Renewable Energy Market Research Report

 

Growth Opportunities in the global renewable energy market look promising over the next six years. The growing capacity of renewable energy sources, and the rapid technological advancements to produce renewable energy, are the key factors driving the growth of the global renewable energy market.

Introduction of the Renewable Energy Market:

The type of energy that is produced from sources which are replenishing naturally is known as renewable energy. However, the limited inflow of resources, such as sunlight or wind, keeps them shining and blowing. Renewable energy is virtually inexhaustible. It is also a clean & non-polluting source of energy. The major types of renewable energy are wind, solar, geothermal, and other sources of energy. They are generally used to supply energy to four major areas, which include electricity generation, transportation, rural energy services, and air & water heating/cooling.

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Renewable Energy Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

The rapid technological advancements to produce renewable energy, various initiatives are taken by the government, and programs to encourage the usage of renewable energy, are the major factors surging the growth of global renewable energy market size. The factors increasing demand for renewable energy in industries during the forecast period include various projects for the deployment of renewable energy across numerous regions, along with the decreasing operational costs of renewable energy and growing capacity of renewable energy sources. These are also the emerging trends in the renewable energy market. For instance, the projects of renewable energy include the 200 MW Ombo solar PV project in Egypt, Saudi Arabia 300 MW solar PV Sakaka project, and Jordan.

According to the renewable energy market research, the increasing investments in clean energy due to the rising focus on green energy targets to decrease greenhouse gas emissions such as carbon dioxide and the rapid reduction of fossil fuels will create various growth opportunities in the market.  The renewable energy market report also states that the significant shift of consumers preference towards using cost-effective, clean, and environment-friendly energy, decreasing prices of the battery storage, and various efforts of the companies to innovate and collaborate the new opportunities, will propel the growth of renewable energy market share in terms of revenue. As per renewable energy market analysis, rapid economic growth, growing population, which has led to an upsurge in demand for energy, and the increasing implementation of renewable energy across commercial and residential customers. On the other edge of the spectrum, the factors hindering the growth of the market include unpredictable weather conditions and high initial investments needed to implement the generation of renewable energy.

The outbreak of COVID-19, particularly in 2020, has an adverse impact on the growth of the renewable energy market due to the shutdown of the components and equipment manufacturing at several sites worldwide. Additionally, the renewable sector is increasingly dependent on imports from China. The rapid disruption in the supply chain and the issues regarding imports and exports will negatively influence the demand of the market. However, the market is projected to experience a sharp fall in 2020. However, the market will bounce back in 2021, increasing at a substantial rate from 2022.

Key Players of the Global Renewable Energy Market:

·        Siemens Gamesa Renewable Energy, S.A.

·        General Electric

·        Goldwind

·        Canadian Solar

·        Vestas

·        ABB

·        SolarEdge Technologies Inc.

·        Tata Power

·        Enel Spa

·        Innergex

Renewable Energy Market Segmentation:

Segmentation by Type:

·        Wind Power

·        Solar Energy

·        Hydroelectric Power

·        Bioenergy

·        Geothermal Energy

Segmentation by End-User:

·        Commercial

·        Residential

·        Industrial

·        Others

Segmentation 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)

About GMI Research

GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.

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