Global Renewable Energy Markets Share Value Will Reach USD 1,682.40 Billion By 2029: Polaris Market Research

NEW YORK, April 27, 2022 /PRNewswire/ -- Polaris Market Research recently published a research report on "Renewable Energy Market Share, Size, Trends, Industry Analysis Report, By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, Geothermal Energy); By End-Use (Residential, Commercial, Industrial {Power, Chemicals & Petrochemicals, Oil & Gas, Food & Beverage}, Others); By Region; Segment Forecast, 2022 - 2029" in its research database.

According to recent research study published by Polaris Market Research, the global renewable energy market size and share is expected to register a CAGR of 8.5% growth and industry revenue is expected to increase from USD 860.37 Billion in 2021 to reach USD 1,682.40 billion by 2029.

What is Renewable Energy? How Big is Renewable Energy Market?

• Overview

Renewable energy also referred to as clean energy, usually comes from natural sources that are constantly restored. Solar energy, Wind energy, Hydro energy, Tidal energy, Geothermal energy, and Biomass energy are the most popular renewable energy sources. Wind energy, one of the types of energy, is used to produce electricity using the kinetic energy source. Wind energy can be based onshore and offshore. Onshore wind power is when onshore turbines are located on land, while offshore wind power refers to turbines that are located in the ocean or sea.

Renewable has long been used for heating, transportation, lighting, as well as electricity, and cooling. Though it collectively provides around 7% of the world's energy demand, it is likely to more expensive than fossil fuel. Concerns regarding minimizing greenhouse gas emissions, poor advancement in nuclear power application, and a surge in the search for power security are the key factors expected to accelerate the global renewable energy market growth during the forecast period.

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Important Questions Being Answered by the Market Report

• What is the global renewable energy market size and growth?
• What is the CAGR of the renewable energy market?
• What would be the forecast period?
• Which are the top companies?
• By region, which segment will dominate the renewable energy market?
• What is the major product type?
• What are the major applications?
• What are the regional growth trends and the leading revenue-generating regions for the market?

Leading Players Operating in the Global Market Are:

• ABB Ltd.
• ACCIONA
• Canadian Solar Inc.
• EDF
• Enel SPA
• First Solar Inc.
• General Electric co.
• Geronimo Energy
• Iberdrola SA
• Innergex
• Nordex SE
• Orsted A/S
• Siemens Gamesa
• Sunpower Corp.
• The Tata Power Company Limited (Tata Power)
• Vestas Wind Systems
• Xcel Energy Inc

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Renewable Energy Market: Growth Drivers

The growing use of renewable energies and rising awareness regarding global warming due to carbon dioxide (CO2) emissions are boosting the market growth. Also, increasing concerns about the reduction of greenhouse gas emissions and the aversion to traditional nuclear power are also expected to drive the market growth during the forecast period. Governments worldwide are introducing various policies and regulations to promote renewable energy sources in order to reduce pollution. All these factors are responsible for to surge in the demand for renewable energy, thereby fueling the global renewable energy market growth.

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Renewable Energy Market: Report Scope

Renewable Energy Market: Report Segmentation

• Insight by Type

Based on the type segment, the market is segmented into hydroelectric power, wind power, bioenergy, solar energy, and geothermal energy. The hydroelectric power segment accounted for the largest market share in 2021 and is expected to continue its dominance during the projected time period. A huge quantity of hydropower development was seen in Brazil. These hydroelectric power projects were also held in Colombia and Peru. Increased developments in off-grid electricity production and grid connection across developing countries such as India, China, Brazil, and Vietnam have been the key factor fueling the demand for small hydropower facilities.

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Geographic Overview: Renewable Energy Market

Based on geography, North America witnessed the largest share in 2021. Various companies across the countries are collaborating for increasing power sources, thus fueling the market growth in the region. Moreover, Asia Pacific is anticipated to generate a high CAGR in the global market during the projected time period. This is because countries such as China and India have experienced significant surges in power consumption owing to growing investment in renewable power projects.

Browse the Detail Report "Renewable Energy Market Share, Size, Trends, Industry Analysis Report, By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, Geothermal Energy); By End-Use (Residential, Commercial, Industrial {Power, Chemicals & Petrochemicals, Oil & Gas, Food & Beverage}, Others); By Region; Segment Forecast, 2022 - 2029" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/renewable-energy-market

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Polaris Market Research has segmented the renewable energy market report based on type, end-use, and region:

Renewable Energy Market: By Type Outlook

• Hydroelectric Power
• Wind Power
• Bioenergy
• Solar Energy
• Geothermal Energy

Renewable Energy Market: By End-Use Outlook

• Residential
• Commercial
• Industrial
• Power
• Chemicals & Petrochemicals
• Oil & Gas
• Food & Beverage
• Others

Report Coverage:

• A summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.
• Market profile of manufacturers-players with their SWOT, products, production, value, financials, and other vital factors.
• Market segmentation on the basis of the type of product, application, and region.
• Market size (sales, revenue) forecast by regions and countries
• A comprehensive analysis of the market's value chain and assess the market's effect of Porter's five forces.

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research