Renewable Energy Industry

Renewable Energy Market to Garner Maximum Revenues by 2030

WILMINGTON, DELAWARE, UNITED STATES, October 4, 2023 /EINPresswire.com/ --

The global renewable energy market size was valued at $881.7 billion in 2020, and is projected to reach $1,977.6 billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030.

Europe accounted for 35.5% of renewable energy market share in 2020, in terms of revenue, growing at a CAGR of 8.4%.

The Asia-Pacific renewable energy market growth is projected to grow at the highest CAGR during the forecast period, owing to rise in industrialization as well increase in population.

Download Report Sample: https://www.alliedmarketresearch.com/request-sample/140

The renewable energy market has grown considerably in countries such as China and India. China is one the key players in hydropower, onshore, wind power and solar photovoltaic, and became the world’s largest producer of bioelectricity in 2017.

Key players operating in the global renewable energy market include ABB, Acciona, EDF, Enel Spa, General Electric, Innergex, Invenergy, National Grid Renewables, The Tata Power Company Limited (Tata Power), and Xcel Energy Inc.

Renewable energy refers to energy derived from naturally occurring sources that are continuously replenished, making them sustainable and environmentally friendly. Unlike fossil fuels, which are finite and contribute to pollution and climate change, renewable energy sources have minimal environmental impacts and can provide a long-term solution to our energy needs.

The solar energy segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 13.3% from 2021 to 2030.

The industrial end use is anticipated to register the highest CAGR of 8.9% during the forecast period.

Renewable energy is derived from natural resources such as wind, solar, biomass, and geothermal that are constantly replenished.

Wind energy, a type of renewable energy, is used to generate electric energy from kinetic energy source. Wind turbine converts the wind energy into mechanical energy, which is further converted into electrical energy through generator.

Wind energy can be generated at offshore and onshore. Onshore wind energy is associated with onshore turbines that are located on land, whereas offshore wind turbines are found in ocean or sea.

The concern about the reduction of greenhouse gases emissions, increase in search for energy security along with the aversion to the traditional nuclear power, and the lack of progression in the application of the nuclear power are expected to drive the demand for geothermal power sector which further escalates the demand for renewable energy market during the forecast period.

According to the International Energy Agency, the share of renewable energy to meet the global energy demand is predicted to grow in the next five years to reach 12.4% in 2023. Renewable energy is derived from natural processes such as wind and sunlight.

Buy This Report (300 Pages PDF with Insights, Charts, Tables, and Figures): https://bit.ly/3ZdTg4a

Key benefits of renewable energy sources include:

Sustainability: Renewable energy sources are naturally replenished, ensuring a long-term and sustainable energy supply.

Environmental Benefits: They produce little to no greenhouse gas emissions, helping to combat climate change and reduce air pollution.

Energy Independence: Renewable energy reduces dependence on fossil fuels and foreign energy sources, enhancing energy security.

Solar, geothermal, wind, bioenergy, hydropower, and ocean power are some of the major sources of renewable energy.

Renewable energy is utilized in heating, electricity, cooling, and transport sectors. Renewable energy collectively provides around 7% of the world’s energy demands.

Several factors are responsible to drive the usage of renewable energies, the most crucial being the attribution of global warming due to carbon dioxide (CO2) emission from the combustion of fossil fuels.

However, developing new resources requires large initial investments to build infrastructure. These investments increase the cost of providing electricity, especially during early years.

COVID-19 analysis

The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.

The COVID-19 pandemic severely impacted the wind turbine manufacturing in countries such as China and Germany. For instance, in 2020, Germany's Nordex SE reported negative EBITDA of $86.5 million down from positive EBITDA of $21 million in previous financial year (2019).

Get a Customized Research Report: https://www.alliedmarketresearch.com/request-for-customization/140

In addition, limited availability of spares and manpower for maintenance is a major problem affecting the market growth.

Read More:

Energy ESO Market By Source (Renewable, Non Renewable, Chemical Processing), By Service (Structuring and Layout, Digitization, R and D and Designing, Implementation and Maintenance), By Location (Offshore, Onshore): Global Opportunity Analysis and Industry Forecast, 2023-2032

AI in Energy Market By Component type (Solutions, Services), By Application (Robotics, Renewables Management, Demand Forecasting, Safety and Security, Infrastructure, Others), By End user (Energy Transmission, Energy Generation, Energy Distribution, Utilities), By Deployment Type (On-premise, Cloud): Global Opportunity Analysis and Industry Forecast, 2021-2031

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.