Market Research Future published a research report on “Renewable Energy Market – Global Forecast till 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Renewable Energy Market-Overview
According to Market Research Future (MRFR), the global renewable energy market is expected to reach a valuation of USD 2,900 billion at a CAGR of 8.53% from 2019 to 2027 (forecast period). The report evaluates the effects of coronavirus on leading companies in the global renewable energy market and provides a thorough overview of the COVID-19 market impact analysis by type, application, and regions.
Renewable energy is produced from sources that do not have a finite end, such as solar, wind, and hydro. Such primary renewable energy resources are constantly replenished and never run out, unlike traditional energy sources, which are expensive and detrimental to the environment. Increasing concern about the environmental effects of the burning of fossil fuels is driving the adoption of renewable energy sources. Moreover, increasing energy consumption worldwide is driving the exploration of new energy resources that will be sustainable in the future.
Increased greenhouse gas (GHG) emissions, in particular CO2 from the use of fossil fuels for energy generation and the diminishing presence of fossil fuels on earth, combined with their high prices, are fuelling the demand for renewable energy. Moreover, continuous technical advancements and increased government funding in the renewable energy sector are expected to provide lucrative opportunities for growth in the Renewable Energy Market during the forecast period. The size of the renewable energy market is expected to increase in the developed and emerging economies due to the introduction of strict government regulations on climate change.
Ocean Power Technologies, Inc., Yingli Solar, Ørsted A/S, General Electric, Enel Spa, On Power, Tocardo BV, SynTech Bioenergy LLC, Vestas Wind Systems A/S, NextEra Energy, Inc., Canadian Solar Inc., Siemens AG. Companies are adopting numerous strategies to strengthen their market position, including partnerships & collaboration and contracts & agreements.
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The segmental analysis of the global renewable energy market has been conducted on the basis of end-use, and type
Based on end-use, the market has been segmented into commercial, residential and industrial. The sub-segments of the industrial segment include iron & steel, power, oil & gas, chemicals & petrochemicals, automotive, food & beverage and others. Among these, the chemicals and petrochemicals sub-segment currently accounts for a relatively higher market share. During the assessment, the segment is expected to remain highly attractive. Demand for renewable energy in the chemical and petrochemical sector has surged significantly in recent years and the trend is likely to continue throughout the assessment period. Moreover, elements such as cost-benefits and environmental viability also play in.
Based on end-user, the market has been segmented into bioenergy, energy, hydropower, ocean energy, solar energy and geothermal energy. The hydropower segment commands for a sizeable share of the market and is projected to witness a healthy growth over the next several years. It is projected that the hydropower segment will post 11.2% CAGR during the forecast period. The wind energy segment is expected to retain its second spot over 2027. The segment represented a valuation of USD 262.4 Bn and is likely to grow at an impressive pace during the projection period.
APAC to Dominate the Global Renewable Energy Market over 2017
On the basis of region, the global renewable energy market has been segmented into five key regions, namely Latin America, North America, Europe, Asia Pacific (APAC) and the Middle East & Africa (MAE). APAC holds a dominant position in the global renewable energy market. In 2018, the APAC renewable energy market surpassed a valuation of USD 480.5 Mn and projected to capture a strong CAGR of 8.90% between 2019 and 2027. Demand for energy in on the rise in countries such as India and China. Renewable energy represents a major chuck of share in total energy produced. Increased focus on rural development, rapid urbanization and expansion cities are some of factors linked with the growing requirement of electric. In developing countries in APAC, there is a stark contrast in electricity supply and demand, which maximum countries falling short of what is required. Hence, there is a vast untapped market for renewable energy in the region.
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Table of Contents:
- Executive Summary
- Global Renewable Energy Market Definition and Scope
- Global Renewable Energy Market Dynamics
- Global Renewable Energy Market: Industry Analysis
- Global Renewable Energy Market by Method
- Global Market by, style
- Global Market by, Application
- Global Renewable Energy Market, Regional Analysis
- Competitive Intelligence
- Research Process
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