Renewable Energy Market, By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar, Geothermal, Others), By End-User (Residential, Commercial, Industrial, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East
Description
Renewable Energy Market, By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar, Geothermal, Others), By End-User (Residential, Commercial, Industrial, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Renewable Energy Market to Cross USD 1.6 Trillion by 2028
The renewable energy market is growing at a high CAGR due to the surging energy consumption in commercial and household spaces along with favorable government initiatives and investments along with the declining levels of non-renewable energy resources such as fossil fuels along with growing awareness towards energy conservation...
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the renewable energy market was worth USD 949.2 billion in 2021 and is projected to grow to USD 1.6 trillion by 2022. The growth of the renewable energy market is attributed to the surging energy consumption in commercial and household spaces along with favorable government initiatives and investments towards boosting the adoption of renewable energy. Furthermore, declining levels of non-renewable energy resources such as fossil fuels along with growing awareness towards energy conservation and sustainability are anticipated to boost the growth of the renewable energy market in the forecast period. However, the high initial cost involved in renewable energy plants acts as a major restraint for the market growth.
Increasing Demand for Renewable Energy is Driving Market Growth
The surging demand for renewable energy is emerging as one of the major driving factors for the renewable energy market growth. According to the International Energy Agency, the renewable energy capacity is projected to surge by 50% for 2021-2026, compared to 2015-2020. Commercial and industrial facilities are increasingly adopting renewable energy to diversify energy supply and reduce the dependence on imported fuel, which proves to be cost-efficient in the long run. This is anticipated to boost the market growth in the forecast period.
Rising Energy Consumption Worldwide is Propelling the Overall Renewable Energy Market
The expanding economic activities in developed and developing countries are boosting the global energy demand. The increasing population and number of electronic items such as smartphones as well as electric vehicles are also resulting in increased energy consumption. However, the non-renewable energy sources such as coal, natural gas, oil, etc., are unable to meet the growing energy demands. This is prompting the shift towards non-renewable energy sources, which is providing lucrative growth opportunities to the overall market growth.
Renewable Energy Market - By End-User
Based on end-user, end-user, the renewable energy market is segmented into residential, commercial, industrial, and others. The industrial segment dominates the market owing to the high investment required for setting up renewable energy infrastructure. The adoption of renewable energy proves to be economical for the industrial sector and cuts their overall operational cost in the long run, which favors the market growth. The residential sector also covers a substantial market share owing to government support and subsidies for home installations.
Renewable Energy Market - Regional Insights
Geographically, the renewable energy market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America accounts for the largest share in the renewable energy market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. Countries such as India, China, Japan, etc., are significantly investing towards renewable energy market infrastructure. China is among the leading producers of electricity through renewable energy. The government of other emerging economies is also investing significantly which is propelling the overall market growth.
Impact of COVID-19 on Renewable Energy Market
The renewable energy market was significantly halted by the sudden COVID-19 pandemic outbreak. The private and public operations of the renewable energy infrastructure development were halted due to lockdown restrictions and social distancing norms. The government investment towards renewable energy was also diverted towards healthcare infrastructure, which also halted the growth of the renewable energy market. However, the market is projected to flourish in the post lockdown period as the need for sustainability and better energy conservation plans spikes.
Competitive Landscape
The leading market players of the renewable energy market are First Solar Inc., Jinko Solar Holding Co. Ltd, Vestas Wind Systems A/S, Canadian Solar Inc., Orsted AS, Acciona Energia SA, EDF SA, Berkshire Hathaway Energy, NextEra Energy Inc., Duke Energy Corporation, General Electric Company, Siemens Gamesa Renewable Energy SA, Innergex Renewable Energy, Invenergy, Tata Power Company Limited, and other prominent players.
