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Renewable Energy Technologies Market to Grow at Highest Pace owing to Increasing Supportive Government Policies and Carbon-Emission Reduction Targets

Renewable Energy Technologies Market to Grow at Highest Pace owing to Increasing Supportive Government Policies and Carbon-Emission Reduction Targets

The renewable energy technologies market includes solar, wind, hydropower, bioenergy, and geothermal technologies that utilize natural resources, such as sunlight, wind, water, tides, and biomass to produce energy. Renewable energy technologies provide cleaner energy and lesser dependency on fossil fuels. Advantages of renewable energy technologies include reduced carbon footprints, lower operating costs over time, fuel price stability, and energy security. The rising demand for renewable energy technologies is driven by supportive government policies and carbon emission reduction targets set by various countries across the globe.

The Global renewable energy technologies market is estimated to be valued at US$ 1299.55 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Renewable Energy Technologies Market Share are Becton, Dickinson and Company, Abbott, ACCESS BIO, CELLTRION INC., Siemens Healthcare GmbH, ACON Laboratories Inc., ARKRAY, Inc, F. Hoffmann-La Roche Ltd., OraSure Technologies Inc., Quest Diagnostics, Bionime Corporation, Btnx Inc., iHealth Labs Inc., InBios International, Inc. USA. And True Diagnostics Inc. The growing demand for renewable energy is driven by factors such as greenhouse gas emission reduction targets set by governments, rising environmental consciousness among consumers and declining costs of renewable energy technologies. Various technological advancements such as improved solar cell efficiencies, advanced battery storage solutions, and more efficient wind turbine designs are further fueling the growth of renewable energy technologies market.

Market Trends

1. Increased Focus on Energy Storage: Energy storage plays a crucial role in enabling higher incorporation of renewable energy into electricity grids. Storage technologies help balance electricity supply and demand, especially from variable renewable resources like solar and wind.

2. Growth of Distributed Renewable Energy Systems: Distributed renewable energy systems generate electricity at or near the point of consumption, reducing transmission losses. Their deployment is increasing in residential, commercial as well as industrial applications.

Market Opportunities

1. Emergence of green hydrogen: Green hydrogen produced from renewable power through electrolysis is expected to play a huge role in decarbonizing industries like steel, chemical and fertilizer production. This presents a massive opportunity for renewable energy technologies.

2. Developing countries providing growth opportunities: Countries like India and nations in Africa offer substantial growth prospects driven by increasing power demands and government impetus on developing domestic renewable industries and meeting Paris Agreement goals.

Impact of COVID-19 on Renewable Energy Technologies Market growth

The COVID-19 pandemic has significantly impacted the growth of the renewable energy technologies market. During the initial phases of the lockdown, the supply chain disruptions led to delays in various renewable energy projects worldwide. This negatively impacted the market growth in 2020. However, countries are now increasingly focused on renewable sources to overcome energy challenges and reduce carbon emissions. Many governments are providing incentives and subsidies to promote renewable energy adoption.

In the pre-COVID era, the market was growing steadily owing to supportive government policies and decreasing costs of renewable technologies like solar PV and wind. But the pandemic temporarily halted the growth momentum. The post-COVID scenario shows promising signs of recovery. Many countries are making renewable energy a key part of their economic revival programs. Investments are flowing into new solar, wind, hydro and other clean power projects. This will help the market regain lost momentum in the coming years.

To accelerate growth in the post-pandemic future, more initiatives need to be taken around research & development, skill development, streamlining of approval processes and strengthening of supply chains. Developing cost-effective energy storage solutions will further boost the large-scale adoption of renewable sources. Public-private partnerships can play a vital role in ensuring sustainable growth of the renewable energy technologies market going forward.

Europe renewable energy technologies market

Europe has been one of the leading regions in terms of investments and installations of renewable energy technologies. Countries like Germany, Spain, France and UK have aggressive renewable targets and supportive policies in place which has concentrated major market value in this region. According to studies, Europe accounted for over 30% of global renewable energy investments in 2019.

Germany remains a key regional market owing to its Energiewende program which has led to rapid growth of solar and wind power capacities over the years. The declining costs have made renewable energy highly competitive compared to fossil fuels in many European countries. Going forward, Europe's recovery programs are expected to further promote renewables to rebuild economies in a green and sustainable manner.

Asia Pacific renewable energy technologies market

Asia Pacific region is poised to be the fastest growing market for renewable energy technologies in the coming years. China currently dominates regionally as well globally with huge solar and wind power capacities. Other major country markets include India, Japan, South Korea and Southeast Asian nations.

Factors like rising energy demand, supportive government policies, low manufacturing costs and abundance of renewable resources are driving high growth in the Asia Pacific region. China and India in particular have set ambitious renewable targets as part of their climate change commitments. Rapid urbanization and industrialization will also augment the regional market growth rate. Going forward, countries like Vietnam, Indonesia and the Philippines are expected to offer high investment potential for renewable markets.

Explorer more information on this topic, Please visit @ https://www.marketwebjournal.com/renewable-energy-technologies-market-demand-share-analysis/

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