Market Research Future Insights
The production, distribution, and consumption of energy derived from renewable sources, such as solar, wind, hydro, geothermal, biomass, and other renewable resources, are together referred to as the global renewable energy market. Growing worries about climate change and environmental degradation, as well as the demand for sustainable energy sources to meet the world's energy needs, are driving the industry. In the upcoming years, the industry is anticipated to keep expanding as governments, companies, and consumers emphasise renewable energy more and implement laws and advancements in science.
According to MRFR analysis, the Global Renewable Energy Market is expected to register a CAGR of 10.10% from 2022 to 2030 and hold a value of over USD 2.4 Trillion by 2030.
The COVID-19 pandemic had a significant impact on the global renewable energy market. The pandemic on the renewable energy market has been the acceleration of the transition towards clean energy sources in many countries. This is because the pandemic has highlighted the importance of reducing dependence on fossil fuels, which contribute to air pollution and climate change, and has underscored the need for more resilient and sustainable energy systems.
Key Players
Some of the key market players are:
- ABB Ltd.
- General Electric (GE)
- Innergex
- Enel Spa (Enel)
- Xcel Energy Inc. (Xcel Energy)
- EDF
- Geronimo Energy
- Invenergy
Regional Analysis
The largest region in the Global Renewable Energy Market is Asia Pacific. This region is home to several countries that are major producers and consumers of renewable energy, including China, India, Japan, Australia, and South Korea.
India is also a significant player in the renewable energy market, with a rapidly growing installed capacity of wind and solar power. The government has set a target of achieving 175 GW of renewable energy capacity by 2022, including 100 GW of solar power and 60 GW of wind power.
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Market Segmentation
The Global Renewable Energy Market Size has been segmented into type and end-use.
Based on the type, the market has been segmented into hydropower, solar energy, bioenergy and geothermal energy.
Based on the end-use, the market has been segmented into industrial, residential and commercial.
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