Renewable Energy Market
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PUBLISHED: 2022 ID: SMRC22030
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Renewable Energy Market Forecasts to 2028 - Global Analysis By Type (Wind Power Energy, Bioenergy, Hydroelectric Power and Others), By Application (Residential, Commercial, Industrial and Others) and Geography

4.8 (85 reviews)
4.8 (85 reviews)
Published: 2022 ID: SMRC22030

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $1074.6 BN

Projected Year Value (2028)

US $1945.6 BN

CAGR (2022 - 2028)

10.4%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America


According to Stratistics MRC, the Global Renewable Energy Market is accounted for $1074.6 billion in 2022 and is expected to reach $1945.6 billion by 2028 growing at a CAGR of 10.4% during the forecast period. Renewable energy comes from natural sources like wind and sunlight. Renewable energy sources include solar, geothermal, wind, bioenergy, hydropower, and ocean power. Renewable energy is currently used in the heating, electricity, cooling, and transportation sectors. Renewable energy is more expensive than fossil fuel energy. The most important factor driving the use of renewable energies is the attribution of global warming due to carbon dioxide (CO2) emissions from the combustion of fossil fuels.

According to World Meteorological Organization's (WMO), Global renewable energy investments should be tripled by 2050 to put the world on a path to net zero emissions. By 2050, renewable energies will primarily meet global electricity needs, with solar power expected to be the single largest source.



Market Dynamics:

Driver:

Declining costs of the solar energy

It has been observed that the cost of solar power has decreased by approximately 85% compared to the last decade, and the solar photovoltaic system has become one of the most cost-competitive resources. Solar-storage expansion, floating solar PV models and community solar projects are expected to be major trends in emerging markets. The development of solar energy storage will aid in improving operational efficiencies and controlling costs.

Restraint:

High capital investments

The development of new resources necessitates large capital investments in the form of new infrastructure. The high capital requirements ultimately raise the cost of renewable energy. As a result, high initial capital investments and a lack of resources in several countries are impeding the growth of the renewable energy market.

Opportunity:

Advancement in the technologies

Increasing investments in R&D and technological advancements play a significant role in lowering the cost of electricity generated by renewable energy sources. The increasing adoption of grid technology is lowering costs, which is expected to encourage the use of renewable energy sources during the forecast period.

Threat:

High exposure to regulatory risks

All energy projects face regulatory risk, but Renewable Energy projects are especially vulnerable to regulatory changes. Because of their lack of cost competitiveness, these projects are generally reliant on a supportive regulatory framework to move forward, including commitments to pay premium prices, priority access to electricity grids, including support for necessary infrastructure investments, and guarantees of purchases of their output. When the regulatory framework changes, severe problems for project viability can arise, which will restrain the market growth.

Covid-19 Impact

Due to Covid-19 lockdown, there is increasing in overall share of market. In some regions, a combination of low electricity demand and additional capacity coming online in 2019 and the first quarter of 2020 is resulting in record high shares of infeed from variable renewables in electricity demand. Moreover, it emphasises stimulus packages implemented by governments around the world and their long-term viability in cushioning the RE sector. The commissioning of renewable energy projects has been halted due to a lack of funding and disruptions in the supply of equipment and components as a result of lockdown measures.

The Hydroelectric Power Is Expected To Be the Largest During the Forecast Period

Hydroelectric Power is expected to be the largest during the forecast period, due to the surge in off-grid energy generation and rural electrification investments in developing countries such as India, China, Brazil, and Vietnam has increased demand for small hydropower plants. Furthermore, initiatives such as the Small Hydropower Programme, launched by the Ministry of New and Renewable Energy and the Rajiv Gandhi Grameen Vidyutikaran Yojana, launched by the Government of India to electrify rural areas and promote the use of small hydropower energy for off-grid and micro-grid applications, drive the market.

The Industrial Segment is expected to have the highest CAGR during the forecast period

Over the forecast period, the industrial segment is expected to have the highest CAGR growth. Nonrenewable fuels account for a significant portion of industry's operating costs, driving the shift to renewable energy. Several governments and organisations around the world have issued regulatory mandates and legislative directives to reduce carbon emissions from industries and vehicles. Every individual is concerned about the depletion of crude oil resources and rising carbon emissions in countries all over the world.

Region with highest share:

Asia-Pacific accounted for the highest share and dominated the renewable energy market. The region's rapid industrialization and urbanisation had resulted in a rapid increase in pollution levels. Furthermore, a rapid increase in the population and an increase in residential projects in the region are driving up demand for electricity. Government initiatives are playing an important role in the adoption of renewable energy across a wide range of end-user application and the increased demand for electricity as a result of increased industrialization is attracting a large investment in the deployment of solar energy infrastructure.

