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Renewable Energy Market Size is Anticipated to Reach US$ 1,998.03 Billion by 2030

The global renewable energy market size is expected to reach around US$ 1,998.03 billion by 2030 from US$ 952.16 billion in 2021 and is expected to grow at an impressive double-digit rate of 8.6% from 2022 to 2030.

Renewable Energy Market Size 2021 to 2030

The study includes drivers and restraints of this market. The study provides an analysis of the global renewable energy market for the period 2017-2030, wherein 2022 to 2030 is the forecast period and 2021 is considered as the base year.

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Report Highlights

  • Based on the type, the hydroelectric power was the dominating segment in 2020. This growth is attributed to the increased investments in the deployment of the off-grid technology for the generation of electricity. Moreover, the increased adoption of the hydroelectric power by the government in the developing nations for electrifying the rural areas had resulted in the growth of this segment.
  • Depending on the end user, the residential was the leading segment in 2020. The increased adoption of the geothermal energy for heating applications in the residential sector has led to the growth of this segment. Moreover, the rising investments in the urbanization and infrastructural developments are expected to drive the growth of the renewable energy in the forthcoming years.

Market Dynamics

Driver

Declining costs of the solar energy to foster market growth

It has been observed that there has been a decline of around 85% in the costs of the solar power in the past decade and the solar photovoltaic system has become one of the cost competitive resources. The solar-storage buildout, floating solar PV models, and community solar projects are anticipated to be the key trends in the emerging markets. The development of the storage for solar energies will help in improving the operational efficiencies and control costs. Furthermore, the expansion of the community solar projects in the developed markets like US is expected to significantly drive the growth of the renewable energy market during the forecast period.

Restraint

High capital investments

The development of new resource involves huge capital investments towards building new infrastructure. The high capital requirements ultimately increase the costs of the electricity from the renewable sources. Therefore, the high initial capital investments and lack of resources in several countries is playing a major role in hindering the growth of the renewable energy market.

Opportunity

Advancement in the technologies to reduce the cost

The increasing investments in the research and development and the techno logical advancements play a significant role in reducing the costs of the electricity from the renewable energy sources. The rising adoption of the grid technology is facilitating in reducing the costs, which is expected to foster the adoption of the renewable energy sources during the forecast period.

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Challenge

Unfavorable climatic conditions in several countries

The climatic conditions are cold in several developed countries of North America and Europe. Due to this there is a lack of adequate sunlight that hinders the adoption of the solar energy and solar panels in the residential sector. This is a major challenge faced by the market players and the consumers.

Recent Developments

  • In April 2021, Walmart successfully deployed 6.5 MW solar power systems in seven stores located in California. These solar power systems were developed by Sol Customer Solutions.
  • In April 2020, Engie partnered with Eocycle-XANT to expand its portfolio of small wind turbines in Belgium.

Research Methodology

A unique research methodology has been utilized to conduct comprehensive research on the growth of the global renewable energy market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the draw conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.

These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global renewable energy market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.

Why should you invest in this report?

If you are aiming to enter the global renewable energy market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for renewable energy are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030, so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

Some of the prominent players in the global renewable energy market include:

  • ABB
  • Xcel Energy Inc.
  • EDF
  • National Grid Renewables
  • Acciona
  • Enel Spa
  • Innergex
  • The Tata Power Company Limited
  • General Electric
  • Invenergy

Market Segmentation:

By Type

  • Wind Power
  • Hydroelectric Power
  • Solar Power
  • Bio Energy
  • Geothermal

By End User

  • Residential
  • Industrial
    • Power
    • Chemicals & Petrochemicals
    • Oil & Gas
    • Food & Beverage
  • Commercial
  • Others
  •  

Regional Analysis:

The geographical analysis of the global renewable energy market has been done for North America, Europe, Asia-Pacific, and the Rest of the World.

The North American Market is again segmented into the US, Canada, and Mexico. Coming to the European Market, it can be segmented further into the UK, Germany, France, Italy, Spain, and the rest. Coming to the Asia-Pacific, the global renewable energy Market is segmented into China, India, Japan, and Rest of Asia Pacific. Among others, the market is segmented into the Middle East and Africa, (GCC, North Africa, South Africa and Rest of the Middle East & Africa).

Key Questions Answered by the Report:

  • What will be the size of the global renewable energy market in 2030?
  • What is the expected CAGR for the renewable energy market between 2021 and 2030?
  • Which are the top players active in this global market?
  • What are the key drivers of this global market?
  • How will the market situation change in the coming years?
  • Which region held the highest market share in this global market?
  • What are the common business tactics adopted by players?
  • What is the growth outlook of the global renewable energy market?

