Report segments Global Renewable Energy Market based on Type (Hydropower, Wind Energy, Solar Energy, Bioenergy, Geothermal Energy, Ocean Energy), End-Use [Industrial (Power, Chemicals & Petrochemicals, Oil & Gas, Food & Beverage), Residential and Commercial], & Region.
Global Renewable Energy Market Highlights:
Market Research Future (MRFR) in its latest report projects that the Global Renewable Energy Market will post a CAGR of 8.53% from 2019 to 2027 and surpass a valuation of USD 2, 900 Bn. Renewable Energy Market by Investments, Merger, Acquisitions, Leading Players, And Key Country Forecast To 2023. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia Pacific, and Rest of the World.
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Leading Players Studied In Report are:
NextEra Energy, Inc., On Power, Tocardo BV, Vestas Wind Systems A/S, Canadian Solar Inc., Ocean Power Technologies, Inc., Enel Spa, SynTech Bioenergy LLC, General Electric, Yingli Solar, and Siemens AG.
Renewable energy is generated from sources that do not have a finite end, such as solar, wind, and hydropower. These primary renewable energy resources are continuously replenished and never run out, unlike conventional energy sources, which are costly and damaging to the environment. Growing concern over the environmental implication of burning fossil fuel, is driving the adoption of renewable energy sources. Moreover, the growing energy consumption worldwide is prompting exploration of new energy resources which will be sustainable in the future.
Rising concern over carbon emission is prompting policy makers to implement laws that facilitate a faster adoption of renewable energy. At the same time, increased demand for energy across the globe is creating market opportunities for renewable energy. It is important to seek solutions that ensure efficient and uninterrupted power supply.
MRFR’s report includes a thorough segmental analysis of the market on the basis of type, end-use and region.
By type, the market has been segmented into wind energy, bioenergy, ocean energy, hydropower, geothermal energy and solar energy. Of these, the hydropower segment accounts for a considerable market share and is likely to remain highly attractive over the next several years. In addition, the segment is expected to witness a CAGR of 11.02% during the assessment period.
In terms of revenue, the wind energy segment holds the second largest share of the market. In 2017, the segment was valued at USD 262.4 Bn and is expected to witness a healthy growth over 2027. By end-use, the market has been segmented into industrial, residential and commercial.
The industrial segment is further sub-segmented into power, chemicals & petrochemicals, iron & steel, food & beverage, oil & gas, automotive and others. In 2018, the chemicals and petrochemicals sub-segment held 19.07% share in the market. The segment is likely to make a significant contribution to the growth of the global renewable energy market during the projection period.
The chemical and petrochemical sector is a major consumer of energy and hence presents significant market opportunities. Renewable energy is gaining traction in the sector owing to operation cost benefits and environmental viability.
In 2018, Asia-Pacific (APAC) accounted for the largest share of the global renewable energy market. In addition, the APAC renewable energy market is projected to exhibit a CAGR of 8.90% during the forecast period. In recent years, energy consumption has increased manifold in APAC. With traditional power resources failing to meet this rising energy requirement, the spotlight is shifting towards alternative energy resources. In APAC, the demand for energy is fueled by rapid industrialization and urbanization.
A burgeoning middle-class has led to the expansion of the consumer base in Asia. According to the International Renewable Energy Agency, Asia accounted for around two-thirds of the worldwide increase in renewable generating capacity in 2017. China and India are making massive investments in renewable energy, which is drawing tremendous commercial interest towards these countries. Efforts to tackle the rising level of pollution is driving the adoption of eco-friendly power generation solution in these countries.
List Of Tables:
TABLE 1 MARKET SYNOPSIS 14
TABLE 2 LIST OF ASSUMPTIONS 23
TABLE 3 GLOBAL RENEWABLE ENERGY MARKET, BY TYPE, 2017–2027 (USD BILLION) 31
TABLE 4 GLOBAL RENEWABLE ENERGY MARKET, BY INDUSTRIAL, 2017–2027 (USD BILLION) 35
TABLE 5 GLOBAL RENEWABLE ENERGY MARKET, BY END-USE, 2017–2027 (USD BILLION) 36
TABLE 6 GLOBAL RENEWABLE ENERGY MARKET, BY REGION, 2017–2027 (USD BILLION) 38
TABLE 7 NORTH AMERICA RENEWABLE ENERGY MARKET, BY COUNTRY, 2017–2027 (USD BILLION) 39
TABLE 8 NORTH AMERICA RENEWABLE ENERGY MARKET, BY TYPE, 2017–2027 (USD BILLION) 40
TABLE 9 NORTH AMERICA RENEWABLE ENERGY MARKET, BY END-USE, 2017–2027 (USD BILLION) 40
TABLE 10 US: RENEWABLE ENERGY MARKET, BY TYPE, 2017–2027 (USD BILLION) 41
List Of Figures:
FIGURE 1 RENEWABLE ENERGY MARKET: MARKET STRUCTURE 17
FIGURE 2 RESEARCH PROCESS OF MRFR 19
FIGURE 3 TOP-DOWN & BOTTOM-UP APPROACHES 22
FIGURE 4 GLOBAL RENEWABLE ENERGY INVESTMENT, 2016 (USD BILLION) 25
FIGURE 5 GLOBAL RENEWABLE ENERGY MARKET, BY TYPE, 2018 (% SHARE) 30
FIGURE 6 GLOBAL RENEWABLE ENERGY MARKET, BY INDUSTRIAL END-USER, 2018 (% SHARE) 35
FIGURE 7 GLOBAL RENEWABLE ENERGY MARKET, BY END-USE, 2018 (% SHARE) 36
FIGURE 8 GLOBAL RENEWABLE ENERGY MARKET, BY REGION, 2018 (% SHARE) 38
FIGURE 9 NORTH AMERICA RENEWABLE ENERGY MARKET, BY COUNTRY, 2018 (% SHARE) 39
FIGURE 10 ASIA-PACIFIC RENEWABLE ENERGY MARKET, BY COUNTRY, 2018 (% SHARE) 44
FIGURE 11 EUROPE RENEWABLE ENERGY MARKET, BY COUNTRY, 2018 (% SHARE) 53
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