Renewable Energy Market
According to a new report published by Allied Market Research titled, "Renewable Energy Market by Type and End-Use: Global Opportunity Analysis and Industry Forecast, 2018–2025," the renewable energy market accounted for revenue of $928.0 Billion in 2017 and is anticipated to generate $1,512.3 Billion by 2025. The market is projected to grow at a CAGR of 6.1% from 2018 to 2025.
The global renewable energy market is expected to be heading toward an expansion phase during the forecast period. Factors propelling the market growth include concerns regarding environmental impacts of fossil fuels such as degradation, greenhouse gas emissions (GHG), severe climate change conditions, and others. In addition, rapid urbanization, and economic growth in developing countries are significant factors driving the renewable energy market. However renewable energy technologies continue to face many barriers. The major challenge is mainly economic, the costs comprise infrastructure investment, day-to-day operations, and market costs of supply. On the contrary, regions such as Europe and Asia, are shifting toward electrification of vehicles, wherein China leads the market. This factor is expected to provide lucrative opportunities for the growth of the renewable energy market.
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In addition, Europe is also aiming to reduce greenhouse gas emissions by decreasing its dependency on fossil fuels. Sweden, Austria, and Germany are some of the countries dominating the European renewable energy market. There is a significant increase in biofuels production in European countries specifically in Sweden, and Austria due to which bioenergy has a dominant share after hydroelectric power in the European renewable energy market. Most of the bioenergy is produced domestically in Sweden, with a significant contribution being biomass from the forest industry. Moreover, Germany consumes more energy as compared to other countries due to the presence of energy-intensive industries such as chemical and automobile.
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Furthermore, the renewable energy market size is increasing due to rapid urbanization in Asia-Pacific. Presence of countries such as China, India, and Indonesia, in the Asia-Pacific that experience rapid industrialization along with an increase in stringent environmental regulations, has fueled the demand for energy as compared to other regions. China has the dominant share in the Asia-Pacific renewable energy market.
The renewable energy market analysis covers in-depth information of major industry participants. The key player operating and profiled in the market includes ABB Ltd., General Electric (GE), The Tata Power Company Limited (Tata Power), Innergex, Enel Spa (Enel), Xcel Energy Inc. (Xcel Energy), EDF, Geronimo Energy, Invenergy, and ACCIONA.
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Other players in the value chain of the market include Vestas Wind Systems A/S, UpWind Solutions, Inc., Senvion S.A., and Sinovel Wind Group Co., Ltd. ENERCON GmbH.
Key Findings Of The Study:
- The renewable energy market forecast is studied from 2018 to 2025.
- The European renewable energy market is projected to grow at the highest CAGR of nearly 6.7%, in terms of revenue, during the forecast period.
- The solar energy segment is anticipated to witness a moderate growth rate of 5.9%, in terms of revenue, during the forecast period.
- Asia-Pacific dominated the market with a revenue share of over 34.3% in 2017.
- The renewable energy market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA.
- The renewable energy market share has been analyzed across all segments along with the region.
- A comprehensive analysis of the factors that drive and restrain the renewable energy market growth is provided.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- The qualitative data in this report aims at the market dynamics, trends, and developments in the renewable energy industry while the quantitative data provides renewable energy market size in terms of revenue and volume.
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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.
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. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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