Renewable Energy Market to Cross USD 1.6 Trillion by 2028
Published | 04 March 2022
The renewable energy market is growing at a high CAGR due to the surging energy consumption in commercial and household spaces along with favorable government initiatives and investments along with the declining levels of non-renewable energy resources such as fossil fuels along with growing awareness towards energy conservation...
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the renewable energy market was worth USD 949.2 billion in 2021 and is projected to grow to USD 1.6 trillion by 2028. The growth of the renewable energy market is attributed to the surging energy consumption in commercial and household spaces along with favorable government initiatives and investments towards boosting the adoption of renewable energy. Furthermore, declining levels of non-renewable energy resources such as fossil fuels along with growing awareness towards energy conservation and sustainability are anticipated to boost the growth of the renewable energy market in the forecast period. However, the high initial cost involved in renewable energy plants acts as a major restraint for the market growth.
Increasing Demand for Renewable Energy is Driving Market Growth
The surging demand for renewable energy is emerging as one of the major driving factors for the renewable energy market growth. According to the International Energy Agency, the renewable energy capacity is projected to surge by 50% for 2021-2026, compared to 2015-2020. Commercial and industrial facilities are increasingly adopting renewable energy to diversify energy supply and reduce the dependence on imported fuel, which proves to be cost-efficient in the long run. This is anticipated to boost the market growth in the forecast period.
Rising Energy Consumption Worldwide is Propelling the Overall Renewable Energy Market
The expanding economic activities in developed and developing countries are boosting the global energy demand. The increasing population and number of electronic items such as smartphones as well as electric vehicles are also resulting in increased energy consumption. However, the non-renewable energy sources such as coal, natural gas, oil, etc., are unable to meet the growing energy demands. This is prompting the shift towards non-renewable energy sources, which is providing lucrative growth opportunities to the overall market growth.
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Renewable Energy Market - By End-User
Based on end-user, end-user, the renewable energy market is segmented into residential, commercial, industrial, and others. The industrial segment dominates the market owing to the high investment required for setting up renewable energy infrastructure. The adoption of renewable energy proves to be economical for the industrial sector and cuts their overall operational cost in the long run, which favors the market growth. The residential sector also covers a substantial market share owing to government support and subsidies for home installations.
Renewable Energy Market - Regional Insights
Geographically, the renewable energy market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America accounts for the largest share in the renewable energy market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. Countries such as India, China, Japan, etc., are significantly investing towards renewable energy market infrastructure. China is among the leading producers of electricity through renewable energy. The government of other emerging economies is also investing significantly which is propelling the overall market growth.
Impact of COVID-19 on Renewable Energy Market
The renewable energy market was significantly halted by the sudden COVID-19 pandemic outbreak. The private and public operations of the renewable energy infrastructure development were halted due to lockdown restrictions and social distancing norms. The government investment towards renewable energy was also diverted towards healthcare infrastructure, which also halted the growth of the renewable energy market. However, the market is projected to flourish in the post lockdown period as the need for sustainability and better energy conservation plans spikes.
The leading market players of the renewable energy market are First Solar Inc., Jinko Solar Holding Co. Ltd, Vestas Wind Systems A/S, Canadian Solar Inc., Orsted AS, Acciona Energia SA, EDF SA, Berkshire Hathaway Energy, NextEra Energy Inc., Duke Energy Corporation, General Electric Company, Siemens Gamesa Renewable Energy SA, Innergex Renewable Energy, Invenergy, Tata Power Company Limited, and other prominent players.
The renewable energy market holds great future potential and is, therefore, highly fragmented with the presence of several established players and startups. The companies are significantly investing towards expanding their energy generation capacities. They are also attracting significant investments from public and private establishments to expand their product portfolio. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the renewable energy market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the renewable energy market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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