According to the [197+ Pages Report] from Facts and Factors, a Market Research study concludes that the global Renewable Energy Market size & share is expected to grow at a CAGR of 8.3% between 2020 and 2026. The market revenue of US $1089 Million in 2019 is expected to grow up to US $1911 Million by 2026. Leading to excessive emissions of greenhouse gases (GHGs), especially CO2, caused by the use of fossil energy for energy production, the global renewable energy demand is anticipated to develop significantly during the forecast period.
The growth of the global renewable energy market is mainly attributed to increased emissions of greenhouse gases (GHGs) paired with the limited presence of fossil fuels on the earth. Further, advancement in technologies and rising government funding in renewable energy sectors are expected to offer new alluring opportunities for the market participant in years to come.
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Industry Major Market Players
- General Electric
- Vestas Wind Systems A/S
- UpWind Solutions Inc.
- Senvion S.A.
- Sinovel Wind Group Co. Ltd.
- Xcel Energy Inc.
- ENERCON GmbH
- ABB Ltd.
- Tata Power Company Limited
- Geronimo Energy
- Enel Spa.
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Renewable energy is becoming more appealing to investors as they need to fix the climate crisis by reducing carbon emissions becomes more widely understood. Renewables are predicted to replace coal as the world’s largest source of electricity generation by 2025, putting an end to coal’s five-decade reign as the most dominant energy source. Renewable technology has the potential to significantly reduce greenhouse gas emissions. Renewable energy can help to reduce the use of fossil fuels, which are the main source of carbon dioxide emissions in the United States. Renewable energy usage in the United States is expected to grow through 2050, according to the US Energy Information Administration. In 2019, the electric power market accounted for about 56% of total renewable energy demand in the United States, and renewable energy sources accounted for about 17% of total electricity production. Renewable energy patterns are quickly evolving, and large businesses are focused on producing energy from a variety of sources. Solar and wind power are two of the most important renewable energy sources. Other renewable energy sources such as ocean energy, biomass, and geothermal have gained prominence. Many major corporations are now focusing on geothermal energy, which has a number of advantages. These are the major factors predicted to propel the growth of renewable energy in years to come.
Global Renewable Energy Market: Growth Factors
Leading to excessive emissions of greenhouse gases (GHGs), especially CO2, caused by the use of fossil energy for energy production, the global renewable energy demand is anticipated to develop significantly during the forecast period. Furthermore, the renewable energy industry is fuelled by the limited supply of fossil fuels on the planet, as well as their unpredictable costs. Renewable energy generation, on the other hand, necessitates a major expenditure. During the forecast period, this factor is expected to limit the market growth. Moreover, in the Middle East, fossil fuels are mainly used to produce electricity because they are less costly than in other areas. The market’s growth is slowed as a result of this. Continuous technological advancements and increased government investment in the renewable energy sector, on the other hand, would provide significant growth opportunities during the evaluation timeframe. The scale of the renewable energy market is rising as government policies on climate change become more stringent in both developed and emerging economies.
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Asia Pacific Region Projected To Dominate Global Renewable Energy Market Growth
Regionally, the global market for renewable energy is significantly segmented into Latin America, Middle East, and Africa, North America, and Europe. Due to mandates issued by governments of several countries to reduce greenhouse gas emissions, Asia Pacific currently dominates the global market for renewable energy. The rise in industrialization paired with population growth in countries such as China, India, and the Southeast Asia region is also estimated to support the growth of the renewable energy market in the Asia Pacific region considerably. Due to advances in technology and the availability of new sources of energy across the region, Europe is projected to be the second-largest market for renewable energy.
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The global Renewable Energy market is segmented as follows:
- Hydroelectric Power
- Wind Power Energy
- Solar Energy
- Geothermal Energy
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