Renewable Energy Market Overview
As per the recent information received, the renewable energy market size is witnessed at USD 1.45 Trillion in 2024 and is expected to grow at USD USD 3.14 Trillion with a 10.13% CAGR during the forecast period 2024-2032.
Renewable energy is also known as clean energy which is produced from natural sources that are constantly replenished. Wind energy is one type of renewable energy that can convert kinetic energy sources into electric energy. A wind turbine converts the wind energy into mechanical energy and further converts it to electrical energy using a generator.
Offshore and onshore can be generated by wind energy. Onshore turbines are placed on land and offshore wind turbines are found in the ocean or sea. Renewable energy is produced from natural sources like wind and sunlight. Moreover, solar, wind, geothermal, bioenergy, hydropower, and ocean power are the few renewable energy sources.
Renewable energy is mostly used in the electricity, heating, cooling, and transport sectors. This energy can provide 7% of the world’s energy demand. But this energy is more expensive compared to fossil fuel. Due to carbon dioxide emission from the combustion of fossil fuels leading to global warming, the demand for renewable energy increases.
Furthermore, the concerns regarding the reduction of greenhouse gas emissions, rise in search for energy security coupled with an aversion to traditional nuclear power, and progression shortage in nuclear power application are accelerating the demand for geothermal power. For reducing pollution and maintenance costs, and rising output efficiency, several developing and developed country’s governments are focussing on the renewable energy market.
The renewable energy market opportunities are the European Union’s futuristic plans. Their plan is to make Europe a climate-neutral continent by the end of the year 2050. The European Green Deal focuses on attaining offshore clean energy. This plan inspires the other economies also to make their country greener and cleaner and hence the whole world becomes unpolluted greener and cleaner world. Thus, the demand for renewable energy escalates with this plan.
Market Segmentation
According to the latest updates, the renewable energy market is bifurcated into source and application.
Source Segmentation: The renewable energy market sources are classified into five forms as wind power, hydropower, solar energy, geothermal energy, and biofuels.
Application Segmentation: The renewable energy market by applications is trifurcated into electricity generation, heating, and transportation.
Regional Analysis
By the renewable energy market share and other aspects, the regional market is categorized into five major regions such as Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa. Out of these regions, Asia-Pacific holds the largest market share due to the increase in industrialization in emerging countries like India and China. Growing population and favorable government policies are also boosting the market growth in this region.
The key competitors of the renewable energy market are The TATA Power Company Limited, Innergex, Siemens AG, ABB Ltd, Enel Group, Ocean Power Technologies, Vestas, Geronimo Energy, Invenergy, and others.
Industry News
Based on the latest news, the renewable energy market forecast states that this sector is expected to reach immense growth for its high demand in the market. The government’s focus to reduce pollution across the globe, and raising awareness among countries and people regarding non-renewable sources are showing interest to keep the whole world greener and cleaner which rises the demand for the renewable energy market.
More Trending Reports
English