Renewable Energy Market (By Type: Wind Power Energy, Hydroelectric Power, Geothermal Energy, Bioenergy, Solar Energy; By End Use: Commercial, Industrial, Residential, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027
Acumen Research and Consulting estimates that global Renewable Energy market is expected to reach the market value of around US$ 1500 Bn by 2027 and is anticipated to grow at a CAGR of around 6% in terms of revenue during the forecast period 2020 – 2027.
Renewable electricity is generated from renewable supplies naturally replenished, such as water, solar, oceans, storms, waves, and geothermal power. Renewable energy is widely used for the generation of electricity, for the heating or cooling of fluids, transport and rural energy services.
The report provides analysis of global Renewable Energy market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
Market Dynamics
The global renewable energy market is expected to grow significantly due to increased greenhouse gas emissions, particularly CO2 from the use of fossil fuels to generate energy. Moreover, the dwindling existence of fossil fuel on Earth and its high costs powers the clean energy sector. However, renewable energy generation requires huge investment and this factor is expected to hamper growth in the forecast period. Furthermore, fossil fuels are primarily used in the Middle East to produce electricity due to their cost-effectiveness relative to other countries. On the contrary, continuous technological advancement and increased government funding in the renewable energy sector offer lucrative growth opportunities during the evaluation period. The market scale of renewable energy is rising due to higher policy restrictions on climate change in industrialized and emerging economies.
Regional Stance
Mainly 18 countries represent 88% of the people living in the Asia Pacific clean energy market; the global production of basic energy accounts for 52% of the world's population. With 28 percent of global energy supply, India and China dominate the world.
With its highest installed capacity, which is around 1000 gigawatts and generates over 2000 teravatt hours of electricity, the region dominated the 2019 market of renewable energy. China has a majority share in power generation from renewable sources and is the dominant country in the region.
Hydropower controls the world with the largest market share of all green technologies. The installed capacity of the hydropower is more than 500 gigawatts in 2018, followed by winds of more than 200 gigawatts.
In 2018, the renewable energy sector has received an investment of around US$ 288 billion with China as the main investor representing 32% of world investment. Investments in solar power fell by 54%, while investments in wind energy increased by 6%.
COVID-19 Impacts
The crisis in Covid-19 hurts – but does not stop – global renewable energy growth. As a result of the ongoing Covid-19 crisis, the number of new solar power plants worldwide is expected to decline in 2010, marking the first annual decrease in 20 years. But development is expected to resume next year despite positive government policies as most of the unfinished projects are online.
Report coverage
The market research study on “Renewable Energy Market (Renewable Energy Market By Type: Wind Power Energy, Hydroelectric Power, Geothermal Energy, Bioenergy, Solar Energy; Renewable Energy Market By End Use: Commercial, Industrial, Residential, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Renewable Energy market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Renewable Energy market size, and segment markets by type, application, and geography along with the information on companies operating in the market. The Renewable Energy market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Renewable Energy market is segmented as below:
Market Segmentation
Renewable Energy Market By Type
Wind Power Energy
Hydroelectric Power
Geothermal Energy
Bioenergy
Solar Energy
Renewable Energy Market By End Use
Commercial
Industrial
Residential
Others
Renewable Energy Market By Geography
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of MEA
Key Players and Market Situation
Participants include major global players such Calpine Corporation, Vestas Wind Systems, Enel Green Power, GE Energy, Suzlon Energy Ltd., Siemens, Enercon, and Others.
Frequently Asked Questions
What is renewable energy and its use?
Renewable electricity is generated from renewable supplies naturally replenished, such as water, solar, oceans, storms, waves, and geothermal power. Renewable energy is widely used for the generation of electricity, for the heating or cooling of fluids, transport and rural energy services.
What will be the market value of renewable energy in 2027?
The renewable energy market value is anticipated to be worth around US$ 1500 Bn in 2027.
What will be the growth rate of renewable energy market?
The renewable energy market is anticipated to grow around 6% CAGR amid the forecast period 2020-2027.
Who are the key players in the market?
The key players operating in renewable energy market such as Calpine Corporation, Vestas Wind Systems, Enel Green Power, GE Energy, Suzlon Energy Ltd., Siemens, Enercon, and Others.
Which region is projected to be the largest markets share in the global renewable energy market?
China has a majority share in power generation from renewable sources and is the dominant country in the region.
Which insight provides on the renewable energy market?
The report provides insights on global renewable energy market segment by type, application, and major geographic regions.
Which regions are included in the renewable energy market study?
The Renewable Energy market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
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