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Renewable Energy Market 

5.1. COVID-19 Landscape: Renewable Energy Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Renewable Energy Market, By Type

8.1. Renewable Energy Market, by Type, 2022-2030

8.1.1. Wind Power

8.1.1.1. Market Revenue and Forecast (2017-2030)

8.1.2. Hydroelectric Power

8.1.2.1. Market Revenue and Forecast (2017-2030)

8.1.3. Solar Power

8.1.3.1. Market Revenue and Forecast (2017-2030)

8.1.4. Bio Energy

8.1.4.1. Market Revenue and Forecast (2017-2030)

8.1.5. Geothermal

8.1.5.1. Market Revenue and Forecast (2017-2030)

Chapter 9. Global Renewable Energy Market, By End User

9.1. Renewable Energy Market, by End User, 2022-2030

9.1.1. Residential

9.1.1.1. Market Revenue and Forecast (2017-2030)

9.1.2. Industrial

9.1.2.1. Market Revenue and Forecast (2017-2030)

9.1.3. Commercial

9.1.3.1. Market Revenue and Forecast (2017-2030)

9.1.4. Others

9.1.4.1. Market Revenue and Forecast (2017-2030)

Chapter 10. Global Renewable Energy Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Forecast, by Type (2017-2030)

10.1.2. Market Revenue and Forecast, by End User (2017-2030)

10.1.3. U.S.

10.1.3.1. Market Revenue and Forecast, by Type (2017-2030)

10.1.3.2. Market Revenue and Forecast, by End User (2017-2030)

10.1.4. Rest of North America

10.1.4.1. Market Revenue and Forecast, by Type (2017-2030)

10.1.4.2. Market Revenue and Forecast, by End User (2017-2030)

10.2. Europe

10.2.1. Market Revenue and Forecast, by Type (2017-2030)

10.2.2. Market Revenue and Forecast, by End User (2017-2030)

10.2.3. UK

10.2.3.1. Market Revenue and Forecast, by Type (2017-2030)

10.2.3.2. Market Revenue and Forecast, by End User (2017-2030)

10.2.4. Germany

10.2.4.1. Market Revenue and Forecast, by Type (2017-2030)

10.2.4.2. Market Revenue and Forecast, by End User (2017-2030)

10.2.5. France

10.2.5.1. Market Revenue and Forecast, by Type (2017-2030)

10.2.5.2. Market Revenue and Forecast, by End User (2017-2030)

10.2.6. Rest of Europe

10.2.6.1. Market Revenue and Forecast, by Type (2017-2030)

10.2.6.2. Market Revenue and Forecast, by End User (2017-2030)

10.3. APAC

10.3.1. Market Revenue and Forecast, by Type (2017-2030)

10.3.2. Market Revenue and Forecast, by End User (2017-2030)

10.3.3. India

10.3.3.1. Market Revenue and Forecast, by Type (2017-2030)

10.3.3.2. Market Revenue and Forecast, by End User (2017-2030)

10.3.4. China

10.3.4.1. Market Revenue and Forecast, by Type (2017-2030)

10.3.4.2. Market Revenue and Forecast, by End User (2017-2030)

10.3.5. Japan

10.3.5.1. Market Revenue and Forecast, by Type (2017-2030)

10.3.5.2. Market Revenue and Forecast, by End User (2017-2030)

10.3.6. Rest of APAC

10.3.6.1. Market Revenue and Forecast, by Type (2017-2030)

10.3.6.2. Market Revenue and Forecast, by End User (2017-2030)

10.4. MEA

10.4.1. Market Revenue and Forecast, by Type (2017-2030)

10.4.2. Market Revenue and Forecast, by End User (2017-2030)

10.4.3. GCC

10.4.3.1. Market Revenue and Forecast, by Type (2017-2030)

10.4.3.2. Market Revenue and Forecast, by End User (2017-2030)

10.4.4. North Africa

10.4.4.1. Market Revenue and Forecast, by Type (2017-2030)

10.4.4.2. Market Revenue and Forecast, by End User (2017-2030)

10.4.5. South Africa

10.4.5.1. Market Revenue and Forecast, by Type (2017-2030)

10.4.5.2. Market Revenue and Forecast, by End User (2017-2030)

10.4.6. Rest of MEA

10.4.6.1. Market Revenue and Forecast, by Type (2017-2030)

10.4.6.2. Market Revenue and Forecast, by End User (2017-2030)

10.5. Latin America

10.5.1. Market Revenue and Forecast, by Type (2017-2030)

10.5.2. Market Revenue and Forecast, by End User (2017-2030)

10.5.3. Brazil

10.5.3.1. Market Revenue and Forecast, by Type (2017-2030)

10.5.3.2. Market Revenue and Forecast, by End User (2017-2030)

10.5.4. Rest of LATAM

10.5.4.1. Market Revenue and Forecast, by Type (2017-2030)

10.5.4.2. Market Revenue and Forecast, by End User (2017-2030)

Chapter 11. Company Profiles

11.1. ABB

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Xcel Energy Inc.

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. EDF

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. National Grid Renewables

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. Acciona

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. Enel Spa

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. Innergex

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. The Tata Power Company Limited

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. General Electric

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. Invenergy

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

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