As stated in our extensive report; the Global Renewable Energy Market accounted forUSD 910.5 Billionin 2021.
Over the forecast period, expanding industrialization and urbanization in developing economies worldwide are running the demand for numerous Renewable Energy sources, such as solar energy and geothermal energy.
Growing government initiatives to promote clean and green energy adoption also propel market growth.
Factors Influencing Global Renewable Energy Market Growth
The growth of the Global Renewable Energy Marketcan be attributable to the following:
- Increased awareness of the harmful effects of fossil fuels on the environment, rising adoption of green energy among consumers, and growing public & private efforts to reduce carbon emissions are significant factors driving the global market growth during the forecast period.
- The augmented usage of solar power in the government sector propels the solar segment growth in the Global Renewable Energy industry.
- The rise in technological developments is leading to the decline in costs of Renewable Energy, and the ever-increasing competitiveness of the battery storage systems will likely propel the growth of the Renewable Energy Market.
- The government in different developed and developing nations is offering subsidies to the corporate sector to move towards clean & green energy mainly to support sustainability and conserve the environment. This will provide future growth prospects for the Renewable Energy Market.
- The proposed plans of the government to build smart cities in nations like Saudi Arabia, China, and India are anticipated to promote the demand for solar energy in the next few years, propelling market development.
Asia Pacific Region to Take Over the Market
Asia Pacificholds the most significant share in theRenewable Energy Market and is estimated to continue this trend during the forecast period. In the past few years, the increased investment in the generation of off-grid energy and electrification of rural areas in emergent countries such as India, China, Brazil, Vietnam, and Colombia are leading in the amplified demand for small-scale hydropower plants, driving the market growth in this region. In addition, the rise in government initiatives to promote the generation and implementation of hydropower propels the hydroelectric power segment’s growth. This will support the market growth in this region.
As per our recent analysis study, the increase in investments and government policy support has positively influenced the overall Renewable Energy Market sales.
The well-known players of the Global Renewable Energy Market include ABB (Switzerland), Xcel Energy Inc. (US), EDF Energy (France), National Grid Renewables (US), Acciona (Spain), Enel Spa (Italy), Innergex Renewable Energy (Canada), The Tata Power Company Limited (India), General Electric (US), Invenergy (US) and others.