Renewable Energy Market to Reach a Valuation of USD 2,900 BN By 2027, Expanding at an 8.53% CAGR | Market Research Future (MRFR)

Pune, Feb. 08, 2021 (GLOBE NEWSWIRE) — Growing Environmental Concerns Drive the Market GrowthRenewable energy accounts for a major share in the overall energy generation market. Leveraging its advantages, most distributed generation successes have revolved around significant numbers of renewable energy system installations in residential sectors and home setups. Product standardization, enhanced research and innovation, increased lab & field tests have ensured large market shares for these technologies over the years. On the other hand, many commercial spaces are implementing distributed energy systems embedded with IoT devices and Blockchain, artificial intelligence (AI) tech, for remote monitoring, managing payments, and security & performance analysis. According to Market Research Future (MRFR), the global renewable energy market is poised to reach a valuation of USD 2,900 BN by 2027, expanding at an 8.53% CAGR during the review period (2019 to 2027).Despite the COVID-19 outbreak, the rise in renewables was reassuringly robust. The renewable energy market kept growing steadily throughout the year 2020 due to the continually rising energy demand, especially from the industrial sectors. The market demand is projected to pick up further following the uplift of the lockdown in many countries. OverviewGrowing concerns over the environmental implication of burning fossil fuels increase the growth of the market. Moreover, the growing energy consumption worldwide prompts the exploration of new energy resources that will be sustainable in the future. Increasing pressure to control continually rising carbon footprint, government focus on raising renewable energy output, and increasing renewable energy generation capacities offer significant market growth opportunities.Additionally, emerging markets worldwide are expected to present untapped opportunities for renewable energy uses. Due to the growing government mandates & updated policies, and increasing renewable power generation, emerging countries offer significant opportunities to international players.
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COVID-19 ImpactThe COVID-19 outbreak couldn’t affect the renewable energy industry. The dependency on fossil-fired electricity could have dramatically been reduced had it not been for such a bounce-back in electricity demand. Renewable energy market players faced various problems ranging from obtaining components required to develop renewable energy and delivering end products to attracting workers from quarantines. The coronavirus-driven lockdown put a brake on the component and device production, which spiked product prices, lowering the market demand. However, the good news is that the renewable energy industry is rapidly returning to normal, witnessing the steadily increasing energy demand, especially from the industrial sectors. The market demand is projected to pick up following the uplift of the lockdown in many countries. Industry TrendsRenewable energy present cost-effective solutions for energy generation, Conventional energy sources are costly and damaging to the environment. Growing concerns over the environmental implication of burning fossil fuels drive the adoption of renewable energy sources. Moreover, the growing energy consumption worldwide prompts the exploration of new energy resources. Growing ecological concerns promote the need for renewable/clean energy generation to reduce pollution levels. Moreover, the rising nuclear and renewable energy generation boosts the renewable energy market size. Conventional energy generation sources, such as coal, fossil fuels, and natural gas, contribute substantially to carbon emissions. Therefore, power generation industries worldwide seek to reduce carbon footprint, focusing on raising renewable energy output. These, along with increasing renewable energy generation capacities and government initiatives to create environmental safety awareness, are estimated to offer significant market growth opportunities. On the other hand, the lack of awareness, high initial investment requirements, and prohibitive costs associated with installing and maintaining renewable energy are the major factors that restrict the market growth. https://www.marketresearchfuture.com/reports/renewable-energy-market-1515
The renewable energy market analysis is segmented into type, end-user, and region. The type segment is sub-segmented into hydropower, solar energy, wind energy, bioenergy, geothermal energy, and ocean energy. Out of these, the hydropower segment held a 26.40% market share, with a valuation of USD 381.2 BN in 2018. The hydropower segment is estimated to register a CAGR of 11.02% during the forecast period. The end-user segment is sub-segmented into industrial, residential, and commercial. The industrial segment is further bifurcated into power, iron & steel, chemicals and petrochemicals, oil & gas, food & beverage, automotive, and others. Out of these, the chemicals and petrochemicals segment accounted for a 19.70% market share, with a market valuation of USD 126.1 BN in 2018. The chemicals and petrochemicals segment is projected to grow at an 8.95% CAGR during the projection period.Regional SegmentationBy region, the market is bifurcated into Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World, the Americas (US, Canada, Mexico, Rest-of-North America) and South America, and Europe (the UK, Germany, France, Italy, and Rest-of-Europe). It is observed that the Asia Pacific region has been consistently dominating the global renewable energy market and is expected to maintain its market position in the coming years as well. The APAC renewable energy market valuation is projected to grow at an 8.90% CAGR during the forecast period. Factors such as increased energy consumption and energy requirement due to the continually growing population and rapid urbanization & industrialization drive the renewable energy market growth in the region. With traditional power resources failing to meet the rising energy requirements are shifting the focus towards alternative energy resources. Europe holds the second-best position in the global renewable energy market in terms of revenue. Factors such as the increasing consumers’ purchasing capacity and regulatory change represent the most important drivers scaling the renewable energy market share. Also, growing production capacities and renewable energy manufacturers in the region positively impact the regional market growth.https://www.marketresearchfuture.com/enquiry/1515
The renewable energy market is experiencing implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players are making strategic investments in research and development activities and fostering their expansion plans. For instance, recently, on Jan 25, 2021, Abu Dhabi Fund for Development (ADFD), in collaboration with Irena, launched an initiative with a commitment of $350 million investment to support renewable energy projects in developing countries. ADFD supports the UAE’s effort towards driving energy transition at home and around the world by financing innovative renewable-energy projects. Ocean Power Technologies, Inc.Ørsted A/SGeneral ElectricNextEra Energy, Inc.Enel Spa, On PowerYingli SolarTocardo BVSynTech Bioenergy LLCVestas Wind Systems A/SSiemens AGCanadian Solar Inc. among others. 
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