According to Markntel Advisors Report, Renewable Energy Market is expected to grow at a significant growth rate, and the analysis period is 2025-2030, considering the base year as 2024.Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
The energy generated from non-polluting and abundant resources, such as solar, wind, water, etc., is known as a renewable form of energy. The infinite availability of these resources showcases them as lucrative raw materials for energy generation. Low-to-zero combustion processes during the generation of electricity through renewable energy sources make them non-polluting and green energy sources.
Global Renewable Energy Market Research Report Summary:
The Global Renewable Energy Market size was valued at around USD 1080 billion in 2024 and is projected to reach USD 1918 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 12.17% during the forecast period, i.e., 2025-30.
Time Period Captured in the Report:
- Historical Years: 2020-2023
- Base Years: 2024
- Forecast Years: 2025-2030
Who are the Key Players Operating in the Renewable Energy Market?
The top companies of the Renewable Energy Market ruling the industry are:
Iberdrola, Siemens Gamesa, Ørsted A/S, NextEra Energy, Inc., EDf Renewable, General Electric, Vestas, Acciona, S.A., Canadian Solar, Enel Green Power SpA, Lightsource BP, Adani Green Energy Ltd., Tata Power Renewables, Enterprize Energy, JSW Energy, and others
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Global Renewable Energy Industry Recent Development:
2024: Spanish renewable energy giant Siemens Gamesa attained a contract for the production, delivery, and servicing of wind turbines with a capacity of 14.4 MW for a 1.44 GW offshore wind farm in Poland. The company had received this contract from Equinor and Polenergia. This project aims to supply electricity to nearly 2 million Polish homes.
What is Included in Renewable Energy Market Segmentation?
The Renewable Energy Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
-By Source
-Solar – Market Size Forecast, 2020-2030, MWh
-Wind – Market Size Forecast, 2020-2030, MWh
-Hydro – Market Size Forecast, 2020-2030, MWh
-Others (Biomass, geothermal, etc.) – Market Size Forecast, 2020-2030, MWh
-By End User
-Residential – Market Size Forecast, 2020-2030, MWh
-Commercial – Market Size Forecast, 2020-2030, MWh
-Industrial – Market Size Forecast, 2020-2030, MWh
-By Region
-North America
-South America
-Europe
-The Middle East Africa
-Asia-Pacific
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Market Dynamics -Global Renewable Energy Market:
Rising Energy Security Concerns to Drive Market Growth – In today’s world, being energy-dependent is a serious threat to the nation’s economy. The conventional energy sources being limited to some parts of the globe disturbed the balance of power income between nations. Therefore, a crucial need for upgrading and transitioning to new energy sources arose. Nations with low reserves of fossil fuels have been the first to deploy renewable energy in their existing power grids. Countries such as China and India have rapidly increased the share of renewables, especially solar, in their energy mix, helping in the steady addition of global renewable energy capacity each year. As per the IEA, in 2023 alone, approximately 510 GW was added to the existing capacity, which is estimated to be an increase of about 50% in contrast with that of 2022. For this, the countries have extended support to the private players in terms of policy support, financial support, etc., which has been fueling the market size volume of renewable energy globally.
For Instance,
- In 2023, the Indian government aimed to invest nearly USD 4.3 billion for its energy security goals and green energy transition plans.
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