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The Renewable Energy Market Size was valued at USD 1,020 billion in 2023 and is projected to reach USD 5,080 billion by 2032, growing at a compound annual growth rate (CAGR) of 17.4% from 2024 to 2032.
Renewable energy is derived from renewable resources such as wind, water, geothermal heat, and sunlight. Generally, renewable energy is used for heating, cooling, and electricity generation. Renewable energy emits lower emissions than using fossil fuels to generate energy. Renewable energy is also called clean energy as it comes from natural resources or from a process that is continuously replenished from time to time.
Renewable energy is mostly part of new inventions or technology which harness nature’s power for various purposes like heating, lighting, transportation, and many more. As the market grows significantly there is an increase in job opportunities to develop and install renewable energy sources.
The COVID-19 pandemic has had a significant impact on the renewable energy market, much like other industries. The implementation of social distancing guidelines and blockade measures has caused disruptions in the supply chain, leading to increased commissioning risks for renewable power projects, biofuel facilities, and renewable energy investments. These challenges have directly impacted the deployment of renewable energy. However, the impact of COVID-19 on renewable energy extends beyond these immediate challenges. The installation of renewable energy is closely tied to macroeconomic conditions, and the global economic system has suffered greatly due to this pandemic. As a result, the renewable energy market has experienced a downward trend.
Drivers
Increasing environmental concern regarding urbanization, economic growth, and fossil fuels.
Increasing R&D in technologies
Rising awareness regarding the harmful effects of fossil fuels on the environment
Rising adoption of green energy consumption
Stringent government regulations regarding emissions
Restrain
Large initial investment to build infrastructure
The large initial investment can increase the cost of providing electricity. Moreover, workers who operate, install, and maintain the new technologies should be properly trained to minimize the risk of failure. Some require operating experiences in certain climatic conditions before the performance can be optimized.
Opportunities
Increasing investment in renewable energy sources
Rapidly increasing government initiatives to curb carbon footprint
The increase in the usage of electricity in houses, public institutions, and businesses
Challenges
High cost related to providing electricity
The Russia-Ukraine war of 2022 had a devastating impact on Ukraine's energy sector, which collapsed as a result of the Russian attack. The reverberations of this conflict were felt far beyond Ukraine's borders, causing price volatility, supply shortages, security issues, and economic uncertainty on a global scale. The International Energy Agency (IEA) has warned that this is the first truly global energy crisis, with impacts that will be felt for years to come.
The ongoing conflict between Russia and Ukraine has had a significant impact on the renewable energy market. The instability and uncertainty caused by the war have led to a decrease in investment and slowed the growth of the industry. One of the main reasons for this is the disruption of supply chains. Many renewable energy companies rely on materials and components from Russia and Ukraine, and the conflict has made it difficult to transport these goods. This has led to delays and increased costs, making it harder for companies to operate and expand.
Impact of Recession:
The global recession has had a significant impact on the renewable energy market. As economies around the world have struggled, investment in renewable energy has decreased, and many projects have been put on hold or canceled altogether. This has led to a slowdown in the growth of the renewable energy sector, which had been experiencing rapid expansion in recent years. The factor that has contributed to the slowdown in the renewable energy market is the drop in oil prices. As the price of oil has fallen, it has become more difficult for renewable energy sources to compete on cost. This has made it harder for companies in the renewable energy sector to attract investment and expand their operations.
Segmentation Analysis
On the basis of product, the Renewable Energy Market is further segmented into Hydropower, Wind, Solar, and Bioenergy.
Solar Energy: Solar energy is the type of renewable energy that converts energy from the sun into electrical or thermal energy. It is the purest and largest renewable energy source. The U.S. has some of the richest solar resources in the world. Solar energy is one of the most abundant sources of renewable energy and can be harnessed in cloudy weather. Solar technologies can deliver heat, cooling, natural lighting, electricity, and fuels for a host of Applications.
Hydropower: Hydropower or hydroelectric power uses the natural flow of moving water to generate electricity and it is one of the older and larger sources of renewable energy. Hydropower currently accounts for around 32.6% of total U.S. renewable electricity generation and about 6.9% of total U.S. electricity generation.
On the basis of Application, the Renewable Energy Market is further bifurcated into Industrial, Residential, and Commercial.
