Renewable Energy Market Research Report - Global Forecast to 2027. Renewable Energy Market by Type (Hydropower, Wind Energy, Solar Energy, Bioenergy, Geothermal Energy, Ocean Energy), End-Use [Industrial (Power, Chemicals & Petrochemicals, Oil & Gas, Food & Beverage), Residential and Commercial], & Region - Forecast Till 2027.
Renewable Energy Market Global Highlights:
The global renewable energy market will grow at a CAGR of 8.53% during the forecast period (2019-2027). The market is expected to reach a valuation in excess of USD 2,900 Bn towards 2027-end. Renewable energy is generated from sources that do not have a finite end, such as solar, wind, and hydropower. These primary renewable energy resources are continuously replenished and never run out, unlike conventional energy sources, which are costly and damaging to the environment. Growing concern over the environmental implication of burning fossil fuel, is driving the adoption of renewable energy sources. Moreover, the growing energy consumption worldwide is prompting exploration of new energy resources which will be sustainable in the future.
Global Renewable Market, By Region
In 2018, Asia-Pacific (APAC) accounted for the largest share of the global renewable energy market. In addition, the APAC renewable energy market is projected to exhibit a CAGR of 8.90% during the forecast period. In recent years, energy consumption has increased manifold in APAC. With traditional power resources failing to meet this rising energy requirement, the spotlight is shifting towards alternative energy resources. In APAC, the demand for energy is fueled by rapid industrialization and urbanization. A burgeoning middle-class has led to the expansion of the consumer base in Asia. According to the International Renewable Energy Agency, Asia accounted for around two-thirds of the worldwide increase in renewable generating capacity in 2017. China and India are making massive investments in renewable energy, which is drawing tremendous commercial interest towards these countries. Efforts to tackle the rising level of pollution is driving the adoption of eco-friendly power generation solution in these countries.
Ocean Power Technologies, Inc., Ørsted A/S, General Electric, NextEra Energy, Inc., Enel Spa, On Power, Yingli Solar, Tocardo BV, SynTech Bioenergy LLC, Vestas Wind Systems A/S, Siemens AG, Canadian Solar Inc. Companies are adopting various strategies to consolidate their market position, which include partnerships & collaboration and contracts & agreements. The report covers the development strategies adopted by the companies between 2015 to 2019.
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