According to the latest research by nova one advisor the global renewable energy market revenue surpassed USD 1.23 trillion in 2022 and is estimated to reach around USD 6.07 trillion by 2032, growing at a healthy CAGR of 17.3% from 2023 to 2032.
The report Renewable Energy Market Size, Share & Trends Analysis Report By Product (Bioenergy, Hydropower, Wind Power, Solar Energy), By Application (Industrial, Residential, Commercial), By Region (Europe, Asia Pacific), And Segment - Global Forecast to 2032", is projected to grow from USD 1.44 trillion in 2023 to USD 6.07 trillion by 2032, at a CAGR of 17.3% during the forecast period.
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- Asia Pacific accounted for a significant revenue share of 41.19% in 2023.
- The market in North America is expected to grow at a significant pace over the forecast period.
- The solar power segment accounted for the largest market share of 31.9% in 2023
- Hydropower segment accounted for a significant revenue share of 16.95% in 2023.
- Based on application, the market is further divided into industrial, commercial, and residential segments. The industrial segment led the market in 2023 and accounted for a revenue share of 61.90%.
- These factors are expected to drive demand for solar PV panels in industrial application segment over the forecast period.
- The expansion of solar PV panels facility in residential applications is expected to increase product demand over forecast period.
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Numerous governments across the world have framed various regulations to reduce Greenhouse Gas (GHG) emissions. The shift toward low-carbon fuels and the presence of stringent environmental regulations in most of the developed countries have provided a major boost to the renewable energy sector. Due to climate change and increasing environmental concerns, most governments have set targets to cut down their emissions. As a result, there have been huge investments in renewable energy and alternate fuels, and this trend is expected to continue in the coming years.
Thus, the increasing inclination toward eco-friendly products to reduce emissions is expected to fuel the demand for renewable energy over the forecast period. The hydropower segment accounted for a share of 16.65% of the overall revenue in 2023. Hydropower, also known as hydroelectric power, offers advantages to communities and plays a crucial role to help climate change by providing storage, power, and flexibility services. It is a domestic source of energy, which allows each state to generate its own energy without reliance on any international fuel sources. The solar Power segment is expected to witness the largest growth over the forecast period owing to it being low in cost and reducing electricity interruptions. The industrial segment was the largest in 2023 and accounted for a revenue share of about 61.90%.
The growing demand for clean electricity is expected to increase the number of utility projects and fuel the PV modules market growth across the industrial sector. The commercial segment is expected to grow at the fastest CAGR over the forecast period. The rapid adoption of PV modules in corporate offices, hotels, and hospitals is expected to drive product demand across the commercial sector coupled with increased power demand in communication base stations and data centers. The market in Asia Pacific was the largest in 2023 with a revenue share of 40.98%. The increasing demand for renewable energy in Asia Pacific is attributed to the rising installation of solar power projects in China and India.
These countries are the key markets for solar panels, both globally and in Asia Pacific. In addition, other countries in the region, including Australia and Japan, have high growth potential for the market as they have been investing largely in solar power generation for the last few years. Major players in the industry are focusing on innovation and technological advancements to reduce the cost of renewable energy and make it competitive with traditional power sources, such as natural gas and coal. In addition, industry participants are emphasizing practicing several strategic initiatives, such as joint ventures, partnerships, and mergers & acquisitions, to strengthen their foothold in the global market over the coming years.
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Greenhouse gas emissions from various energy-intensive industries including transportation, buildings, energy, agriculture, and others have been increasing over the past decade, leading to a change in climate pattern. These factors also contribute to the rising global temperature as well as disrupt human and environmental activities. Various initiatives to offset these emissions include a shift toward alternative energy sources and increasing energy efficiency. Various steps taken to achieve emission reduction include technology transfer from developed to developing countries and use of alternate fuels.
