According to Future Market Consulting analysis, (Green) Renewable Energy Market size was valued at USD 1098.21 Billion in 2021 and is projected to reach USD 2011.22 Billion by 2030, growing at a CAGR of 8.84 % from 2022 to 2030.
The green renewable energy market refers to the global market for renewable energy technologies, such as solar, wind, hydro, geothermal, and bioenergy, which are aimed at reducing the dependency on non-renewable sources of energy and mitigating the impacts of climate change. The market has been growing rapidly in recent years due to increasing awareness of environmental issues and supportive government policies. The increasing demand for clean and sustainable energy is expected to drive further growth in the market in the coming years.
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Key Players
Invenergy
ABB
Xcel Energy Inc.
EDF
National Grid Renewables
Acciona
Enel Spa
Eolus North America, Inc.
Innergex
The Tata Power Company Limited
General Electric
Recent Developments
- July’22 – CCIONA signed an agreement with FORTIA to provide a power management solution for major industrial consumers, as well as physical delivery of more than 1TWh of renewable electricity over a 5- to 10-year period.
- Sept’21 – a black solar panel with output power of 430W was introduced by Solaria for residential applications.
Renewable energy sources are now anticipated to meet approximately 7% of global energy demand which is projected to grow intensely in the upcoming years. Rising consumer awareness of the harmful impacts of fossil hydrocarbons on the atmosphere, increasing social programs to encourage the acceptance of clean and sustainable power generation, growing private and public efforts to reduce carbon emissions, and rising consumer adoption of green energy are the key factors expected to fuel the expansion of the global market. During the projected period, increased industrialization and urbanization in emerging nations around the world are likely to drive demand for various renewable energy sources.
The sector of renewable energy remained impressively resilient in 2021, largely attributable to solid core fundamentals mixed with a favorable policy environment. Rapid technological advancements and dropping expenditures of renewable resources, combined with the growing competitive nature of battery storage, have elevated renewables to one of the competitive sources of energy in many regions. Despite supply chain bottlenecks, increased transmission costs, and rising commodity prices, capacity expansions remain at a record high.
Green Renewable Energy Market Segmentation
By Type
- Hydroelectric Power
- Geothermal Energy
- Wind Power
- Solar Power
- Bioenergy
By Application
- Commercial
- Residential
- Industrial
- Others
By Region
- North America (US, Canada, Mexico);
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe);
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific);
- Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa);
- South America (Brazil, Argentina, Rest of South America);
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Green Renewable Energy Market size
As of 2021, the global green renewable energy market size is estimated to be worth approximately $1.5 trillion. This market is projected to continue growing at a high rate in the coming years, with the increasing demand for clean and sustainable energy sources and the efforts to reduce greenhouse gas emissions. The market is segmented into various types of renewable energy sources such as solar, wind, hydropower, geothermal, and biomass. Solar and wind energy are the fastest growing segments in the market, driven by technological advancements and declining costs.
Green Renewable Energy Market trends
Increase in renewable energy generation capacity: The demand for renewable energy sources is growing, leading to an increase in the installation of new renewable energy generation capacity such as solar, wind, and hydropower.
Battery storage technology: The development of battery storage technology has helped to overcome the intermittency issues of renewable energy sources and improve grid reliability.
Government incentives: Governments around the world are offering incentives and subsidies to promote the use of renewable energy sources.
Decentralized energy systems: The trend towards decentralized energy systems, where energy is produced and consumed locally, is gaining momentum as it enables consumers to be more self-sufficient and reduces the need for large central power plants.
Smart grid technology: The integration of renewable energy sources into the power grid is being facilitated by the development of smart grid technology, which helps to balance the flow of energy and manage the distribution of power.
Growth of renewable energy in developing countries: Developing countries are starting to embrace renewable energy as a way to address the energy demands of a growing population and reduce dependence on non-renewable sources.
Integration of renewable energy with existing infrastructure: The integration of renewable energy with existing energy infrastructure is becoming increasingly important as it allows for a smoother transition to a more sustainable energy system.
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