According to industry experts, the Renewable Energy industry is projected to register a CAGR of 6.9% during the forecast period 2020-2027.
The global renewable energy market was estimated at USD $881.7 billion in 2020 and expected to hit USD 1,922.3 billion by 2027, poised to grow at a compound annual growth rate (CAGR) of 6.9% during the forecast period 2020 to 2027.
Renewable energy is derived from natural sources such as wind and sunlight. Solar, geothermal, wind, bioenergy, hydropower, and ocean power are some of the major sources of renewable energy. Currently, renewable energy is utilized in heating, electricity, cooling, and transport sectors. Renewable energy collectively provides around 7% of the world's energy demand. Renewable energy is relatively more expensive than fossil fuel. Several factors are responsible to drive the usage of renewable energies, the most crucial being the attribution of global warming due to carbon dioxide (CO2) emission from the combustion of fossil fuels. The concern about the reduction of greenhouse gas emissions, increase in search for energy security along with the aversion to traditional nuclear power, and lack of progression in the application of the nuclear power are expected to drive the demand for geothermal power market during the forecast period. Governments of various developing and developed countries have focused on promoting renewable energy sources due to increase in output efficiency, less pollution, and low maintenance costs. All these factors collectively surge the demand for renewable energy, thereby augmenting the global renewable energy market growth.
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Growing Demand for Energy and Fuel to Boost Market Growth
The ever-increasing need for energy and fuel in the current world will boost the renewable energy market value over the forecast period. Increasing commercialization and industrialization have led people towards technology that needs more power daily.
Increase in Stringent Regulations to offer Robust Opportunities
The increase in strict regulations and rules concerning climate change particularly in developed and developing economies may add to the global renewable energy market share over the forecast period.
Unpredictable Climate Conditions to act as Market Restraint
The unpredictable climate conditions and high costs involved may act as market restraint over the forecast period.
Unavailability of Renewable Sources to act as Market Challenge
The unavailability of renewable sources may act as a market challenge over the forecast period.
Some of the prominent players in the Renewable Energy market include Vestas Wind Systems A/S, UpWind Solutions, Inc., Senvion S.A., and Sinovel Wind Group Co., Ltd. ENERCON GmbH.
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