The renewable energy market holds great future potential and is, therefore, highly fragmented with the presence of several established players and startups. The companies are significantly investing towards expanding their energy generation capacities. They are also attracting significant investments from public and private establishments to expand their product portfolio. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Renewable Energy Market to Cross USD 1.6 Trillion by 2028
The renewable energy market is growing at a high CAGR due to the surging energy consumption in commercial and household spaces along with favorable government initiatives and investments along with the declining levels of non-renewable energy resources such as fossil fuels along with growing awareness towards energy conservation...
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the renewable energy market was worth USD 949.2 billion in 2021 and is projected to grow to USD 1.6 trillion by 2022. The growth of the renewable energy market is attributed to the surging energy consumption in commercial and household spaces along with favorable government initiatives and investments towards boosting the adoption of renewable energy. Furthermore, declining levels of non-renewable energy resources such as fossil fuels along with growing awareness towards energy conservation and sustainability are anticipated to boost the growth of the renewable energy market in the forecast period. However, the high initial cost involved in renewable energy plants acts as a major restraint for the market growth.
Increasing Demand for Renewable Energy is Driving Market Growth
The surging demand for renewable energy is emerging as one of the major driving factors for the renewable energy market growth. According to the International Energy Agency, the renewable energy capacity is projected to surge by 50% for 2021-2026, compared to 2015-2020. Commercial and industrial facilities are increasingly adopting renewable energy to diversify energy supply and reduce the dependence on imported fuel, which proves to be cost-efficient in the long run. This is anticipated to boost the market growth in the forecast period.
Rising Energy Consumption Worldwide is Propelling the Overall Renewable Energy Market
The expanding economic activities in developed and developing countries are boosting the global energy demand. The increasing population and number of electronic items such as smartphones as well as electric vehicles are also resulting in increased energy consumption. However, the non-renewable energy sources such as coal, natural gas, oil, etc., are unable to meet the growing energy demands. This is prompting the shift towards non-renewable energy sources, which is providing lucrative growth opportunities to the overall market growth.
Renewable Energy Market - By End-User
Based on end-user, end-user, the renewable energy market is segmented into residential, commercial, industrial, and others. The industrial segment dominates the market owing to the high investment required for setting up renewable energy infrastructure. The adoption of renewable energy proves to be economical for the industrial sector and cuts their overall operational cost in the long run, which favors the market growth. The residential sector also covers a substantial market share owing to government support and subsidies for home installations.
Renewable Energy Market - Regional Insights
Geographically, the renewable energy market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America accounts for the largest share in the renewable energy market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. Countries such as India, China, Japan, etc., are significantly investing towards renewable energy market infrastructure. China is among the leading producers of electricity through renewable energy. The government of other emerging economies is also investing significantly which is propelling the overall market growth.
Impact of COVID-19 on Renewable Energy Market
The renewable energy market was significantly halted by the sudden COVID-19 pandemic outbreak. The private and public operations of the renewable energy infrastructure development were halted due to lockdown restrictions and social distancing norms. The government investment towards renewable energy was also diverted towards healthcare infrastructure, which also halted the growth of the renewable energy market. However, the market is projected to flourish in the post lockdown period as the need for sustainability and better energy conservation plans spikes.
Competitive Landscape
The leading market players of the renewable energy market are First Solar Inc., Jinko Solar Holding Co. Ltd, Vestas Wind Systems A/S, Canadian Solar Inc., Orsted AS, Acciona Energia SA, EDF SA, Berkshire Hathaway Energy, NextEra Energy Inc., Duke Energy Corporation, General Electric Company, Siemens Gamesa Renewable Energy SA, Innergex Renewable Energy, Invenergy, Tata Power Company Limited, and other prominent players.
