At 8.53% Renewable Energy Market Size Expected To Reach US$ 2,900 Billion By 2027

At 8.53% Renewable Energy Market Size Expected To Reach US$ 2,900 Billion By 2027

“Renewable Energy Market 2019”
Renewable Energy Market 2019 Global Industry Research Report is latest depth analysis and comprehensive study on “Global Renewable Energy Market”, published by Market Research Future. Market For Renewable Energy segmented by Type, End-Use, Residential and Commercial], & Region.

Renewable Energy Market 2019 Global Industry Research Report is latetst depth analysis and comprehessive study on “Global Renewable Energy Market”, published by Market Research Future. Market For Renewable Energy segmented by 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. According to report Global Renewable Energy market is to rise at 8.53% growth rate and reach USD 2,900 billion by 2027.

Key Players

Ocean Power Technologies, Inc., Ørsted A/S, General Electric, NextEra Energy, Inc., Enel Spa, On Power, Yingli Solar, Tocardo BV, SynTech Bioenergy LLC, Vestas Wind Systems A/S, Siemens AG, Canadian Solar Inc.

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Global Renewable Energy Market Overview

Solar heat and wind will be available to mankind until the earth collapse. And fortunately by then, there will be no existence of the human race. Today, as sapiens strive to survive the ongoing phase of sixth extinction, after already exploiting underground resources of the earth, fossil fuel; we are now desperately looking for alternative resources of energy to power our daily needs to live. This explains the core objective of the growing demand for renewable energy. Renewable energy or clean energy is derived from sources that can be replenished continuously, unlike dirty energy or non-renewable energy.

Presently, renewable energy is booming. Benefits offered by renewable energy are contributing to the fast-paced expansion of the renewable energy market. Solar energy and wind energy are major classifications of renewable energy. Other alternative sources of energy are hydroelectric power, geothermal energy, biomass energy, and ocean.

Faculties of Renewable Energy Market Expansion

Minimal ecological footprint and the ability to replenish are major factors that are expected to contribute to the exponential growth of the global renewable energy market. Alongside, technology is expected to play a significant role in the rapid expansion of the market. Technological advancements are observed to contribute significantly to the market growth.

As per the analysis of Market Research Future (MRFR), in its latest “Renewable Energy Market” report, it reveals that the global market for renewable energy is expected to expand at a CAGR of 8.53% across the forecast period (2019 to 2027). Another important factor that is observed to be responsible for the valuation escalation of the renewable energy market worldwide, is the availability of proficient renewable energy consultants. This is one of the factors that indicate that the global renewable energy market is expected to reach a valuation of USD 2,900 billion by 2027. Rapid Industrialization and Growing Need to Settle Domestic Energy Requirements Boost Renewable Energy Market Progress.

Solar and wind energy are extensively being used to settle domestic, industrial, and commercial heat and electricity needs. Large-scale adoption of solar PV and renewable energy uptake benefiting the heat sector are some of the market trends that are expected to boost the market growth. However, hydropower renewable energy is expected to be the next phase of development in renewable energy sector.

MRFR findings state that the hydropower segment of the market is expected to thrive at a CAGR of 26.40 % and reach a valuation of USD 381.2 billion by 2027. The chemical and petrochemical sector is observed to be the high end-users of renewable energy and is anticipated to tap into a CAGR of 8.95% and value at USD 126.1 billion by 2027. The renewable energy market in India is expected to surge at a high pace due to the existence of numerous chemical producers in the region. Other major consumers of renewable energy are the automotive and the oil and gas industries.

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

FIGURE 12 SOUTH AMERICA RENEWABLE ENERGY MARKET, BY COUNTRY, 2018 (% SHARE) 61

FIGURE 13 MIDDLE EAST & AFRICA RENEWABLE ENERGY MARKET, BY COUNTRY, 2018 (% SHARE) 68

FIGURE 14 GROWTH STRATEGIES ADOPTED BY KEY PLAYERS GLOBAL RENEWABLE ENERGY MARKET, 2016–2018, (%) 75

FIGURE 15 CONTRACTS & AGREEMENTS: % SHARE BY KEY PLAYERS, 2016–2018, (%) 77

FIGURE 16 PARTNERSHIP & COLLABORATION: % SHARE BY KEY PLAYERS, 2016–2018, (%) 7

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