Renewable Energy Market Overview:
Clean energy, also known as renewable energy, is typically derived from natural resources that are continuously replenished. In 2021, the global government's supportive environmental policies and the sector's strong core fundamentals continued to propel it forward. Thanks to quick technological advancements, cost reductions, and the rising competitiveness of battery storage, renewable energy sources have emerged as one of the most market-competitive energy sources worldwide. The segmentation of the global renewable energy market report was done based on type, application, and region.
The goal of this research is to provide a thorough examination of the Renewable Energy market by component, application, industry, and geography. The report contains in-depth information on the major factors influencing the growth of the Renewable Energy industry. The study also includes a comprehensive examination of the market's value chain.
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Rapid Growth in Adoption of Renewable Energy across the Globe:
In recent years, the rapid rise of solar and wind power has given new hope to global efforts to cut greenhouse gas emissions and mitigate the most serious effects of climate change. Solar and wind combined accounted for barely 1.7% of global electricity generation in 2010. By 2020, it had risen to 8.7%, significantly higher than what conventional energy models had expected. For example, the International Energy Agency expected that global solar energy generation will reach 550 terrawatt-hours by 2030 in 2012, but that number had already been surpassed by 2018. These factors presume that solar and wind power along with other types are expected to grow at a significant rate, which in turn is expected to boost the renewable energy market growth throughout the forecast period.
Renewable Energy Market Segmentation:
Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy are the types of renewable energy that are divided into the renewable energy market. With a 38.2% market share in 2020, the hydroelectric power segment has been the market leader. In comparison to other renewable energy sources, hydropower has relatively low operating costs and produces very few greenhouse gas emissions. Due to an increase in funding for off-grid energy production and rural electrification in developing countries like India, China, Brazil, and Vietnam, the market for hydropower plants has expanded. Additionally, worldwide government initiatives and funding for hydroelectric projects to produce electricity are accelerating the segment's growth.
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Renewable Energy Market Key Players:
- Vestas Wind Systems A/S
- Ocean Power Technologies
- NextEra Energy, Inc.
- Enel Group
- ONPOWER Business Energy
- Yingli Solar
- Tocardo BV
- SynTech Bioenergy
- Siemens AG
- Canadian Solar Inc.
- Invenergy LLC
COVID-19 Impact Analysis on Renewable Energy Market:
COVID-19 is a historic global public health emergency that has impacted nearly every business, and the long-term consequences are expected to impact industry growth throughout the projection period. Our ongoing research includes basic COVID-19 concerns as well as potential next steps. The study illuminates COVID-19 by taking into account changes in consumer behaviour and demand, purchasing patterns, supply chain re-routing, the dynamics of modern market forces, and significant government initiatives. The updated report includes insights, analysis, projections, and predictions based on the market impact of COVID-19.
Key Questions Answered in the Renewable Energy Market Report are:
- Which segment had the largest share in the Renewable Energy market?
- How is the competitive scenario of the Renewable Energy market in 2020?
- Which are the key drivers impacting the Renewable Energy market growth?
- Which region holds the maximum share in the Renewable Energy market?
- What will be the CAGR of the Renewable Energy market during the forecast period (2021-2027)?
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