Renewable Energy Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Energy & Power
Report Code - OMR-EP-228
Format: PDF, PPT, and Excel
Renewable Energy Market to Occupy a Growth Rate of 12.1% During Forecast, Increased Government Spending on Clean Energy to Drive Growth
Considered renewable energy sources are natural resources that replenish at a quicker rate than they are consumed. Such renewable resources include sunlight and wind. The world abounds with renewable energy sources. In contrast, fossil fuels such as coal, oil, and gas are not renewable resources because they have been formed over hundreds of millions of years.
Covid-19 could threaten the viability of distributed photovoltaics (PV), solar thermal water heaters, heat exchangers, and biomass boilers. These investments are more likely to be postponed or abandoned than large-scale endeavors.
Key Takeaways of the Renewable Energy Market
By Type
The hydropower industry will continue to develop at a stable CAGR between 2023 and 2030, with 2022 being the peak year. It is inexpensive, provides a "green label" for your residence or business, reduces power outages, and offers several other benefits.
By Region
In 2022, the Asia-Pacific region was the most important in revenue. China and India's increased solar power project installations are primarily responsible for the region's growing demand for renewable energy. These are the most significant solar panel markets globally and in Asia-Pacific.
Increasing Infrastructure Spending to Accumulate Market Growth
Demand for processed food items and a greater emphasis on food safety has led to increased use of Renewable energy options, including wind, hydropower, solar, geothermal, and biofuel, to name a few. Renewable energy sources are estimated to provide approximately 7 percent of the world's energy requirements. The future contains great promise for the growth of this percentage.
U.S. & Germany to Act as Market Leaders Will Propel Growth
In recent decades, the consumption of processed foods has surged. A substantial contributor to this government initiative and the simple availability of biomass feedstock is propelling the industry in the United States. Nationwide expansion of renewable energy facilities has resulted from the government's stringent regulations on emissions. The market will likely be driven by Germany's expanding solar industry during the forecast period. It is a domestic power plant, allowing each nation to operate its electrical grid without importing fuel abroad.
Global Renewable Energy Market Prominent Players
• ABB (Switzerland)
• General Electric (U.S.)
• Schneider Electric (France)
• General Electric (U.S.)
• Tata Power (India)
• Siemens Gamesa Renewable Energy, S.A. (U.S.)
• Xcel Energy, Inc. (U.S.)
• Innergex (Canada)
• Suzlon Energy Ltd. (India)
• Invenergy (U.S.)
• Acconia (Spain)
• National Grid Renewables (U.S.)
Report Scope for Renewable Energy Market
Type
• Wind Power
• Hydroelectric Power
• Solar Power
• Bio Energy
• Geothermal
End User
• Residential
• Industrial
o Power
o Chemicals & Petrochemicals
o Oil & Gas
o Food & Beverage
o Others
• Commercial
Renewable Energy Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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