Renewable Energy Market:
Growth opportunities in the Renewable Energy Market look promising over the next six years. This is mainly due to the ongoing plans and measures by the governmental bodies to promote the usage of renewable energy and the growing technological innovations.
Renewable Energy Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The crucial drivers stimulating the growth of the global renewable energy market include the ongoing technological expansion for their production along with the programs and plans to encourage the implementation of sustainable energy. Also, enormous projects for the distribution of inexhaustible energy accompanied by the decreasing overhead expenses and augmenting capacity of these sources will raise the market demand in the near future. For example, the Saudi Arabia 300 MW solar PV Sakaka project, 200 MW Ombo solar PV project in Egypt, and Jordan are some of the projects of renewable energy.
Moreover, the surging investments in clean energy led by the growing focus on fulfilling green energy targets to minimize the discharge of greenhouse gases such as carbon dioxide and the rapid exhaustion of fossil fuel will bring enormous growth opportunities for the market. Additionally, the changing preference of consumers towards the usage of clean, economical, and eco-friendly power, decreasing prices of battery storage, and enormous efforts by leading companies to amalgamate and launch new opportunities will pave the way for market growth. Furthermore, several other factors, including mounting population, constant economic upgradation, result in extending the energy demand and the growing execution of renewable energy across residential and commercial sectors. However, as per the renewable energy market research, the immense initial investment required to incorporate the creation of renewable energy and unpredictable weather conditions will hinder the growth of renewable energy industry.
The widespread outbreak of the coronavirus pandemic has negatively influenced the market growth, primarily in 2020. This is attributed to the temporary discontinuation of the production of equipment and components at several manufacturing sites. Moreover, the inexhaustible energy largely relies on imports from China. The disturbance in supply chain and problems related to the export and imports will adversely impact the market. Thus, the market is likely to witness a steep decline in 2020. Nevertheless, the market will recover in 2021 and will grow at a significant rate from 2022 onwards.
Renewable Energy Market’s leading Manufacturers:
- Innergex
- Tata Power
- ABB
- Canadian Solar
- General Electric
- Enel Spa
- SolarEdge Technologies Inc.
- Vestas
- Goldwind
- Siemens Gamesa Renewable Energy, S.A.
Renewable Energy Market Segmentation:
Segmentation by Type
- Wind Power
- Solar Energy
- Hydroelectric Power
- Bioenergy
- Geothermal Energy
Segmentation by End-User
- Commercial
- Residential
- Industrial
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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