Key Market Segmentation
By Product
Wind
Solar
By Application
Industrial
Residential
Commercial
By region, The Asia Pacific region dominated the market with the largest market share in 2023. The rising demand for renewable energy increases the utilization of solar power in countries like India and China. These countries are dominating the overall global market of solar panel projects. Increasing investment in solar power installation projects leads to propelling the market in countries like Australia and Japan.
North America is expected to experience a substantial Compound Annual Growth Rate (CAGR) during the forecast period. This growth can be attributed to the growing concern over the deteriorating environmental conditions, which has led to a shift in people's focus towards renewable energy sources. The increasing investment in renewable energy and the government's initiatives to reduce carbon footprint are the primary drivers of the North American market. Renewable energy has a crucial role to play in ensuring energy security in the United States and reducing greenhouse gas emissions. By utilizing renewable energy sources, the country can reduce its dependence on energy imports and decrease the use of fossil fuels, which is currently the largest source of energy in the US.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major players are ABB, Acconia Energía, Enel Spa, General Electric, Innergex, Invenergy, Schneider Electric, Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Ltd., Tata Power, Xcel Energy, Inc., and other key players will be included in the final report.
| Report Attributes | Details |
| Market Size in 2023 | US$ 1.02 trillion |
| Market Size by 2031 | US$ 5.08 trillion |
| CAGR | CAGR of 17.4% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Hydropower, Wind, Solar, Bioenergy) • By Application (Industrial, Residential, Commercial) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | ABB, Acconia Energía, Enel Spa, General Electric, Innergex, Invenergy, Schneider Electric, Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Ltd., Tata Power, Xcel Energy, Inc. |
| Key Drivers | • Increasing environmental concern regarding urbanization, economic growth, and fossil fuels. • Increasing R&D in technologies |
| Market Opportunities | • Increasing investment in renewable energy sources • Rapidly increasing government initiatives to curb carbon footprint |
The expected CAGR of the global Renewable Energy Market during the forecast period is 17.4%.
The market size of the Renewable Energy Market is USD 1.02 trillion in 2023.
The major key players are ABB, Acconia Energía, Enel Spa, General Electric, Innergex, Invenergy, Schneider Electric, Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Ltd., Tata Power, Xcel Energy, Inc.
Asia Pacific region dominated the Renewable Energy Market.
Increasing environmental concern regarding urbanization, economic growth, and fossil fuels., Increasing R&D in technologies, Rising awareness regarding the harmful effects of fossil fuels on the environment, Rising adoption of green energy consumption, Stringent government regulations regarding emissions.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Renewable Energy Market Segmentation, By Product
8.1Hydropower
8.2Wind
8.3 Solar
8.4 Bioenergy
9. Renewable Energy Market Segmentation, By Application
9.1Industrial
9.2 Residential
9.3 Commercial
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Renewable Energy Market by Country
10.2.2North America Renewable Energy Market by Product
10.2.3 North America Renewable Energy Market by Application
10.2.4 USA
10.2.4.1 USA Renewable Energy Market by Product
10.2.4.2 USA Renewable Energy Market by Application
10.2.5 Canada
10.2.5.1 Canada Renewable Energy Market by Product
10.2.5.2 Canada Renewable Energy Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Renewable Energy Market by Product
10.2.6.2 Mexico Renewable Energy Market by Application
10.3 Europe
10.3.1 Europe Renewable Energy Market by Country
1.3.3.2 Europe Renewable Energy Market by Product
10.3.3 Europe Renewable Energy Market by Application
10.3.4Germany
10.3.4.1 Germany Renewable Energy Market by Product
10.3.4.2 Germany Renewable Energy Market by Application
10.3.5 UK
10.3.5.1 UK Renewable Energy Market by Product
10.3.5.2 UK Renewable Energy Market by Application
10.3.6 France
10.3.6.1 France Renewable Energy Market by Product
