Renewable Energy Market Expected to Reach US ~$1,682.40 Billion and CAGR 8.5% by 2029
The global renewable energy market size is expected to reach USD 1,682.40 billion by 2029, according to a new study by Polaris Market Research.
Several factors are driving the use of renewable energies, the most important of which is the attribution of global warming to CO2 emissions from the combustion of fossil fuels. The major factor contributing to the market’s growth is the growing demand for renewable power due to fluctuating crude oil prices and increasing environmental concerns.
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Solar power panels and wind turbines power generate zero emissions in their generation of electricity process. In addition, wind power has been one of the focus areas of the renewable power industry. Further, as per power.gov, wind power generated 5.0 % of the world’s electricity in 2020. However, in some places, such as Europe and North America, it grew to 10.0% and 8.4%, respectively. Wind power generated 47% of Denmark’s electricity in 2019, and the government plans to expand it in the following years.
Financially beneficial regulations and a growing awareness of the impact of traditional power sources on the environment and climate have fueled this uptake. In December 2020, the Japanese government announced it would procure 10,000 MW by 2030 and 45,000 MW by 2040 as part of its net-zero emission goals by 2050.
Based on the end-use, the residential segment accounted for the leading share in the industry in 2021. The expanding use of geothermal power for domestic heating purposes will likely fuel industry expansion. The need for geothermal power is predicted to rise dramatically as electricity demand increases. This element is projected to fuel industry expansion.
The implementation of government measures in both developed and developing economies to reduce carbon emissions and the use of traditional fuels to generate power has expanded the use of rooftop solar power systems to generate power for residential use.
Industry players such as ACCIONA, ABB Ltd., Canadian Solar Inc., Enel SPA, EDF, First Solar Inc., Geronimo Energy, General Electric, co., Iberdrola SA, Nordex SE, Innergex, Orsted A/S, Sunpower Corp., Siemens Gamesa, The Tata Power Company Limited (Tata Power), Vestas Wind Systems, and Xcel Energy Inc are some key players operating in the global industry.
In February 2021, Vestas introduced the V236-15.0 MW turbine. The new technology provides a solid foundation for Vestas’ offshore leadership path by raising the industry standard for performance and ongoing cost reduction in offshore technology. Thus, the launch of new technology boosts market growth during the forecast period.
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Polaris Market Research has segmented the renewable energy market report based on type, end-use, and region:
Renewable Energy, Type Outlook (Revenue – USD Billion, 2017 – 2029)
- Hydroelectric Power
- Wind Power
- Solar Energy
- Geothermal Energy
Renewable Energy, End-Use Outlook (Revenue – USD Billion, 2017 – 2029)
- Chemicals & Petrochemicals
- Oil & Gas
- Food & Beverage
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