Renewable Energy Market 2030 Growing Worldwide By Best Key players- Acconia S.A.; General Electric;

Author : Mrudula Karmarkar | Published On : 19 Dec 2023

San Francisco, 19 December 2023: The Report Renewable Energy Market Size, Share & Trends Analysis Report By Product (Bioenergy, Hydropower, Wind Power, Solar Energy), By Application (Industrial, Residential, Commercial), By Region (Europe, Asia Pacific), And Segment Forecasts, 2024 - 2030

The global renewable energy market size is expected to reach USD 3.60 trillion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.2% from 2024 to 2030. Numerous governments across the world have framed various regulations to reduce Greenhouse Gas (GHG) emissions. The shift toward low-carbon fuels and the presence of stringent environmental regulations in most of the developed countries have provided a major boost to the renewable energy sector. Due to climate change and increasing environmental concerns, most governments have set targets to cut down their emissions. As a result, there have been huge investments in renewable energy and alternate fuels, and this trend is expected to continue in the coming years.

Thus, the increasing inclination toward eco-friendly products to reduce emissions is expected to fuel the demand for renewable energy over the forecast period. The hydropower segment accounted for a share of 16.65% of the overall revenue in 2023. Hydropower, also known as hydroelectric power, offers advantages to communities and plays a crucial role to help climate change by providing storage, power, and flexibility services. It is a domestic source of energy, which allows each state to generate its own energy without reliance on any international fuel sources. The solar Power segment is expected to witness the largest growth over the forecast period owing to it being low in cost and reducing electricity interruptions. The industrial segment was the largest in 2023 and accounted for a revenue share of about 61.90%.

The growing demand for clean electricity is expected to increase the number of utility projects and fuel the PV modules market growth across the industrial sector. The commercial segment is expected to grow at the fastest CAGR over the forecast period. The rapid adoption of PV modules in corporate offices, hotels, and hospitals is expected to drive product demand across the commercial sector coupled with increased power demand in communication base stations and data centers. The market in Asia Pacific was the largest in 2023 with a revenue share of 40.98%. The increasing demand for renewable energy in Asia Pacific is attributed to the rising installation of solar power projects in China and India.

These countries are the key markets for solar panels, both globally and in Asia Pacific. In addition, other countries in the region, including Australia and Japan, have high growth potential for the market as they have been investing largely in solar power generation for the last few years. Major players in the industry are focusing on innovation and technological advancements to reduce the cost of renewable energy and make it competitive with traditional power sources, such as natural gas and coal. In addition, industry participants are emphasizing practicing several strategic initiatives, such as joint ventures, partnerships, and mergers & acquisitions, to strengthen their foothold in the global market over the coming years.

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The shift toward low-carbon fuels and the presence of stringent environmental regulations in most of the developed countries have provided a major boost to renewable energy sector. The energy generation market has witnessed growth in terms of installed capacity of renewable sources in the past few years on account of growing environmental concerns coupled with pressure to reduce harmful effects of greenhouse gases (GHG). This has been a major factor in the expansion of solar and wind energy sectors.

Renewable Energy Market Report Highlights

• The solar power segment held the largest share of 30.95% of the overall revenue in 2023 owing to it playing a crucial role to help climate change by providing storage, power, and flexibility services
• In terms of revenue, the industrial segment was the largest in 2023. The growing demand for clean electricity is expected to increase the number of utility projects and fuel the PV modules market growth across the industrial sector
• Asia Pacific was the dominant regional market in 2023. The increasing demand for renewable energy in Asia Pacific is attributed to the rising installation of solar power projects in China and India

The U.S. renewable energy industry is driven by supportive policies and plans coupled with abundant availability of biomass feedstock. Renewable energy plants in the country have increased owing to stringent government regulations regarding emissions. The power scenario in the country has been witnessing a change with increased adoption of gas-based and renewable power sources as compared to coal-based power generation. Rising electricity distribution costs, power outages caused by faults in the main grid, and incentive programs introduced by the U.S. government are expected to propel end-users to shift toward setting up hydropower systems. This is expected to boost the demand for renewable energy.

Germany is a developed economy and one of the leading markets in Europe. Over the past few years, the country invested in unconventional power generation technologies to reduce its reliance on conventional sources, such as crude oil, coal, and others, as well as to be energy self-sufficient. With investments made in large proportions in renewable power generation, solar power generation market has been growing rapidly over the past few years and is expected to witness growth during the forecast period. The growing solar industry in Germany is expected to propel the growth of solar market, which, in turn, is expected to drive the market over the forecast period. It is a domestic source of energy, which allows each state to generate its own energy without reliance on any international fuel sources. It offers flood control, clean drinking water, irrigation support, low-cost electricity, and is durable as compared to other sources of energy.

Renewable Energy Market Report Scope

Key participants in industry are focusing on technological advancements and innovation to minimize cost of renewable energy generation. In addition, industry players are practicing several strategic initiatives to expand their foothold in market. For instance, in July 2022, ACCIONA closed a deal with FORTIA, which will provide an energy management platform for major industrial consumers along with physical delivery of over 1TWh of renewable electricity for a 5 to 10-year period.

List of Key Players of Renewable Energy Market

• ABB
• Acconia S.A.
• Enel Spa
• General Electric
• Innergex
• Invenergy
• Schneider Electric
• Siemens Gamesa Renewable Energy, S.A.
• Suzlon Energy Ltd.
• Tata Power