10.3.6.2 France Renewable Energy Market by Application
10.3.7 Italy
10.3.7.1 Italy Renewable Energy Market by Product
10.3.7.2 Italy Renewable Energy Market by Application
10.3.8 Spain
10.3.8.1 Spain Renewable Energy Market by Product
10.3.8.2 Spain Renewable Energy Market by Application
10.3.9 The Netherlands
10.3.9.1 Netherlands Renewable Energy Market by Product
10.3.9.2 Netherlands Renewable Energy Market by Application
10.3.10 Rest of Europe
10.3.10.1 Rest of Europe Renewable Energy Market by Product
10.3.10.2 Rest of Europe Renewable Energy Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Renewable Energy Market by Country
10.4.2Asia Pacific Renewable Energy Market by Product
10.4.3 Asia Pacific Renewable Energy Market by Application
10.4.4 Japan
10.4.4.1 Japan Renewable Energy Market by Product
10.4.4. 2Japan Renewable Energy Market by Application
10.4.5. South Korea
10.4.5.1 South Korea Renewable Energy Market by Product
10.4.5.2. South Korea Renewable Energy Market by Application
10.4.6 China
10.4.6.1 China Renewable Energy Market by Product
10.4.6.2. China Renewable Energy Market by Application
10.4.7 India
10.4.7.1 India Renewable Energy Market by Product
10.4.7.2. India Renewable Energy Market by Application
10.4.8 Australia
10.4.8.1 Australia Renewable Energy Market by Product
10.4.8.2. Australia Renewable Energy Market by Application
10.4.9 Rest of Asia-Pacific
10.4.9.1 APAC Renewable Energy Market by Product
10.4.9.2. APAC Renewable Energy Market by Application
10.5 The Middle East & Africa
10.5.1 The Middle East & Africa Renewable Energy Market by Country
10.5.2 The Middle East & Africa Renewable Energy Market by Product
10.5.3The Middle East & Africa Renewable Energy Market by Application
10.5.4 Israel
10.5.7.1 Israel Renewable Energy Market by Product
10.5.7.2 Israel Renewable Energy Market by Application
10.5.5 UAE
10.5.5.1 UAE Renewable Energy Market by Product
10.5.5.2 UAE Renewable Energy Market by Application
10.5.6South Africa
10.5.6.1 South Africa Renewable Energy Market by Product
10.5.6.2 South Africa Renewable Energy Market by Application
10.5.7 Rest of Middle East & Africa
10.5.7.1 Rest of Middle East & Asia Renewable Energy Market by Product
10.5.7.2 Rest of Middle East & Asia Renewable Energy Market by Application
10.6 Latin America
13.6.1 Latin America Renewable Energy Market by Country
10.6.2. Latin America Renewable Energy Market by Product
10.6.3 Latin America Renewable Energy Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Renewable Energy Market by Product
10.6.4.2 Brazil Renewable Energy Market by Application
10.6.5Argentina
10.6.5.1 Argentina Renewable Energy Market by Product
10.6.5.2 Argentina Renewable Energy Market by Application
10.6.6Rest of Latin America
10.6.6.1 Rest of Latin America Renewable Energy Market by Product
10.6.6.2 Rest of Latin America Renewable Energy Market by Application
11. Company Profile
11.1 ABB
11.1.1 Market Overview
11.1.2 Financials
11.1.3 Product/Services/Offerings
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Acconia Energía
11.2.1 Market Overview
11.2.2 Financials
11.2.3 Product/Services/Offerings
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Enel Spa
11.3.1 Market Overview
11.3.2 Financials
11.3.3 Product/Services/Offerings
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 General Electric
11.4.1 Market Overview
11.4.2 Financials
11.4.3 Product/Services/Offerings
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Innergex
11.5.1 Market Overview
11.5.2 Financials
11.5.3 Product/Services/Offerings
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Invenergy
11.6.1 Market Overview
11.6.2 Financials
11.6.3 Product/Services/Offerings
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Schneider Electric
11.7.1 Market Overview
11.7.2 Financials
11.7.3 Product/Services/Offerings
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Siemens Gamesa Renewable Energy, S.A.
11.8.1 Market Overview
11.8.2 Financials
11.8.3 Product/Services/Offerings
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Suzlon Energy Ltd
11.9.1 Market Overview
11.9.2 Financials
11.9.3 Product/Services/Offerings
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Tata Power
11.10.1 Market Overview
11.10.2 Financials
11.10.3 Product/Services/Offerings
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
13. Use Cases and Best Practices
14. Conclusion
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