Market Research Future published a research report on “Renewable Energy Market – Global Forecast till 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Renewable Energy Market-Overview
Global Renewable Energy Market Poised to Grow at 8.53% During 2019 to 2027
The global renewable energy market will demonstrate a CAGR of 8.53% during 2019 to 2027, asserts Market Research Future (MRFR) in its latest report. It is projected that the market will reach a valuation in excess of USD 2,900 Bn towards the end of the forecast period. Renewable energy continues to gain traction all around the world. For many years now, renewable energy has been the only pertinent solution to the issues of global warming and CO2 emission. Currently, hydropower, wind and solar make up for most sources of renewable energy.
Over the year, renewable energy application has become more dynamic and conceivable owing to technological advancement. Governments across the global are making effort to reduce dependency on traditional power sources (fossil fuels) and shift to alternation that ensure long suitability. Carbon emissions is a major issue for the world, which is resulting in a growing urgency to shift to clean technologies for meeting power requirements. Market for renewable energy is expected fast in emerging economies owing growing need for power. Such factors are proving an impetus to the global Renewable Energy Market.
Competitive Analysis
Siemens AG, General Electric, SynTech Bioenergy LLC., Ocean Power Technologies, Inc., NextEra Energy, Inc., Vestas Wind Systems A/S, On Power, Canadian Solar Inc., Ørsted A/S, Tocardo BV, Yingli Solar and Enel Spa are of the leading companies functioning in the global renewable energy market.
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Segmental Overview
The segmental analysis of the global renewable energy market has been conducted on the basis of end-use, and type
Based on end-use, the market has been segmented into commercial, residential and industrial. The sub-segments of the industrial segment include iron & steel, power, oil & gas, chemicals & petrochemicals, automotive, food & beverage and others. Among these, the chemicals and petrochemicals sub-segment currently accounts for a relatively higher market share. During the assessment, the segment is expected to remain highly attractive. Demand for renewable energy in the chemical and petrochemical sector has surged significantly in recent years and the trend is likely to continue throughout the assessment period. Moreover, elements such as cost-benefits and environmental viability also play in.
Based on end-user, the market has been segmented into bioenergy, energy, hydropower, ocean energy, solar energy and geothermal energy. The hydropower segment commands for a sizeable share of the market and is projected to witness a healthy growth over the next several years. It is projected that the hydropower segment will post 11.2% CAGR during the forecast period. The wind energy segment is expected to retain its second spot over 2027. The segment represented a valuation of USD 262.4 Bn and is likely to grow at an impressive pace during the projection period.
APAC to Dominate the Global Renewable Energy Market over 2017
On the basis of region, the global renewable energy market has been segmented into five key regions, namely Latin America, North America, Europe, Asia Pacific (APAC) and the Middle East & Africa (MAE). APAC holds a dominant position in the global renewable energy market. In 2018, the APAC renewable energy market surpassed a valuation of USD 480.5 Mn and projected to capture a strong CAGR of 8.90% between 2019 and 2027. Demand for energy in on the rise in countries such as India and China. Renewable energy represents a major chuck of share in total energy produced. Increased focus on rural development, rapid urbanization and expansion cities are some of factors linked with the growing requirement of electric. In developing countries in APAC, there is a stark contrast in electricity supply and demand, which maximum countries falling short of what is required. Hence, there is a vast untapped market for renewable energy in the region.
Table of Contents:
- Renewable Energy Market Overview
- Manufacturers Profiles
- Sales, Revenue and Market Share By Manufacturer
- Global Renewable Energy Market Analysis By Regions
- North America By County
- Europe By County
- Asia-Pacific By Regions
- South America By County
- Middle East And Africa By Countries
- Market Segment by Type
- Global Renewable Energy Market Segment by Application
- Market Forecast
- Sales Channel, Distributors, Traders and Dealers
- Research Findings and Conclusion
- Appendix
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