Renewable Energy Market to Hit at a CAGR of 16.9% in 2030

CITY, Country, 2024-Apr-22 — /EPR Network/ —

The global renewable energy market size was valued at USD 1.1 trillion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 16.9% from 2023 to 2030. Renewable energy refers to energy sources derived from naturally occurring processes that are continuously replenished, such as sunlight, wind, rain, tides, waves, and geothermal heat. Unlike fossil fuels, which are finite and contribute to environmental degradation, renewable energy offers a sustainable and eco-friendly alternative to meet the world’s energy needs.

Solar energy harnesses the power of sunlight using photovoltaic cells to generate electricity, making it a widely accessible and abundant source of renewable power. Wind energy utilizes the kinetic energy of moving air to turn turbines and generate electricity, with large wind farms becoming prominent features of many landscapes.

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Hydropower converts the energy of flowing water into electricity through dams or turbines, while geothermal energy taps into heat from the Earth’s core for heating and electricity generation. Tidal and wave energy capture the energy from ocean tides and waves, respectively, offering potential for consistent and reliable power generation.

Renewable energy mitigates the negative impacts of climate change by reducing greenhouse gas emissions, enhancing energy security, and fostering sustainable development. As technology advances and economies of scale improve, the cost of renewable energy continues to decrease, making it increasingly competitive with traditional fossil fuels.

Additionally, mounting concerns surrounding greenhouse gas emissions, generation expenses, and regulatory initiatives aimed at curbing carbon footprints are anticipated to serve as driving forces behind the growth of the renewable energy sector throughout the projected timeframe.

Key Companies & Market Share Insights

• ABB
• Acconia S.A.
• Enel Spa
• General Electric
• Innergex
• Invenergy
• Schneider Electric
• Siemens Gamesa Renewable Energy, S.A.
• Suzlon Energy Ltd.
• Tata Power

“Enel Green Power sets new records in 2022 for renewable capacity built and under construction, energy generated and projects developed worldwide”

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In the United States, the renewable energy domain is underpinned by favorable policies, strategic plans, and the abundant availability of biomass resources. The nation has seen a surge in renewable energy facilities, attributed to strict government mandates on emissions. The energy landscape in the U.S. is undergoing a transformation as gas-based and renewable power sources gain traction over coal-based alternatives.

Product Insights
In 2022, the solar power sector commanded the largest market share at 30.62%, and it is poised to experience notable growth throughout the projected period. This energy source boasts affordability, confers an environmentally friendly reputation to residences and businesses, and curtails electricity disruptions.

Application Insights
Categorized by application, the global market is further segmented into industrial, commercial, and residential sectors. The industrial category took the lead in 2022, contributing to 62.17% of the total revenue share. The escalating need for clean electricity is anticipated to spur an uptick in utility projects, thus propelling growth in the photovoltaic (PV) modules market within the industrial domain.

Regional Insights
In 2022, the Asia Pacific region commanded a substantial share of revenue, totaling 40.71%. The escalating demand for renewable energy in this region can be primarily attributed to the surging implementation of solar power initiatives in China and India.

Global Renewable Energy Market Report Segmentation

• Product Outlook (Volume, TWh; Revenue, USD Billion, 2018 – 2030)
  • Hydropower
  • Wind Power
  • Solar Power
  • Bioenergy
  • Others
• Application Outlook (Volume, TWh; Revenue, USD Billion, 2018 – 2030)
  • Industrial
  • Residential
  • Commercial

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The Renewable Energy market is driven by several key factors that contribute to its growth and widespread adoption. These drivers are interconnected and reflect the global shift toward sustainable energy sources to address climate change, energy security, and economic development. Some of the key drivers for the Renewable Energy market include:

Climate Change and Environmental Concerns: Increasing awareness of climate change and its adverse effects drive the need for cleaner energy sources that produce fewer greenhouse gas emissions, helping countries meet their emission reduction targets and mitigate global warming.

Energy Security and Independence: Dependence on fossil fuel imports exposes countries to supply disruptions and geopolitical uncertainties. Renewable energy offers a domestic and decentralized energy solution, enhancing energy security and reducing reliance on imported fuels.

Technological Advancements: Continuous advancements in renewable energy technologies, such as improvements in solar panels, wind turbines, and energy storage systems, enhance the efficiency and cost-effectiveness of renewable energy generation.

Cost Competitiveness: The declining costs of renewable energy technologies, particularly solar and wind power, have made them increasingly competitive with fossil fuels in terms of electricity generation, fostering greater market adoption.

Government Policies and Incentives: Supportive government policies, incentives, and subsidies encourage the adoption of renewable energy. Feed-in tariffs, tax credits, and renewable energy targets incentivize investments in clean energy infrastructure.

Corporate Sustainability Goals: Many businesses are setting ambitious sustainability goals, including transitioning to renewable energy sources. Corporate demand for renewable energy procurement drives market growth.

Public Awareness and Consumer Demand: Public awareness of environmental issues and consumer preferences for eco-friendly products have led to greater demand for renewable energy sources among both residential and commercial consumers.

Rural Electrification and Energy Access: In regions with limited access to traditional energy sources, renewable energy provides a cost-effective means to deliver electricity to remote areas, spurring rural electrification and socioeconomic development.