Global Renewable Energy Industry
The coal and petroleum deposit of the world are reducing massively, owing to the extensive exploration by human beings for their energy needs. Coal and petroleum take millions of years to regenerate; as a result, humans have no other options but to invest heavily in Renewable Energy. There are several sustainable energy sources available around the globe, which can be utilized to replace conventional energy sources.
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The key players covered in this study
- Vattenfall AB
- Tokyo Electric Power
- Xcel Energy
- RWE Group
- Exelon Corporation
- Hawaiian Electric
- Duke Energy
- Tata Power
- China Three Gorges Corporation
- China Huaneng Group
- SDIC Power Holdings
- China Energy
- China Datang Corporation
- China Resources Power
The world is currently going through an environmental crisis. Traditional fossil fuels generate enormous environmental pollution; as a result, the demand for Renewable Energy is increasing these days. Though the initial installment cost for sustainable energy is comparatively higher than its traditional counterpart, the total cost in the long term is significantly lesser.
International organizations are forcing developing countries to reduce their carbon emissions and adopt sustainable energy. As a result, governments of different countries are promoting the use of sustainable energy.
The industry is anticipated to show a substantial compound annual growth rate (CAGR) during the forecast period.
Market Segmentation of the Global Renewable Energy Market
The global Renewable Energy market can be segmented on the basis of type, application, and region.
By type, the market is divided into wind energy, solar energy, hydro & ocean energy, bio-energy, and others.
Among these, the hydro and ocean energy segment captures the largest market share. The forecast predicts that the wind energy segment will show the highest growth rate across the world up to 2025.
On the basis of application, the market is classified into residential, commercial, industrial, and others. Currently, the industrial segment has the highest market share in the industry. The segment captures a whopping 44.56% of the total market.
Geographical Market Segmentation of the Global Renewable Energy Market
The geographical market of global Renewable Energy includes many regions and countries. Some of the crucial areas are Thailand, Singapore, Europe, North America, China, South Korea, the Asia Pacific, all GCC Countries, Egypt, Germany, the UK, Italy, Spain, Central and South America, Turkey, France, Russia, India, Australia, Canada, Mexico, the USA, Japan, Malaysia, Indonesia, Vietnam, Philippines, Brazil, Rest of Central and South America countries, the Middle East and African region and South Africa.
The Indo Pacific region is expected to show the highest Compound Annual Growth Rate (CAGR) during the forecast period. The presence of multiple developing countries, such as China, India, South Korea, and ASIAN countries, will boost the market share in the coming years. The local governments of these countries have their visionary plan to replace the traditional energy sources with the new ones.
Recent Happenings from the Global Renewable Energy Market
India’s biggest private-sector energy company Adani Transmission Ltd (ATL), has got permission to build its transmission project by the government of India. A report suggests that the company received a letter from the official about the development. The company now can build, operate, and maintain its project on its own. The period of such independent operation is said to be 35 years. The company is planning to establish its plant in the Gujrat region.
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