Renewable Energy Market Projected to Reach USD 2.4 Trillion, at a 10.10% CAGR by 2030 – Report by Market Research Future (MRFR)

New York, US, May 29, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Renewable Energy Market Information By Type, By End-Use, and Region – Forecast till 2030″, between 2022 and 2030, the renewable energy market can expect to expand from USD 1.2 Trillion in 2022 to USD 2.4 Trillion at a rate of 10.10%.

Renewable Energy Market Overview

Renewable energy, sometimes called clean energy, is typically produced from renewable natural resources. Electricity is produced from kinetic energy sources using wind energy, a renewable energy source. The wind energy is transformed into mechanical energy by a wind turbine, and then into electrical energy by a generator. Both offshore and onshore wind energy sources are possible. On-land wind turbines are known as onshore wind energy, and offshore wind turbines are found in the ocean or sea. 

Renewable energy is produced by using renewable natural resources like wind and sunlight. Some of the main renewable energy sources are solar, geothermal, wind, bioenergy, hydropower, and ocean power. Currently, heating, power, cooling, and transportation all use renewable energy. Around 7% of the world’s energy needs are met by renewable energy sources. Compared to fossil fuels, renewable energy is generally more expensive. The primary driver of the use of renewable energies is the belief that carbon dioxide (CO2) emissions from the burning of fossil fuels are to blame for global warming.

Market Competitive Landscape:

The important firms in the market for renewable energy include

• ABB Ltd.
• General Electric (GE)
• The Tata Power Company Limited (Tata Power)
• Innergex
• Enel Spa (Enel)
• Xcel Energy Inc. (Xcel Energy)
• Among others.

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To reduce the cost of producing renewable energy, key industry players are concentrating on technology development and innovation. Additionally, market participants are putting a number of strategic initiatives into practise to strengthen their position in the industry.

Renewable Energy Market COVID 19 Analysis

Investments made by people and small to medium-sized businesses in renewable energy applications, like distributed PV, solar thermal water heaters, heat pumps, and biomass boilers, are in danger because of Covid-19. Compared to large-scale initiatives, these investments have a larger risk of delay or even cancellation.

Currently, lockout procedures prohibit access to homes and businesses, which has hindered the implementation of distributed solar PV in many nations. Additionally, people and small companies may decide to postpone or cancel their plans to install solar PV, solar thermal water heaters, or heat pumps on their land if they are experiencing financial hardship or economic uncertainty.

Report Scope:

Report Metrics	Details
Market Size 2030	2032: USD 2.4 Trillion
CAGR during 2022-2030	10.10% CAGR
Base Year	2021
Forecast	2022-2030
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, End-Use and Region
Key Market Opportunities	Technological advancements to boost market growth
Key Market Dynamics	Increased investments by government Decline price of renewable energy

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Renewable Energy Market USP Covered:

Market Drivers:

The transition to low-carbon fuels and the existence of strict environmental legislation in the majority of developed nations have given the renewable energy sector a significant boost. Due to increased environmental concerns and pressure to lessen the adverse impacts of Greenhouse Gases (GHG), the energy-generating market has seen an increase in the installed capacity of renewable sources over the past few years. This has played a significant role in the growth of the solar and wind energy industries.

Due to favorable policies and plans, as well as the widespread availability of biomass feedstock, the renewable energy sector has been operating successfully in the majority of developed nations. The country’s number of renewable energy facilities has expanded as a result of strict government emission limits. With the rising use of gas-based and renewable power sources in comparison to coal-based power generation, the energy landscape has been changing. End-users are anticipated to switch to installing hydropower systems as a result of increased electricity distribution costs, power outages brought on by problems in the main grid, and government incentive programs. The need for renewable energy is anticipated to increase as a result. 

In order to become energy independent and less dependent on traditional sources like crude oil, coal, and others, the US has been investing in unconventional power production technologies during the past few years. The market for solar power generation has been expanding quickly over the past few years and is anticipated to continue doing so throughout the forecast period thanks to significant expenditures made in the production of renewable energy. Germany’s internal energy source, the solar industry, enables each state to produce its own energy independently of any external fuel sources. In comparison to other energy sources, it is durable and provides flood control, pure drinking water, irrigation support, and inexpensive electricity.

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Market Restraints:

Building infrastructure for the development of new resources involves significant upfront investments. The price of producing power rises as a result of these investments, particularly in the early years. The first step for the developers is to identify places that are acceptable to the public, have good resources, and have access to transmission lines. Finding a potential solar site and assessing its suitability takes several years of observation. To install, run, and maintain the new technology, the staff must also receive training. Some cannot be optimized for performance until they have operated in specific climatic conditions. During the projection period, this factor is projected to slow the market’s growth for renewable energy.

Renewable Energy Market Segmentation

Energy Type Insights

Hydropower, Wind Energy, Solar Energy, Bioenergy, Geothermal Energy, and Ocean Energy are the key types of Renewable Energy. During the projection period, 2022–2030, the solar energy renewable segment is expected to develop at the fastest rate. It dominated market growth in 2021. Solar panels are an excellent option for homes and businesses in sunny areas because they can convert sunlight directly into electricity. In order to function efficiently, solar panels need a lot of area, and their initial cost and ongoing upkeep can be high.

By End-Use

Industrial, residential, and commercial end users make up the renewable energy market segmentation. Residential was the largest market for renewable energy in 2021, and it is anticipated that it will increase at the fastest rate from 2022 to 2030. The market is expected to grow as geothermal heat pumps become more and more popular for use in residential heating systems. There will probably be a significant increase in the demand for geothermal energy along with the increase in electricity demand. The market’s growth will probably be fuelled by this factor.

Renewable Energy Market Regional Insights

During the study period, the Asia Pacific renewable energy market will capture a phenomenal CAGR of 43.60%, after having touched a whopping USD 0.5 Trillion in 2021. Countries like China and India have seen a sharp rise in energy consumption as a result of increased investment in renewable energy projects.

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During the projection period in Asia-Pacific, the residential and industrial sectors are anticipated to use more energy. India too has a lot of room for expansion, but historically inconsistent economic conditions and legislation have resulted in a lower share of renewable energy in the country’s total energy production. Since there have been more investments in renewable energy projects, India is one of the nations with the fastest development in the Asia-Pacific market.

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