Renewable Energy Market Growth Probability, Leading Vendors and Future Scenario up to 2027
Renewable Energy Market Overview:
The Renewable Energy market research report analyses and evaluates the market's position during the predicted period. It is a thorough investigation that focuses on fundamental and secondary drivers, market share, leading segments, and geographic analysis. The research also looks at key players, large collaborations, mergers and acquisitions, as well as contemporary innovation and business strategy.
In recent years, the rapid rise of solar and wind power has given new hope to global efforts to cut greenhouse gas emissions and mitigate the most serious effects of climate change. Solar and wind combined accounted for barely 1.7% of global electricity generation in 2010. By 2020, it had risen to 8.7%, significantly higher than what conventional energy models had expected. For example, the International Energy Agency expected that global solar energy generation will reach 550 terrawatt-hours by 2030 in 2012, but that number had already been surpassed by 2018. These factors presume that solar and wind power along with other types are expected to grow at a significant rate, which in turn is expected to boost the renewable energy market growth throughout the forecast period.
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Sinking Cost for Renewable Energy boosting Market Growth:
The key driver in the growth of renewable energy has been reduced maintenance cost of plants. For instance, solar photovoltaic electricity costs have dropped by 85% since 2010, and the costs of onshore and offshore wind generation have been slashed in half. Both of these renewable energy sources are currently cheaper than fossil fuel electricity. Because of economies of scale and competitive supply chains, among other things, the more renewable energy technologies are deployed, the less expensive they become. As renewables gain in popularity, political influence, and financial backing, it becomes easier to enlist additional policy and financial support. In addition, support from policymakers has also been important and helps in growth of renewable energy market. Renewable energy tax credits and subsidies, feed-in tariffs, and competitive auctions have all assisted in lowering costs and accelerating adoption. In addition, government funding in research and development has been crucial in supporting renewable energy innovation.
Renewable Energy Market Segmentation:
The Renewable Energy Market is divided into Residential, Commercial, Industrial, and Other segments based on application. During the forecast period, the Residential segment is anticipated to expand at a CAGR of 8.6%. Due to rising environmental awareness and a desire to reduce the world's carbon footprint, people are choosing renewable energy sources over conventional, rapidly depleting non-renewable energy sources. The increased use of geothermal heat pumps for home heating applications is credited with the segment growth. As the demand for electricity rises, there will likely be a significant increase in the need for geothermal energy. Numerous businesses in the market also provide residential geothermal energy.
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Top Companies in Renewable Energy Market:
- JinkoSolar Holding Co. Ltd.
- Vestas Wind Systems A/S
- Ocean Power Technologies
- GE
- NextEra Energy, Inc.
- Enel Group
- ONPOWER Business Energy
- Yingli Solar
- Tocardo BV
- SynTech Bioenergy
- Siemens AG
COVID-19 Impact Analysis on Renewable Energy Market:
We thoroughly researched and analysed the Renewable Energy Market Development Strategy post-COVID-19, by organizational strategic analysis, landscape, type, application, and top nations, encapsulating and analysing the Renewable Energy industry's potential, providing quantitative information about market dynamics, growth factors, major challenges, PORTER analysis, and market entry strategy analysis, opportunities, and forecasts. The major purpose of the research is to offer industrial businesses a strategic analysis of COVID-19's influence. Simultaneously, this investigation looked into the markets of major countries and highlighted their market potential.
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