Renewable Energy Market to Surpass 3114.73 Billion by 2030 Drives Due to Growing Concerns Surrounding the Climate Change
SkyQuest projects that the renewable energy market will attain a value of USD 3114.73 billion by 2030, with a CAGR of 16.8% over the forecast period (2023-2030). Growing concerns surrounding climate change and environmental degradation have sparked a notable surge in the demand for renewable energy sources. This shift in consumer behavior is driven by an increased awareness of energy consumption’s profound impact on the environment in the renewable energy market.
Westford,USA, Jan. 02, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, technological advancements in renewable energy have undeniably played a pivotal role in propelling the growth of the renewable energy market. These advancements have led to the development increasingly efficient and cost-effective renewable energy systems, making them more attractive and accessible to a broader range of consumers and industries.
Browse in-depth TOC on the “Renewable Energy Market”
- Pages – 157
- Tables – 65
- Figures – 75
The global renewable energy market has witnessed a remarkable and rapid expansion in recent years, fueled by a convergence of key drivers. Government support and incentives have played a pivotal role in incentivizing the adoption of renewable energy sources, with policies and subsidies promoting clean energy generation and reducing reliance on fossil fuels.
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Prominent Players in Renewable Energy Market
- Enel
- NextEra Energy
- Iberdrola
- EDP Renováveis
- China Three Gorges Corporation
- Orsted
- SSE
- Invenergy
- Brookfield Renewable Partners
- Canadian Solar
- Acciona
- E.ON
- Engie
- Pattern Energy
- Xcel Energy
- EDF Renewables
- Dominion Energy
- Innergex Renewable Energy
- Greenko Energy Holdings
- Vestas Wind Systems
Hydropower Segment is Expected to Grow the Market Due to Surge in Power Generation
Hydropower segment has firmly established itself as a leader within the global renewable energy market, commanding a substantial share of over 29.25%. This dominance is expected to persist as the segment grows steadily from 2023 to 2030.
The market in North America is poised for significant growth in the coming years as the region experiences a burgeoning interest in renewable energy sources. The industrial sector has been at the forefront of this transformation, witnessing a notable surge in power generation from solar cells in the renewable energy market.
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Wind Power and Bioenergy Segment is Expected to Dominate the Market Due to the Substantial Traction
Wind power and bioenergy segments are poised for steady growth in the coming years, driven by a global shift towards replacing traditional energy sources with renewable alternatives. Wind powerhas gained substantial traction as a clean and sustainable energy source in the renewable energy market.
Regional markets in the Asia Pacific region have emerged as a dominant force in the global renewable energy market, capturing a substantial share of over 40.40% of the total revenue. This remarkable growth can largely be attributed to the widespread adoption of solar power projects in countries such as China and India, which rank among the largest markets for solar panels worldwide.
A comprehensive analysis of the major players in the renewable energy market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Renewable Energy Market
- In 2022, the United States achieved a significant milestone in its renewable energy journey by setting a new record for solar installations. During the first quarter of that year, the country added an impressive 5.7 gigawatts (GW) of solar capacity, underscoring its commitment to expanding its solar energy infrastructure and reducing reliance on fossil fuels.
- The European Union recently took a substantial step towards enhancing its commitment to renewable energy. The EU announced a revised and more ambitious renewable energy target to increase its renewable energy capacity to 40% by 2030.
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Key Questions Answered in Renewable Energy Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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