Renewable Energy Market is estimated to be US$ 1936.14 billion by 2030 with a CAGR of 8.3% during the forecast period
Renewable Energy Market accounted for US$ 881.7 billion in 2020 and is estimated to be US$ 1936.14 billion by 2030 and is anticipated to register a CAGR of 8.3%. Renewable energy technology makes use of natural energy sources such as water, the sun, the wind, the earth's heat, and plants, which are constantly replenished by nature. Renewable energy methods transform fuels into heat, chemicals, mechanical power, and electricity, among other forms of energy. Renewable energy is booming, thanks to technological advancements that are lowering costs and delivering on the promise of a clean energy future. Solar and wind energy in the United States is smashing records and is being incorporated into the national electrical system without jeopardizing dependability.
The report "Global Renewable Energy Market, By Types (Geothermal Energy, Hydroelectric Power, Wind Power, Solar Energy, and Bioenergy), By End-user (Industrial, Residential, Commercial, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030’’
Key Highlights:
· In November 2021, India unveils renewable energy ambitions with big solar push. Prime Minister Narendra Modi says India to produce more energy through solar and other renewables than nation’s entire grid by 2030.
· In October 2021, Shri R K Singh, Union Minister of Power & New and Renewable Energy, launched the new market segment, Green Day Ahead Market (GDAM).
Analyst View:
Renewable energy sources include wind, steam, tides, sunlight, biomass, and other natural resources, and is a primary driver of worldwide market growth. Furthermore, the renewable energy producing technology requires relatively little maintenance, which is a key driver in the target market's expansion. Furthermore, the production of renewable energy is safe for the environment and human health because it produces no greenhouse gases or pollutants, which are the driving forces behind worldwide market expansion. However, the target market's growth is being stifled by a lack of renewable energy storage capacity.
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Key Market Insights from the report:
Global Renewable Energy Market accounted for US$ 881.7 billion in 2020 and is estimated to be US$ 1936.14 billion by 2030 and is anticipated to register a CAGR of 8.3%. Global Renewable Energy is segmented into type, end-user and region.
· Based on Type, the Global Renewable Energy Market is segmented into Geothermal Energy, Hydroelectric Power, Wind Power, Solar Energy, and Bioenergy.
· Based on End-user, the Global Renewable Energy Market is segmented into Industrial, Residential, Commercial, and Others.
· By Region, the Global Renewable Energy Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Renewable Energy Market:
The key players in the global Renewable Energy Market includes ABB Ltd., General Electric, The Tata Power Company Limited, Innergex Renewable Energy, Alterra Mountain Company, ENERCON GmbH, Sinovel Wind Group Co., Ltd., UpWind Solutions, Inc., Geronimo Energy, and Vestas Wind Systems A/S. Prominent players operating in the target market are focusing on strategic partnerships as well as the launching of the types to gain a competitive edge in the target market. For instance, in 2018, Innergex acquired Alterra in order to make the high quality of renewable energy.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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