Renewable Power Generation Market Demand To Reach 12,630.9 TWh By 2027 | Grand View Research Inc.

Renewable Power Generation Market Demand To Reach 12,630.9 TWh By 2027 | Grand View Research Inc.

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According to report published by Grand View Research, Growing worldwide energy crisis has stimulated the need for sustainable energy and power generation.

Renewable Power Generation Market Growth & Trends

The global renewable power generation market demand is expected to reach 12,630.9 TWh by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.9% over the forecast period. Switching from conventional fossil fuels to renewable sources is underway to achieve economic, social, and environmental developments. Moreover, such investments in renewable and clean resource sectors are estimated to generate commercial opportunities as well as new jobs.

The world economy will be in the expansion mode after the COVID-19 pandemic, therefore demand for power is expected to increase exponentially in the coming years. This is a result of the higher living standards and economic growth. Fossil fuels currently dominate the present power supply, accounting for almost 60% of the energy increase until 2035. However, the shift towards low carbon fuels, coupled with stringent environment regulations in most of the developed countries, has provided a major boost to renewable energy.

The renewable energy market has witnessed a surge in installation capacity over the past few years on account of growing environmental concerns, coupled with the aim to reduce the harmful effects of greenhouse gasses. This has been a major factor for the expansion of wind energy. Government support to save energy and improve the efficiency will result in propelling growth over the forecast period.

Renewable energy is clean, silent, and freely available. This source of power has also become aesthetically appealing after the implementation of solar panels in residential and commercial buildings. The recent dip in the solar panel prices on account of hardware cost reductions as well as rising focus on tackling soft costs is further projected to augment the installation rates. Despite the extensive research & development costs associated, the major providers of solar panels have successfully reduced design, along with overhead costs.

U.S. renewable power (energy) generation market demand, by product, 2016 - 2027 (TWh)

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Renewable Power Generation Market Report Highlights

  • By product, the hydropower segment held the largest share of almost 63% in 2019 due to its wide availability and low cost

  • The solar segment is anticipated to expand at the fastest CAGR of 9.5% from 2020 to 2027 on account of declining prices of solar panels and technological upgradation

  • Asia Pacific led the renewable energy generation market in 2019 and is anticipated to reach 5,311.3 TWh by 2027 owing to presence of numerous end-use industries, such as automobile, electronics, manufacturing, and pharmaceutical

  • In Asia Pacific, China accounted the largest share of 66.5% in 2019. Rapid industrialization and growing population over the past few years has resulted in increased demand for clean energy in this country

  • Research & development activities, partnership with local governments, and technological collaborations are some of the strategic initiatives taken up by leading companies.

Global renewable power (energy) generation market share, by product, 2019 (%)

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Renewable Power Generation Market Segmentation

Grand View Research has segmented the global renewable power generation market on the basis of product and region:

Renewable Power GenerationProduct Outlook (Electricity Generation, TWh, 2016 – 2027)

  • Hydropower

  • Wind

  • Solar

  • Bioenergy

  • Others

Renewable Power Generation Regional Outlook (Electricity Generation, TWh, 2016 – 2027)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • Russia

    • Norway

    • Italy

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Iran

    • Egypt

List of Key Players of Renewable Power Generation Market

  • General Electric

  • ABB Ltd.

  • The Tata Power Company Limited (Tata Power)

  • Xcel Energy Inc.

  • Innergex

  • Enel Spa

  • EDF

  • Geronimo Energy


  • Invenergy

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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