Renewable Energy Market – Global Opportunities & Forecast, 2020-2027

GMI Research market report focuses on providing an overview of the industry through detailed market segmentation. The report has information related to the overview and scope of the market followed by the key drivers, restraints, and emerging trends in the market. This report is especially designed to include both qualitative and quantitative aspects of the industry in each region and country included in the study.

List of Significant Manufacturers in the Renewable Energy Market include:

·         Siemens Gamesa Renewable Energy, S.A.

·         General Electric

·         Goldwind

·         Canadian Solar

·         Vestas

·         ABB

·         SolarEdge Technologies Inc.

·         Tata Power

·         Enel Spa

·         Innergex

Renewable Energy Market Drivers and Restraints:

The primary factors that are surging the growth of the global renewable energy market include the rapid technological advancements to produce renewable energy and various government initiatives and programs to encourage renewable energy usage. Moreover, numerous projects for the deployment of renewable energy across various regions, along with the decreasing operational costs of renewable energy and growing capacity of renewable energy sources, will further propel the demand for renewable energy during the forecast period. For instance, the 200 MW Ombo solar PV project in Egypt, the Saudi Arabia 300 MW solar PV Sakaka project, and Jordan are some of renewable energy projects.

The increasing investments in clean energy due to the rising emphasis on green energy targets to decrease greenhouse gas emissions such as carbon dioxide and the rapid depletion of fossil fuels will create numerous growth opportunities in the market. The inclination of consumers towards using cost-effective, clean, decreasing prices of the battery storage, environment-friendly energy, and various efforts of the companies to collaborate and innovate new opportunities are also fuelling the growth of renewable energy. In addition to this, the market is becoming more mainstream thanks to the growing population, rapid economic growth, which has led to a growing demand for energy, and the increasing implementation of renewable energy across residential and commercial customers. On the other edge of the spectrum, the high initial investments need to implement the generation of renewable energy, and inconsistent weather conditions are the major factors hindering the growth of the market.

The coronavirus pandemic is restraining the growth of the renewable energy market, particularly in 2020. Furthermore, the renewable sector is dependent on imports from China. The rapid disruption in the supply chain and the issues regarding imports and exports will have an adverse influence on the demand of the market. Therefore, the market is projected to experience a sharp fall in 2020, however, the market will bounce back in 2021, growing at a significant rate from 2022 onwards.

Segmentation: Renewable Energy Market

Renewable Energy Market: By Type

·         Wind Power

·         Solar Energy

·         Hydroelectric Power

·         Bioenergy

·         Geothermal Energy

Renewable Energy Market: By End-User

·         Commercial

·         Residential

·         Industrial

·         Others

Renewable Energy Market: By Region

·         North America

o   United States of America

o   Canada

·         Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·         Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·         RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

 

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