The renewable energy market holds great future potential and is, therefore, highly fragmented with the presence of several established players and startups. The companies are significantly investing towards expanding their energy generation capacities. They are also attracting significant investments from public and private establishments to expand their product portfolio. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Table of Contents
189 Pages
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Key Market Segments
- 2. Research Methodology
- 2.1. Qualitative Research
- 2.2. Methodology
- 2.3. Regional Split of Primary & Secondary Research
- 2.4. Secondary Research
- 2.5. Primary Research
- 2.5.1. Breakdown of Primary Research Respondents, By Region
- 2.5.2. Breakdown of Primary Research Respondents, By Industry Participants
- 2.6. Market Size Estimation
- 2.7. Assumptions for the Study
- 2.8. Market Breakdown & Data Triangulation
- 3. Executive Summary
- 4. Industry Insight and Growth Strategy
- 4.1. Value Chain Analysis
- 4.2. DROC Analysis
- 4.2.1. Market Drivers
- 4.2.1.1. Rising Private-Public Investment Towards Renewable Energy
- 4.2.1.2. High Growth Potential In Emerging Economies
- 4.2.2. Market Restraints
- 4.2.2.1. High Investment Involved In Renewable Energy Infrastructure
- 4.2.3. Market Challenges
- 4.2.3.1. Negative Impact of the COVID-19 Pandemic Outbreak
- 4.2.4. Market Opportunity
- 4.2.4.1. Rising Energy Consumption Worldwide
- 4.2.4.2. Increasing Demand For Renewable Energy
- 4.3. Recent Developments
- 4.4. Porter’s Five Forces Analysis
- 4.4.1. Bargaining Power of Buyers
- 4.4.2. Bargaining Power of Suppliers
- 4.4.3. Intensity of Rivalry
- 4.4.4. Threat of New Entrants
- 4.4.5. Threat of Substitutes
- 5. Renewable Energy Market Overview
- 5.1. Market Size & Forecast by Value, 2018-2028
- 5.2. Market Size and Forecast, By Segment
- 5.2.1. By Type
- 5.2.1.1. Hydroelectric Power
- 5.2.1.2. Wind Power
- 5.2.1.3. Bioenergy
- 5.2.1.4. Solar
- 5.2.1.5. Geothermal
- 5.2.1.6. Others
- 5.2.2. By End-User
- 5.2.2.1. Residential
- 5.2.2.2. Commercial
- 5.2.2.3. Industrial
- 5.2.2.4. Others
- 5.2.3. By Region
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia-Pacific
- 5.2.3.4. Latin America
- 5.2.3.5. Middle East & Africa
- 6. North America Renewable Energy Market Overview
- 6.1. Market Size and Forecast
- 6.1.1. By Value (USD Billion), 2021-2028
- 6.2. Market Share and Forecast
- 6.2.1. By Type
- 6.2.2. By End-User
- 6.2.3. By Country
- 6.2.3.1. U.S.
- 6.2.3.2. Canada
- 7. Europe Renewable Energy Market Overview
- 7.1. Market Size and Forecast
- 7.1.1. By Value (USD Billion), 2021-2028
- 7.2. Market Share and Forecast
- 7.2.1. By Type
- 7.2.2. By End-User
- 7.2.3. By Country
- 7.2.3.1. Germany
- 7.2.3.2. U.K.
