Global Renewable Energy Market size is expected to grow USD 2.35 billion by 2030

The Global Renewable Energy Market size is expected to grow from USD 1.29 billion in 2022 to USD 2.35 billion by 2030, at a CAGR of 7.8% during the forecast period (2023-2030).

Market Overview:

Renewable energy is derived from sources such as the wind and the sun. Solar, geothermal, wind, bioenergy, hydropower, and ocean energy are among the most important renewable energy sources.

Renewable energy is currently utilized in the heating, electricity, cooling, and transportation sectors. Renewable energy provides approximately 7 percent of the world's energy demand.

Renewable energy is costlier than fossil fuels. Global warming caused by carbon dioxide (CO2) emissions from the combustion of fossil fuels is the most important factor driving the adoption of renewable energy sources.

Top Key Players for the Renewable Energy Market:

ABB (Switzerland), Acconia (Europe), Enel Spa (Italy), General Electric (US), Innergex (Canada), Invenergy (US), Schneider Electric (France), Siemens Gamesa Renewable Energy, S.A. (Germany), Suzlon Energy Ltd. (India), Tata Power (India), Xcel Energy Inc.

(US), and other major players.

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Market Dynamics and Factors for the Renewable Energy Market:

Drivers:

Several Economics Benefits

Renewable energy offers several economic benefits such as Landowner Income, Reduced Energy Costs, Increased Property Value, Avoidance of Climate Impacts, and many others. Renewable energy provides rural landowners and farmers with an additional source of income.

According to the American Wind Energy Association (AWEA), rural landowners who host wind farms in the United States receive approximately $222 million annually. Farmers can also earn money by cultivating crops used as biofuels.

Currently, corn ethanol is the primary way for farmers to participate in the energy industry, but other biofuels are beginning to gain traction.

Opportunities:

Rising Investments by Government of Various Countries

Increasing investments in renewable energy sources and favorable government policies are anticipated to drive market growth over the forecast period. For Instance, The British government established a $1.2 billion package for public and private investment in India's green initiatives and renewable energy sources in September 2021.

They have established a Climate Finance Leadership Initiative (CFLI) India partnership with the intent of mobilizing private funding for sustainable infrastructure in India. These investments would assist India in reaching its 450 Gw renewable energy target by 2030.

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Segmentation Analysis of the Renewable Energy Market:

By Product, the Hydropower segment is anticipated to dominate the Market over the Forecast period. In the past few years, the increased investment in the generation of off-grid energy and electrification of rural areas in developing economies such as China, India, Brazil, Colombia, and Vietnam has increased the demand for small-scale hydropower plants.

By Application, the Industrial segment is anticipated to dominate the Market over the Forecast period. Growing demand for clean electricity is expected to increase the number of utility projects and fuel the PV modules market growth across the industrial sector.

Market Segmentation

By Product, Renewable Energy has been segmented into:

• Hydro & Ocean Energy
• Wind Energy
• Solar Energy
• Bio-energy
• Others

By Application, Renewable Energy has been segmented into:

• Industrial
• Residential
• Commercial

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Regional Analysis of the Renewable Energy Market:

Asia Pacific is expected to dominate the Market over the Forecast period. In recent years, the Asia-Pacific region has dominated the renewable energy market.

It is likely to maintain its dominance throughout the forecast. China will be the global leader in the deployment of renewable energy sources by 2021.

In 2021, the nation's total renewable energy capacity reached 1,020.2 GW, an increase of approximately 13.4% from the previous year. Wind, solar, and hydropower are the primary renewable energy sources in the country.

By Regional Outlook

• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Key Industry Development:

In May 2022, NJR Clean Energy Ventures (CEV) began construction on an 8.9-MW floating solar installation in Millburn, New Jersey, which will be the largest floating array in the United States. 16 510 solar panels will likely be installed on a reservoir at the New Jersey American Water Canoe Brook Water Treatment Plant using a floating rack system.

Through a power purchase agreement with CEV, the array will provide approximately 95% of the facility's annual power requirements.

In February 2022, India ordered 1,9 gigawatts of wind turbines from China's second-largest wind turbine manufacturer, highlighting companies' efforts to seek overseas sales as the domestic market becomes increasingly competitive. The combined orders from Envision Energy Co.

represent the largest capacity that a Chinese wind manufacturer has sold to a single foreign country.

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