Global Renewable Energy Market Size/Share Worth USD 2.0 Trillion By 2028 At a 7.5% CAGR: Introspective Market Research (Industrial Trends, Report, Analysis, Players, Outlook, Forecast, Growth, Value, Segmentation)
Market Overview:
The Global Renewable Energy market was estimated at USD 1.20 trillion in 2021 and is anticipated to reach USD 2.0 trillion by 2028, growing at a CAGR of 7.5%.
Renewable Energy is derived from natural sources such as the sun and wind. Solar, geothermal, wind, bioenergy, hydropower, and ocean energy are among the most important renewable energy sources. Currently, the heating, power, cooling, and transportation sectors all use renewable energy. Around 7% of the world’s energy needs are met by renewable energy. Cost-wise, renewable energy exceeds fossil fuels. The primary force behind the development of renewable energy sources is global warming, which is brought on by carbon dioxide (CO2) emissions from the burning of fossil fuels. The market for geothermal power is expected to be driven by worries about lowering greenhouse gas emissions, a rise in the need for energy security, aversion to conventional nuclear power, and a lack of innovation in nuclear power’s use over the projected period.
Download Free Sample Copy of This Report:
https://introspectivemarketresearch.com/request/13180
Top Key Players Covered In The Renewable Energy Market:
- ABB (Switzerland)
- Acconia (Europe)
- Enel Spa (Italy)
- General Electric (US)
- Innergex (Canada)
- Invenergy (US)
- Schneider Electric (France)
- Siemens Gamesa Renewable Energy, S.A. (Germany)
- Suzlon Energy Ltd. (India)
- Tata Power (India)
- Xcel Energy Inc. (US), and Other Major Players.
Market Dynamics and Factors:
Renewable energy offers several economic benefits such as Landowner Income, Reduced Energy Costs, Increased Property Value, Avoidance of Climate Impacts, and many others. Additionally, transitioning to renewable energy can result in cost savings for residential, commercial, and industrial energy users. The installation of solar panels on a person’s property theoretically enables users to produce their electricity, enabling them to completely do away with their energy costs. The exact amount users save is influenced by several factors, including their location. According to EnergySage, the average savings in Massachusetts and Washington are $10,483 and $30,523, respectively. These kinds of advantages fuel the market for renewable energy expansion.
Increasing investments in renewable energy sources and favorable government policies are anticipated to drive market growth over the forecast period. Government Planned for new renewable electricity projects with long-term contracts will be mostly shielded from low natural gas prices. Although in the short term, governments may delay scheduling new renewable capacity auctions and turn to existing natural gas plants to meet new demand, in the medium and long term the economic case of wind and solar remains strong thanks to expected continuing cost reductions and to the long-term price predictability over project lifetimes. Thus, the government’s investment in renewable energy sources is driving market growth over the forecast period.
Renewable Energy Market Report Highlight:
- By Product, the hydropower segment is anticipated to lead the growth of the Renewable Energy market in the forecasted timeframe. Developing economies such as China, India, Brazil, Colombia, and Vietnam has increased the demand for small-scale hydropower plants so the government Increased investment in the generation of off-grid energy and electrification of rural areas in such countries thus, the hydropower segment is driving the market during the forecast period.
- By Application, the residential segment is expected to have the highest share of the Renewable Energy market over the projected period. The requirement for geothermal power is expected to increase significantly with the rise in demand for electricity. This factor is expected to drive the growth of the market. Several companies in the market offer geothermal power to the residential sectors.
- The North American region is expected to have the highest share of the Renewable Energy market over the projected period. The presence of prominent key players, as well as an increase in technological advancement, are the main factors driving the development of the market in this region.
Key Industry Development:
In May 2022, NJR Clean Energy Ventures (CEV) has begun construction on an 8.9-MW floating solar installation in Millburn, New Jersey, which will be the largest floating array in the United States. 16 510 solar panels will likely be installed on a reservoir at the New Jersey American Water Canoe Brook Water Treatment Plant using a floating rack system. Through a power purchase agreement with CEV, the array will provide approximately 95% of the facility’s annual power requirements.
In February 2022, India ordered 1,9 gigawatts of wind turbines from China’s second-largest wind turbine manufacturer, highlighting companies’ efforts to seek overseas sales as the domestic market becomes increasingly competitive. The combined orders from Envision Energy Co. represent the largest capacity that a Chinese wind manufacturer has sold to a single foreign country.
Renewable Energy Market Segmentation:
By Product
- Hydro Power
- Wind Power
- Solar Power
- Bioenergy
- Others
By Application
- Industrial
- Residential
- Commercial
Get Customization on this Report:
https://introspectivemarketresearch.com/custom-research/13180
For this report, Introspective Market Research has segmented the Renewable Energy Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest Of Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
Scope of the Report:
The latest research on the Renewable Energy market provides a comprehensive overview of the market for the years 2022 to 2028. It gives a comprehensive picture of the global Renewable Energy industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter’s five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Renewable Energy market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
Get Full Access of Complete Report:
https://introspectivemarketresearch.com/checkout/?user=1&_sid=13180
Browse More Reports
Hearing Aid:
https://introspectivemarketresearch.com/reports/hearing-aid-market/
Spend Analysis Software:
https://introspectivemarketresearch.com/reports/spend-analysis-software-market/
Locomotive:
https://introspectivemarketresearch.com/reports/locomotive-market/
Live Captioning:
https://introspectivemarketresearch.com/reports/live-captioning-market/
Agriculture Analytics:
https://introspectivemarketresearch.com/reports/agriculture-analytics-market/
Electric Toothbrush:
https://introspectivemarketresearch.com/reports/electric-toothbrush-market/
About us:
Introspective Market Research (introspectivemarketresearch.com) is a visionary research consulting firm dedicated to assist our clients grow and have a successful impact on the market. Our team at IMR is ready to assist our clients flourish their business by offering strategies to gain success and monopoly in their respective fields. We are a global market research company, specialized in using big data and advanced analytics to show the bigger picture of the market trends. We help our clients to think differently and build better tomorrow for all of us. We are a technology-driven research company, we analyze extremely large sets of data to discover deeper insights and provide conclusive consulting. We not only provide intelligence solutions, but we help our clients in how they can achieve their goals.
Contact us:
Introspective Market Research
3001 S King Drive,
Chicago, Illinois
60616 USA
Ph no: +1 773 382 1049
Email : sales@introspectivemarketresearch.com
This Press Release has been written with the intention of providing accurate market information which will enable our readers to make informed strategic investment decisions. If you notice any problem with this content, please feel free to reach us on mediarelations@xherald.com.
Xherald