- 7.2.3.3. Russia
- 7.2.3.4. France
- 7.2.3.5. Italy
- 7.2.3.6. Spain
- 7.2.3.7. Rest of Europe
- 8. APAC Renewable Energy Market Overview
- 8.1. Market Size and Forecast
- 8.1.1. By Value (USD Billion), 2021-2028
- 8.2. Market Share and Forecast
- 8.2.1. By Type
- 8.2.2. By End-User
- 8.2.3. By Country
- 8.2.3.1. China
- 8.2.3.2. India
- 8.2.3.3. Japan
- 8.2.3.4. South Korea
- 8.2.3.5. Rest of APAC
- 9. LATAM Renewable Energy Market Overview
- 9.1. Market Size and Forecast
- 9.1.1. By Value (USD Billion), 2021-2028
- 9.2. Market Share and Forecast
- 9.2.1. By Type
- 9.2.2. By End-User
- 9.2.3. By Country
- 9.2.3.1. Mexico
- 9.2.3.2. Brazil
- 9.2.3.3. Rest of LATAM
- 10. MEA Renewable Energy Market Overview
- 10.1. Market Size and Forecast
- 10.1.1. By Value (USD Billion), 2021-2028
- 10.2. Market Share and Forecast
- 10.3. By Type
- 10.4. By End-User
- 10.5. By Country
- 10.5.1. Saudi Arabia
- 10.5.2. UAE
- 10.5.3. South Africa
- 10.5.4. Rest of MEA
- 11. Competitive Landscape
- 11.1. List of Key Players and Their Offerings
- 11.2. Market Share Analysis (2020)
- 11.3. Competitive Benchmarking By Operating Parameters
- 12. Impact of COVID-19 on Renewable Energy Market
- 13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
- 13.1. First Solar Inc.
- 13.2. Jinko Solar Holding Co. Ltd
- 13.3. Vestas Wind Systems A/S
- 13.4. Canadian Solar Inc.
- 13.5. Orsted AS
- 13.6. Acciona Energia SA
- 13.7. EDF SA
- 13.8. Berkshire Hathway Energy
- 13.9. NextEra Energy Inc.
- 13.10. Duke Energy Corporation
- 13.11. General Electric Company
- 13.12. Siemens Gamesa Renewable Energy SA
- 13.13. Innergex Renewable Energy
- 13.14. Invenergy
- 13.15. Tata Power Company Limited
- 13.16. Other Prominent Players
- 14. Key Strategic Recommendations
- List of Figures
- Figure 1: Renewable Energy Market Segmentation
- Figure 2: Renewable Energy Market Value Chain Analysis,
- Figure 3: Company Market Share Analysis, 2020
- Figure 4: Renewable Energy Market Size, By Value (USD Billion), 2018-2028
- Figure 5: Renewable Energy Market Share (%), By Type, By Value, 2018-2028
- Figure 6: Renewable Energy Market Share (%), By End-User, By Value, 2018-2028
- Figure 7: Renewable Energy Market Share (%), By Region, By Value, 2018-2028
- Figure 8: North America Renewable Energy Market Size, By Value (USD Billion), 2018-2028
- Figure 9: North America Renewable Energy Market Share (%), By Type, By Value, 2018-2028
- Figure 10: North America Renewable Energy Market Share (%), By End-User, By Value, 2018-2028
- Figure 11: North America Renewable Energy Market Share (%), By Country, By Value, 2018-2028
- Figure 12: Europe Renewable Energy Market Size, By Value (USD Billion), 2018-2028
- Figure 13: Europe Renewable Energy Market Share (%), By Type, By Value, 2018-2028
- Figure 14: Europe Renewable Energy Market Share (%), By End-User, By Value, 2018-2028
- Figure 15: Europe Renewable Energy Market Share (%), By Country, By Value, 2018-2028
- Figure 16: Asia-Pacific Renewable Energy Market Size, By Value (USD Billion), 2018-2028
- Figure 17: Asia-Pacific Renewable Energy Market Share (%), By Type, By Value, 2018-2028
- Figure 18: Asia-Pacific Renewable Energy Market Share (%), By End-User, By Value, 2018-2028
- Figure 19: Asia-Pacific Renewable Energy Market Share (%), By Country, By Value, 2018-2028
- Figure 20: Latin America Renewable Energy Market Size, By Value (USD Billion), 2018-2028
- Figure 21: Latin America Renewable Energy Market Share (%), By Type, By Value, 2018-2028
- Figure 22: Latin America Renewable Energy Market Share (%), By End-User, By Value, 2018-2028
- Figure 23: Latin America Renewable Energy Market Share (%), By Country, By Value, 2018-2028