As solar PV systems are a form of renewable energy, governments of various countries have implemented programs including feed-in tariffs to provide various economic incentives for investments. The high initial investment to produce renewable energy is expected to restrain market growth. The cost of renewable energy production comprises land, materials, equipment, and labor. Financial assistance is required for the development and expansion of biogas plants. The process of procuring and converting raw materials is costly and time-consuming. Hence, these factors are expected to hinder market growth in the coming years.
The solar power segment accounted for the largest market share of 31.9% in 2023, and is expected to grow at a significant rate over the forecast period. It is low cost, offers a home or business ‘green label', and reduces electricity interruptions. Grid electricity has a lot of power outages and even hydroelectric power is prone to power outages during transmission; however, solar systems are more efficient when it comes to transmissions. Hydropower segment accounted for a significant revenue share of 16.95% in 2023.
Hydropower, also known as hydroelectric power, offers advantages to communities and plays a crucial role in helping climate change by providing storage, power, and flexibility services. Wind power and bioenergy segments are also expected to increase steadily over the forecast period as traditional energy sources get replaced by renewable energy. As of 2020, China leads with wind energy with an installed capacity of 221 GW followed by the U.S. with 96.4 GW, Germany with 59.3, India with 35 GW, and Spain with 23 GW.
These factors combined with environmental concerns regarding the use of fossil fuels are expected to drive the demand for wind energy over the forecast period. Geothermal energy is renewable energy derived from the earth's heat and can be harnessed as a source of renewable electricity and for cooling & heating applications. The U.S. leads the world's geothermal energy capacity with 3.7 GW. Furthermore, the largest geothermal plant in the world is located in California, and with strong industry adoption, geothermal energy is expected to meet 10% of the U.S. electricity demand in the near future. These factors are expected to drive market demand over the forecast period.
Based on application, the market is further divided into industrial, commercial, and residential segments. The industrial segment led the market in 2023 and accounted for a revenue share of 61.90%. The growing demand for clean electricity is expected to increase the number of utility projects and fuel PV modules market growth across industrial sector. According to the Solar Energy Industries Association, there are over 37 GW of power plants in operation in the U.S. as of 2020, with an additional 112 GW in development. These factors are expected to drive demand for solar PV panels in industrial application segment over the forecast period.
The expansion of solar PV panels facility in residential applications is expected to increase product demand over forecast period. In July 2023, Bakersfield Refinery Solar PV Park announced the installation of a solar PV power project with a capacity of 10MW. It is set to take place in California and will be built in a single step. It is anticipated to begin in 2023, with commercial operations beginning in 2024. Commercial solar PV panels have a lifespan of over 15-20 years and can be used to power industrial buildings in off-grid or remote locations, pre-heating ventilation air, and water heating in offices, businesses, etc. the rapid adoption of PV modules in corporate offices, hotels, and hospitals is expected to drive product demand across the commercial sector coupled with increased power demand in communication base stations and data centers.
Asia Pacific accounted for a significant revenue share of 41.19% in 2023. The increasing demand for renewable energy in Asia Pacific is attributed to rising installation of solar power projects in China and India. These countries are key markets for solar panels both globally and in the Asia Pacific region. In addition, countries in the region, including Australia and Japan, have high growth potential as they have been investing largely in solar power generation for the last few years.
The market in North America is expected to grow at a significant pace over the forecast period. Power generation fromindustrial sector has increased over the years due to more efficient solar cellsavailable in market. Intensifying competition in industry has helped reduce price of electricity produced as well as increasing variety of solar panels. These factors are expected to bolster demand for renewable energy in the region over the forecast period. Moreover, factors including growing concerns about GHG emissions, generation cost, and regulations to decrease carbon footprint are projected to drive growth of renewable energy over the forecast period.
Some of the prominent players in the Renewable Energy Market include:
- Acconia S.A.
- Enel Spa
- General Electric
- Schneider Electric
- Siemens Gamesa Renewable Energy, S.A.
- Suzlon Energy Ltd.
- Tata Power
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2020 to 2032. For this study, Nova one advisor, Inc. has segmented the global Renewable Energy market.
- Wind Power
- Solar Power
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