Renewable Energy Market by Type (Wind Power, Hydroelectric Power, Solar Power, Bio Energy, and Geothermal) and End User (Residential, Industrial, and Commercial)- Global Opportunity Analysis and Industry Forecast, 2022–2030
New York, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Renewable Energy Market by Type and End User - Global Opportunity Analysis and Industry Forecast, 2022–2030" - https://www.reportlinker.com/p06371374/?utm_source=GNW
Renewable Energy Market size was valued at USD 856.08 billion in 2021 and is predicted to reach USD 2,025.94 billion by 2030 with a CAGR of 9.6% during the forecast period from 2022 to 2030.
Demand for sustainable energy has increased across the world owing to factors such as the growing concerns related to climate change and increasing pollution levels. In addition, the decline in the cost of solar panels serves as a great contribution to an increase in the use of solar energy, which fuels the renewable energy industry growth.
However, the high initial capital investments and lack of resources in several countries are expected to hamper the market growth. On the contrary, technological advancements in solar PV manufacturing and solving intermittency problems using energy storage systems are expected to create ample opportunities for the key players operating in the renewable energy market during the coming decade.
The global renewable energy industry is segmented on the basis of type, end user, and geography.
- Based on type, the market is classified into wind power, hydroelectric power, solar power, bio energy, and geothermal.
- Based on end user, the market is categorized into residential, industrial, and commercial.
- Region wise, the market is segmented into North America, Europe, Asia-Pacific, and RoW.
The Asia Pacific market is projected to hold the dominant share by 2030.
Asia-Pacific dominates the global renewable energy market and is potently expected to remain dominant in the market throughout the forecast period. This is attributed to the rising demand for sustainable energy owing to rapid urbanization and industrialization. The significant drivers responsible for the growth of the industry include government initiatives to reduce dependency on fossil fuels to stabilize CO2 emissions and ensure a clean and efficient form of energy.
Also, the declining costs of solar modules and the versatility of solar power systems for various applications including electricity generation, water heating, and others contribute to the high adoption of the renewables-based energy market. For instance, in July 2022, the Japanese government plans to install solar panels on 50% of central government and municipality buildings, contributing 6GW of capacity. Another 10GW of energy from solar panels is to be installed on corporate buildings and car parks.
Key Market Players
The emerging and efficient key players in the renewable energy industry research include companies such as:
• General Electric
• Enel Spa
• Schneider Electric
• Xcel Energy Inc.
• Siemens Gamesa Renewable Energy, S.A.
• Suzlon Energy Limited
• Tata Power
GE Renewable Energy received orders from Continuum Green Energy Limited in order to supply, install, and commission 81 of its 2.7-132 onshore wind turbines for the 218.70 MW wind power projects spread across India. These projects aim to power various industries and commercial establishments in Tamil Nadu and Madhya Pradesh, India.
GE Renewable Energy received orders from Continuum Green Energy Limited in order to supply, install, and commission 81 of its 2.7-132 onshore wind turbines for the 218.70 MW wind power projects spread across Tamil Nadu and Madhya Pradesh, India.
The Italian energy agency, Gestore dei Servizi Energetici (GSE) launched a 1.5billion euro rebate scheme aimed at helping farming businesses install rooftop PV systems on agricultural buildings. The Italian government is expected to deploy 375 MW of new solar PV capacity through this program.
Moroccan Agency for Sustainable Energy (MASEN) launched a tender to seek Engineering, Procurement, and Construction (EPC) contractors for its Noor Atlas solar program. The call for expression of interest seeks to construct several solar photovoltaic plants across several regions in Africa.
ABB collaborated with IBM and Worley to sign a memorandum of understanding on helping energy companies build and operate green hydrogen facilities more efficiently and at scale. The planned three-party partnership intends to create an integrated, digitally enabled solution enabling facility owners to construct green hydrogen assets more rapidly, affordably, and safely, and to operate them more efficiently.
A new utility-scale solar power project, Fox Coulee Solar Project was unveiled in Alberta, Canada. The 85.6-MW solar PV power project was planned and developed by two companies, Aura Power Developments and Subra GP, in a single phase. Its construction was started in 2022 and is expected to be in service by 2023
Solar Philippines Nueva Ecija Corporation started the construction of its 500 MWp Nueva Ecija solar farm in Centrl Luzon, Philippines. The plant is expected to be constructed in phases, and the first 50 MWp solar farm is slated to go online by the end of 2022
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