAGR from 2018 to 2025.
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Tends Influencing The Renewable Energy Market Size
- Increased greenhouse gas emissions (GHGs), especially CO2 from the use of fossil fuels for energy generation and the dwindling existence of fossil fuel on Earth coupled with its high costs, are fuelling the renewable energy market.
- Due to the limited presence of fossil fuel on the earth as well its volatile prices, fuels the renewable energy market. However, the generation of energy from renewable sources requires huge capital.
- Continuous technological advancements and increasing government support in the renewable energy sector is expected to provide lucrative opportunities for renewable energy market growth during the forecast period. The size of the market for renewable energy is expected to grow in the developed and developing economies due to the implementation of strict government regulations regarding climate change.
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Region Wise Renewable Energy Market Share Analysis
- Asia-Pacific emerged as a renewable energy market leader in 2017, and its dominance is expected to continue over the forecast period. In terms of end-user, due to rapid industrialization, the industrial and residential segments are expected to dominate the Asia-Pacific market.
- China is predicted to account for the highest market share on the renewable energy market in Asia-Pacific and is projected to dominate the market during the forecast period. China aims to reduce its fossil-fuel reliance by embracing renewable energy for electricity generation.
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Segment Wise Renewable Energy Market Share Analysis
The market is divided by type into the hydroelectric, wind, Bioenergy, solar, and geothermal energy sectors. During the forecast period, the hydroelectric power segment is expected to dominate the market. Furthermore, during the forecast period, the Solar Energy segment is expected to grow at the highest growth rate.
Some of the major players analyzed in this report are listed below,
- ABB Ltd.,
- General Electric (GE),
- The Tata Power Company Limited (Tata Power),
- Enel Spa (Enel),
- Xcel Energy Inc. (Xcel Energy),
- Geronimo Energy,
Vestas Wind Systems A / S, UpWind Solutions, Inc., Senvion S.A., and Sinovel Wind Group Co., Ltd., and ENERCON Ltd. are the other participants in the market value chain.
Renewable Energy Market Segmentation:
- Hydroelectric Power
- Wind Power Energy
- Solar Energy
- Geothermal Energy
Key Benefits For Stakeholders
- The report provides an in-depth analysis of the forecast along with the current and future renewable energy market trends.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses in the forecast period.
- The renewable energy market forecast is studied from 2018 to 2025.
- Porter's five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the renewable energy industry for strategy building.
- A comprehensive analysis of the factors that drive and restrain the renewable energy market growth is provided.
- The qualitative data in this report aims to market dynamics, trends, and developments.
- The renewable energy market size is provided in terms of volume as well as revenue.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- The profiles of key players along with their key strategic developments are enlisted in the report.
Reports Related to the Subset of Renewable Energy Market:
Hydropower is the most advanced, efficient, and cost-effective renewable power generation technology in which power is generated from water flowing from elevations higher to lower.
This study analyses Hydropower's global market size, focusing on main regions such as the United States, the European Union, China, and other regions (Japan, Korea, India, and Southeast Asia).
Asia-Pacific region continues to account for the largest share of the global installed hydropower of all regions in the world. China alone accounts for more than 25% of the global hydropower capacity, and added approximately 11.74 GW of new capacity in 2017, including 3.74 GW of pumped storage, taking its total installed capacity to 331 GW, including 26.7 GW of pumped storage. China is expected to witness capacity expansion by 2023, in line with the nation's strategy to minimize reliance on coal. The country has the most unutilized hydropower potential. Therefore, there is a considerable prospect for further hydro development.
Solar PV Market
Solar PV is one of a kind of device made of crystalline silicon or thin-film that transforms solar energy into electricity through a process called the photovoltaic effect. Conversion efficiency is a key indicator for solar PV.
In 2018, the Solar PV market was estimated at USD 44,800 Million and is projected to reach USD 52,200 Million by 2025, at a CAGR of 1.9 percent over the forecast period.
China remains the largest market on the global solar photovoltaic market, with around 50 percent market share in 2015, and is expected to hold its position during the forecast period.
Geothermal Power Market
Geothermal power is considered a reliable, renewable energy source because the amount of extracted heat for energy generation is very small compared to the actual heat present inside the Earth. The low emissions feature of geothermal energy is one of the major drivers for the market.
This report presents the worldwide size of the Geothermal Power market (value, output, and consumption), splits the breakdown by manufacturers, area, form, and application (data status 2014-2019 and forecast to 2025).
Bioenergy is the renewable energy made available from biological-derived materials.
The rising demand for energy to keep up with the industrial expansion and the rapid urbanization has created a huge deficit, which has coaxed many countries to turn to alternative options. The increasing pressure on world leaders to reduce the carbon footprint and the deadly amount of greenhouse gasses is also pushing nations around the globe to take the bioenergy option seriously.
This study analyses Bioenergy's global market size, focusing on main regions such as the United States, the European Union, China, and other regions (Japan, Korea, India, and Southeast Asia).
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Composite Materials in Renewable Energy Market
A composite material is a material made from two or more constituent materials with significantly different physical or chemical properties that, when combined, produce a material with characteristics different from the individual components.
This study focuses on the volume and value of composite materials in renewable energy at the global, national, and enterprise levels. From a global perspective, this study reflects the overall market size of composite materials in renewable energy by evaluating historical data and prospects for the future. This study focuses regionally on several main regions: North America, Europe, China, and Japan.
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Renewable Energy Inverter Market
Inverters technologies are evolving for accommodating renewable energy. These systems convert a photovoltaic (PV) solar panel's variable direct current (DC) output into a utility frequency alternating current (AC), which can be fed into a commercial electrical grid or used by a local, off-grid electrical grid.
The research report provides analyses of various factors that increase the growth of the market. This represents patterns, constraints, and factors that either positively or negatively turn the market. This report also provides an overview of various segments and applications that might potentially influence the future market.
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