Green/ Renewable Energy Market Research Reports

Worldwide, the market value of renewable energy was $881.7 billion in 2020, and it will reach $1,977.6 billion by 2030, growing at 8.4% of CAGR from 2020 to 2021.

Green Renewable Energy is derived from natural sources such as sunlight and wind. This energy is replenished more than their consumption. Sunlight and wind are continuously filling, as renewable energy sources are abundant and all around us.

On the other hand, fossil fuels such as coal, oil, and gas are non-renewable; it takes hundreds of millions of years to form. When it burns, it produces carbon dioxide, which causes harmful greenhouse gas emissions. Compared to fossil fuels generating renewable energy creates far lower emissions of harmful gases.

Renewable energy is derived from natural sources and is called clean energy. For example, wind energy generates electric power from kinetic energy. With the help of a wind turbine, wind energy is converted into mechanical energy, which is further converted into electrical energy with the help of a generator.

Some significant renewable energy sources are solar, bioenergy, wind, geothermal, ocean power, and hydropower. Renewable energy is used in electricity, heating, cooling, and transport. 7% of the world’s energy demand is collectively provided by renewable energy. However, it is relatively more expensive than fossil fuel. One of the crucial factors responsible for driving the usage of renewable energy is global warming which is caused due to excessive emission of CO2 from the combustion of fossil fuels.

During the forecast period, it is expected to increase the demand for the geothermal power market due to the concern of reduction of greenhouse gas emissions, and there is an increase in the search for energy security. In addition, governments of various developed and developing countries are concentrating on promoting renewable energy in their country as it causes less pollution, has an efficient output and possesses low maintenance costs. All these factors collectively boost the demand for renewable energy, increasing the global renewable market growth.

During the forecast, the Asia-Pacific renewable energy market is prone to grow at a CAGR of 9.6%, accounting for 35.2% of the renewable energy market share in 2020. This market has grown considerably in countries like India and China. In 2017, China became the world’s biggest producer of bioelectricity, and now it is one of the Key players in wind power and solar photovoltaic, hydropower, onshore, etc.

In April 2021, Walmart implemented 6.5 MW of solar power systems in its seven stores in California; Sol Customer Solutions developed it.

In April 2022, Engie partnered with Eocycle-XANT to add wind turbines to its product portfolio in Belgium.

The Renewable energy market is quietly fragmented as it is owed to the presence of several top Key players. These market players are continuously involved in various developmental strategies such as acquisitions, new product launches, collaborations, partnerships, and numerous others to increase their market share and strengthen their position.

Some Top Key Players are ABB, Acciona, Invenergy, EDF, and The Tata Power Company Limited, and Other Key Players.

Our Energy and Power category segmentation encompasses the:

Non-Renewable/Conventional Energy
Power Equipment and Devices
Transmission, Storage, and Distribution
Energy Efficiency and Conservation

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