Renewable Energy Market to Garner $1,977.6 Bn, Globally, by 2030 at 8.4% CAGR: Allied Market Research

PORTLAND, Ore., Jan. 24, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Renewable Energy Market by Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy) and End Use (Residential, Commercial, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global renewable energy industry was accounted for $881.7 billion in 2020, and is expected to reach $1,977.6 billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030.

Drivers, restraints, and opportunities

Increase in demand for renewable energy, surge in legislative and financial initiatives, and rise in electricity consumption drive the growth of the global renewable energy market. However, huge investments hinder the market growth. On the contrary, rise in demand for renewable energy from India and China is expected to open new opportunities for the market players in the future.

Download Sample PDF (300 Pages PDF with Insights): https://www.alliedmarketresearch.com/request-sample/140

Covid-19 scenario:

• The Covid-19 pandemic negatively affected the renewable energy market due to disruptions in manufacturing of wind turbine across the globe, especially in China and Germany.
• The prolonged lockdown disrupted the supply chain and put strain on exports and imports. However, implementation of digitization is expected to help in remote monitoring of projects and limiting labor force.

The hydroelectric power segment held the lion's share

By type, the hydroelectric segment held the largest share in 2020, accounting for more than two-fifths of the global renewable energy market, due to rise in activity across the globe and increase in investment in off-grid energy generation and rural electrification across the developing countries. However, the solar segment is expected to register the highest CAGR of 13.3% during the forecast period, owing to decrease in prices of solar modules and increase in installation of solar energy infrastructure in commercial and residential sectors.

Get detailed COVID-19 impact analysis on the Renewable Energy Market: https://www.alliedmarketresearch.com/request-for-customization/140?reqfor=covid

The industrial segment to manifest the highest CAGR through 2030

By end use, the industrial segment would showcase the highest CAGR of 8.9% from 2021 to 2030, due to increased use of geothermal power plants to produce electricity to curb the carbon footprint. However, the residential segment held the largest share in 2020, contributing to nearly two-fifths of the global renewable energy market, owing to rise in use of geothermal heat pump in residential heating applications.

Asia-Pacific, followed by Europe and North America, to register the highest CAGR by 2030

By region, the market across Asia-Pacific, followed by Europe and North America, is expected to register the highest CAGR of 9.6% during the forecast period, due to rise in industrialization and rise in population. However, the global renewable energy market across Europe held the largest share in 2020, accounting for more than one-third of the market, owing to rise in investments in renewable energy.

Schedule a FREE Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business @ https://www.alliedmarketresearch.com/connect-to-analyst/140

Major market players

• ABB
• ACCIONA
• EDF
• Enel Spa
• General Electric
• Geronimo Energy
• Invenergy
• Innergex
• The Tata Power Company Limited (Tata Power)
• Xcel Energy Inc.

Interested in Procure Data? Visit Here: https://www.alliedmarketresearch.com/renewable-energy-market/purchase-options

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying:

https://www.alliedmarketresearch.com/avenue/trial/starter

Similar Reports We Have:   

Energy as a Service Market is projected to reach $112.7 billion by 2030, growing at a CAGR of 7.6% from 2021 to 2030.

Renewable Energy Certificate Market is projected to reach $103.2 billion by 2030, growing at a CAGR of 27.2% from 2021 to 2030.

Solar Energy Market is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.

Wind Energy Market is projected to reach $127.2 billion by 2027, growing at a CAGR of 9.3% from 2020 to 2027.

Waste To Energy Market is projected to reach $50.1 billion by 2027, growing at a CAGR of 4.6% from 2020 to 2027.

Bioenergy Market is expected to reach $217.8 billion by 2030, registering a CAGR of 7.6% from 2021 to 2030.

Geothermal Power Market was valued at $4.6 billion in 2018, and is projected to reach $6.8 billion by 2026, growing at a CAGR of 5.0% from 2019 to 2026.

Wave Energy Market is projected to reach $141.1 million by 2027, growing at a CAGR of 17.8% from 2020 to 2027.

Green Hydrogen Market is projected to reach $9.8 billion by 2028, growing at a CAGR of 54.7% from 2021 to 2028.

Waste-Derived Biogas Market is projected to reach $126.2 billion by 2030, growing at a CAGR of 8.5% from 2021 to 2030.

Pre-Book Now with 10% Discount:

Renewable Energy Policy Fit Analysis Market - Global Analysis and Industry Forecast, 2017-2023

Nuclear Energy Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

Solar Generator Market: Global Opportunity Analysis and Industry Forecast, 2021-2030

Thermal Power Market: Global Opportunity Analysis and Industry Forecast 2021–2030

Hydroelectricity Market : Global Opportunity Analysis and Industry Forecast, 2021–2030

Green Energy Market - Global Opportunity Analysis and Forecasts, 2014 - 2022

Ocean Power Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow us on: LinkedIn Twitter

SOURCE Allied Market Research