GMI Research analysis indicates that the Renewable Energy Market size was estimated at USD 1.0 trillion in 2022 and is slated to register a double digit CAGR of 16.9% over the forecast period, and is projected to reach USD 3.5 trillion in 2030.
Key Drivers and Trends
The major factors driving the growth of global renewable energy market include growing environmental concerns and increasing adverse impact of Greenhouse Gases (GHG) across the globe. In addition, increasing government initiatives and promoting the use of renewable energy is propelling the market growth. For instance, the Saudi Arabia 300 MW solar PV Sakaka Project, in Egypt 200 MW Ombo solar PV project and Jordan are various projects of renewable energy. Emerging concerns about the penetrating carbon emission and rising number of hydro projects for supplying clean water are anticipated to boost the market growth. According to the International Energy Agency report, by 2030 India is expected to add 26,000 MW hydropower project. Whereas, 9000 MW large hydro projects are under construction, which will increase the growth of the market in upcoming years in India. Whereas in the US the abundance of biomass feedstock and supporting laws and strategies are what propel the renewable energy market. The country’s number of renewable energy facilities has expanded because of strict government emission limits. With the increasing use of gas-based and renewable power sources compared with the coal-based power generators, the country electricity situation has been changed.
Based on Type, Solar Energy segment is expected to grow at highest CAGR.
Increased usage of solar energy technologies like Building- Integrated Photovoltaics solar technology, the solar energy segment is expected to grow at high CAGR. During the forecast period. Additionally, the growth of the segment will boost due to the decreasing panel cost and declining price of the storage battery.
Based on End-User, Residential segment is projected to grow at fastest CAGR.
In the forecast period, the residential end users have a strong demand for renewable energy, and consumers concern about using clean and affordable energy are anticipated to grow at a higher CAGR. Because of the rising usage of PV module in offices, hotels and hospitals is anticipated a higher CAGR.
Based on region, Asia Pacific region is anticipated to dominate the market
Asia Pacific region is anticipated to have a higher CAGR due to the expanding industrialization and population which is boosting the demand for electricity. Additionally, factors driving the demand of the market include various investments by the government and private enterprises to encourage the use of renewable energy. For example, private enterprises in India made an investment of about 5.26 billion between April to December in 2019. Whereas the upcoming solar plant Bhadla Solar Park in Rajasthan is the largest power plant across the world with capacity of 2255MW. Moreover, due to rising usage of renewable energy in Europe for the generation of electricity such as offshore wind energy, energy from oceans which converts the tap energy from the undiscovered sources are expected to have high CAGR in the forecast period and will drive the market simultaneously.
Top Market Players
There are various leading players in global renewable energy market are BYD Motors Inc., Yutong, Proterra, VDS Bus & Coach BV, AB Volvo, Daimler AG, New Flyer Industries Canada ULC, CAF, Ebusco, and ETW International Inc., among others.
Market Segmentation
Segmentation by Type
o Wind Power
o Solar Energy
o Hydroelectric Power
o Bioenergy
o Geothermal Energy
Segmentation by End-User
o Commercial
o Residential
o Industrial
o Others
Segmentation by Region
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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