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
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.
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- 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.
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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.
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Major market players
- Enel Spa
- General Electric
- Geronimo Energy
- The Tata Power Company Limited (Tata Power)
- Xcel Energy Inc.
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