Region with highest CAGR:

Due to the rising environmental awareness, increased government initiatives to reduce carbon footprint and increased investments in renewable energy sources are the major factors driving the growth of renewable energy market in North America region.



Key players in the market

Some of the key players profiled in the Renewable Energy Market include General Electric (GE), Tata Power Company Limited, Adani Green Energy Ltd, ABB Ltd., Suzlon Energy, Innergex, Enel Spa (Enel), Xcel Energy Inc, EDF, Geronimo Energy, Invenergy, Jaiprakash Power Ventures Ltd, Indowind Energy Ltd, KPI Green Energy Ltd and Orient Green Power Company Ltd

Key Developments:

In September 2022, Suzlon Wind Energy BH, the Bosnian subsidiary of Danish renewable energy solutions provider Suzlon Energy, will launch on September 26 the construction of the 25 MW Ivan Sedlo wind farm, an investment worth 30 million euro ($29.5 million)

Types Covered:
• Solar Energy
• Geothermal Energy
• Wind Power Energy
• Bioenergy
• Hydroelectric Power

Applications Covered:
• Residential
• Commercial
• Industrial
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Renewable Energy Market, By Type
5.1 Introduction
5.2 Solar Energy
5.3 Geothermal Energy
5.4 Wind Power Energy
5.5 Bioenergy
5.6 Hydroelectric Power

6 Global Renewable Energy Market, By Application
6.1 Introduction
6.2 Residential
6.3 Commercial
6.4 Industrial
6.5 Other Applications

7 Global Renewable Energy Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa

8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies

9 Company Profiling
9.1 General Electric (GE)
9.2 Tata Power Company Limited
9.3 Adani Green Energy Ltd
9.4 ABB Ltd.
9.5 Suzlon Energy
9.6 Innergex
9.7 Enel Spa (Enel)
9.8 Xcel Energy Inc
9.9 EDF
9.10 Geronimo Energy
9.11 Invenergy
9.12 Jaiprakash Power Ventures Ltd
9.13 Indowind Energy Ltd
9.14 KPI Green Energy Ltd
9.15 Orient Green Power Company Ltd