- Figure 24: Middle East & Africa Renewable Energy Market Size, By Value (USD Billion), 2018-2028
- Figure 25: Middle East & Africa Renewable Energy Market Share (%), By Type, By Value, 2018-2028
- Figure 26: Middle East & Africa Renewable Energy Market Share (%), By End-User, By Value, 2018-2028
- Figure 27: Middle East & Africa Renewable Energy Market Share (%), By Region, By Value, 2018-2028
- List of Tables
- Table 1: Renewable Energy Market Size, By Type, By Value, 2018-2028
- Table 2: Renewable Energy Market Size, By End-User, By Value (USD Billion), 2018-2028
- Table 3: Renewable Energy Market Size, By Region, By Value (USD Billion), 2018-2028
- Table 4: North America Renewable Energy Market Size, By Type, By Value (USD Billion), 2018-2028
- Table 5: North America Renewable Energy Market Size, By End-User, By Value (USD Billion), 2018-2028
- Table 6: North America Renewable Energy Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 7: Europe Renewable Energy Market Size, By Type, By Value (USD Billion), 2018-2028
- Table 8: Europe Renewable Energy Market Size, By End-User, By Value (USD Billion), 2018-2028
- Table 9: Europe Renewable Energy Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 10: Asia-Pacific Renewable Energy Market Size, By Type, By Value (USD Billion), 2018-2028
- Table 11: Asia-Pacific Renewable Energy Market Size, By End-User, By Value (USD Billion), 2018-2028
- Table 12: Asia-Pacific Renewable Energy Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 13: Latin America Renewable Energy Market Size, By Type, By Value (USD Billion), 2018-2028
- Table 14: Latin America Renewable Energy Market Size, By End-User, By Value (USD Billion), 2018-2028
- Table 15: Latin America Renewable Energy Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 16: The Middle-East & Africa Renewable Energy Market Size, By Type , By Value (USD Billion), 2018-2028
- Table 17: The Middle-East & Africa Renewable Energy Market Size, By End-User, By Value (USD Billion), 2018-2028
- Table 18: The Middle-East & Africa Renewable Energy Market Size, By Country, By Value (USD Billion), 2018-2028
- Table 19: First Solar Inc. Financial Analysis
- Table 20: First Solar Inc. Business Overview
- Table 21: Jinko Solar Holding Co. Ltd Financial Analysis
- Table 22: Jinko Solar Holding Co. Ltd Business Overview
- Table 23: Vestas Wind Systems A/S Corporation Financial Analysis
- Table 24: Vestas Wind Systems A/S Corporation Business Overview
- Table 25: Canadian Solar Inc. Financial Analysis
- Table 26: Canadian Solar Inc. Business Overview
- Table 27: Orsted AS Financial Analysis
- Table 28: Orsted AS Business Overview
- Table 29: Acciona Energia SA Financial Analysis
- Table 30: Acciona Energia SA Business Overview
- Table 31: EDF SA Financial Analysis
- Table 32: EDF SA Business Overview
- Table 33: Berkshire Hathway Energy Financial Analysis
- Table 34: Berkshire Hathway Energy Business Overview
- Table 35: NextEra Energy Inc. Financial Analysis
- Table 36: NextEra Energy Inc. Business Overview
- Table 37: Duke Energy Corporation Financial Analysis
- Table 38: Duke Energy Corporation Business Overview
- Table 39: General Electric Company Financial Analysis
- Table 40: General Electric Company Financial Analysis
- Table 41: Siemens Gamesa Renewable Energy SA Financial Analysis
- Table 42: Siemens Gamesa Renewable Energy SA Financial Analysis
- Table 43: Innergex Renewable Energy Financial Analysis
- Table 44: Innergex Renewable Energy Financial Analysis
- Table 45: Invenergy Financial Analysis
- Table 46: Invenergy Financial Analysis
- Table 47: Tata Power Company Limited Financial Analysis
- Table 48: Tata Power Company Limited Financial Analysis
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