List of Tables
1 Global Renewable Energy Market Outlook, By Region (2020-2027) ($MN)
2 Global Renewable Energy Market Outlook, By Type (2020-2027) ($MN)
3 Global Renewable Energy Market Outlook, By Solar Energy (2020-2027) ($MN)
4 Global Renewable Energy Market Outlook, By Geothermal Energy (2020-2027) ($MN)
5 Global Renewable Energy Market Outlook, By Wind Power Energy (2020-2027) ($MN)
6 Global Renewable Energy Market Outlook, By Bioenergy (2020-2027) ($MN)
7 Global Renewable Energy Market Outlook, By Hydroelectric Power (2020-2027) ($MN)
7 Global Renewable Energy Market Outlook, By Application (2020-2027) ($MN)
9 Global Renewable Energy Market Outlook, By Residential (2020-2027) ($MN)
10 Global Renewable Energy Market Outlook, By Commercial (2020-2027) ($MN)
11 Global Renewable Energy Market Outlook, By Industrial (2020-2027) ($MN)
12 Global Renewable Energy Market Outlook, By Other Applications (2020-2027) ($MN)
13 North America Renewable Energy Market Outlook, By Country (2020-2027) ($MN)
14 North America Renewable Energy Market Outlook, By Type (2020-2027) ($MN)
15 North America Renewable Energy Market Outlook, By Solar Energy (2020-2027) ($MN)
16 North America Renewable Energy Market Outlook, By Geothermal Energy (2020-2027) ($MN)
17 North America Renewable Energy Market Outlook, By Wind Power Energy (2020-2027) ($MN)
17 North America Renewable Energy Market Outlook, By Bioenergy (2020-2027) ($MN)
19 North America Renewable Energy Market Outlook, By Hydroelectric Power (2020-2027) ($MN)
20 North America Renewable Energy Market Outlook, By Application (2020-2027) ($MN)
21 North America Renewable Energy Market Outlook, By Residential (2020-2027) ($MN)
22 North America Renewable Energy Market Outlook, By Commercial (2020-2027) ($MN)
23 North America Renewable Energy Market Outlook, By Industrial (2020-2027) ($MN)
24 North America Renewable Energy Market Outlook, By Other Applications (2020-2027) ($MN)
25 Europe Renewable Energy Market Outlook, By Country (2020-2027) ($MN)
26 Europe Renewable Energy Market Outlook, By Type (2020-2027) ($MN)
27 Europe Renewable Energy Market Outlook, By Solar Energy (2020-2027) ($MN)
27 Europe Renewable Energy Market Outlook, By Geothermal Energy (2020-2027) ($MN)
29 Europe Renewable Energy Market Outlook, By Wind Power Energy (2020-2027) ($MN)
30 Europe Renewable Energy Market Outlook, By Bioenergy (2020-2027) ($MN)
31 Europe Renewable Energy Market Outlook, By Hydroelectric Power (2020-2027) ($MN)
32 Europe Renewable Energy Market Outlook, By Application (2020-2027) ($MN)
33 Europe Renewable Energy Market Outlook, By Residential (2020-2027) ($MN)
34 Europe Renewable Energy Market Outlook, By Commercial (2020-2027) ($MN)
35 Europe Renewable Energy Market Outlook, By Industrial (2020-2027) ($MN)
36 Europe Renewable Energy Market Outlook, By Other Applications (2020-2027) ($MN)
37 Asia Pacific Renewable Energy Market Outlook, By Country (2020-2027) ($MN)
37 Asia Pacific Renewable Energy Market Outlook, By Type (2020-2027) ($MN)
39 Asia Pacific Renewable Energy Market Outlook, By Solar Energy (2020-2027) ($MN)
40 Asia Pacific Renewable Energy Market Outlook, By Geothermal Energy (2020-2027) ($MN)
41 Asia Pacific Renewable Energy Market Outlook, By Wind Power Energy (2020-2027) ($MN)
42 Asia Pacific Renewable Energy Market Outlook, By Bioenergy (2020-2027) ($MN)
43 Asia Pacific Renewable Energy Market Outlook, By Hydroelectric Power (2020-2027) ($MN)
44 Asia Pacific Renewable Energy Market Outlook, By Application (2020-2027) ($MN)
45 Asia Pacific Renewable Energy Market Outlook, By Residential (2020-2027) ($MN)
46 Asia Pacific Renewable Energy Market Outlook, By Commercial (2020-2027) ($MN)
47 Asia Pacific Renewable Energy Market Outlook, By Industrial (2020-2027) ($MN)
47 Asia Pacific Renewable Energy Market Outlook, By Other Applications (2020-2027) ($MN)
49 South America Renewable Energy Market Outlook, By Country (2020-2027) ($MN)
50 South America Renewable Energy Market Outlook, By Type (2020-2027) ($MN)
51 South America Renewable Energy Market Outlook, By Solar Energy (2020-2027) ($MN)
52 South America Renewable Energy Market Outlook, By Geothermal Energy (2020-2027) ($MN)
53 South America Renewable Energy Market Outlook, By Wind Power Energy (2020-2027) ($MN)
54 South America Renewable Energy Market Outlook, By Bioenergy (2020-2027) ($MN)
55 South America Renewable Energy Market Outlook, By Hydroelectric Power (2020-2027) ($MN)
56 South America Renewable Energy Market Outlook, By Application (2020-2027) ($MN)
57 South America Renewable Energy Market Outlook, By Residential (2020-2027) ($MN)
57 South America Renewable Energy Market Outlook, By Commercial (2020-2027) ($MN)
59 South America Renewable Energy Market Outlook, By Industrial (2020-2027) ($MN)
60 South America Renewable Energy Market Outlook, By Other Applications (2020-2027) ($MN)
61 Middle East & Africa Renewable Energy Market Outlook, By Country (2020-2027) ($MN)
62 Middle East & Africa Renewable Energy Market Outlook, By Type (2020-2027) ($MN)
63 Middle East & Africa Renewable Energy Market Outlook, By Solar Energy (2020-2027) ($MN)
64 Middle East & Africa Renewable Energy Market Outlook, By Geothermal Energy (2020-2027) ($MN)
65 Middle East & Africa Renewable Energy Market Outlook, By Wind Power Energy (2020-2027) ($MN)
66 Middle East & Africa Renewable Energy Market Outlook, By Bioenergy (2020-2027) ($MN)
67 Middle East & Africa Renewable Energy Market Outlook, By Hydroelectric Power (2020-2027) ($MN)
68 Middle East & Africa Renewable Energy Market Outlook, By Application (2020-2027) ($MN)
69 Middle East & Africa Renewable Energy Market Outlook, By Residential (2020-2027) ($MN)
70 Middle East & Africa Renewable Energy Market Outlook, By Commercial (2020-2027) ($MN)
71 Middle East & Africa Renewable Energy Market Outlook, By Industrial (2020-2027) ($MN)
72 Middle East & Africa Renewable Energy Market Outlook, By Other Applications (2020-2027) ($MN)

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