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Renewable Energy Market - Global Industry Size, Share, Growth, Opportunity and Forecast, 2018-2028, Segmented By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar, Geothermal, Others), By End-User (Residential, Commercial, Industrial, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)

  • Published Date: March 2022
  • Report ID: BWC22068
  • Available Format: PDF
  • Page: 189

Report Overview

The renewable energy market is witnessing tremendous growth owing to the declining levels of non-renewable energy resources along with various government and private investment and initiatives towards building renewable energy infrastructure.

Renewable Energy Market- Industry Trends & Forecast Report 2028

The global renewable energy market was worth USD 949.2 billion in 2021 and is further projected to reach USD 1.6 trillion by the year 2028. The market is flourishing owing to shrinking availability of non-renewable energy resources, which is resulting in a surge in its price, coupled with the increasing government and private investments and initiatives towards building renewable energy infrastructure. Such a scenario is anticipated to provide lucrative growth opportunities to the renewable energy market during the forecast period.

Renewable Energy Market

Renewable Energy - Overview

Renewable energy is energy generated from renewable sources that will naturally replenish over a human timescale. Sunlight, wind, rain, tides, geothermal heat are some of the most common sources of renewable energy. They provide a very effective alternative to non-renewable energy sources such as fossil fuels. These energy sources are most prominently used for electricity generation, air and water heating/cooling, transportation, and rural (off-grid) energy services. Solar and wind energy are considered extremely economical which makes them popular.

Renewable Energy Market Forecast and Trends

Growth Drivers

Rising Private-Public Investment Towards Renewable Energy

With the increasing burden of fuel prices of non-renewable energy sources, governments as well as private entities, are significantly investing towards renewable energy infrastructure development. For instance, according to the American College Personnel Association, the United States has invested around USD 120 billion in new investment for renewable power infrastructure under development. Furthermore, the UK Government is also investing around 285 million Euros (around USD 321.8 million) towards green energy projects. Such investments are projected to drive the market in the forecast period.

High Growth Potential in Emerging Economies

The Asian countries such as India, China, Japan, South Korea, Thailand, Vietnam, etc., are among the leading economies in the adoption of renewable energy. China, Japan, South Korea, and India have already announced their net-zero emission target, which is projected to boost the renewable energy market in the forecast period. Several South Asian countries such as Sri Lanka, Bhutan, Nepal, Pakistan are also investing in inexhaustible, and repeatable energy sources such as solar, wind, hydro, and biomass, which is also driving the growth of the market.

Restraints

High Investments in Renewable Energy Infrastructure

The setting up of renewable energy infrastructure is expensive and involves huge investment, which is why it is highly concentrated among developed and upper middle-income countries such as India and China only. A commercial solar power plant, for instance, costs around USD 9,324,095 for 386 total generators for its total construction, according to ProEst. Even a single solar panel for residential use costs around USD 175 to USD 375 for 250 watts. The initial investment involved in renewable energy acts as a major restraining factor for the market growth.

Impact of COVID-19 on Renewable Energy Market

The unprecedented COVID-19 pandemic negatively impacted the growth of the renewable energy market during the initial outbreak. The lockdown restrictions hindered the renewable energy infrastructural development in several countries. The production and distribution of components of renewable energy such as solar panels, wind and water turbines, microinverters, racking systems, etc., were also hindered, which also halted the growth of the market. However, the market is projected to proliferate in the post-COVID-19 period as awareness towards sustainability and resources conservation spiked during this period.

Renewable Energy Market - By Type

Based on type, type, the renewable energy market is segmented into hydroelectric power, wind power, bioenergy, solar, geothermal, and others. The hydroelectric power segment holds the largest market share. According to a report by National Renewable Energy Laboratory, the world’s hydroelectric power plant market has a total capacity of around 675,000 megawatts, which is capable of producing 2.3 trillion kilowatt-hours of electricity each year. The high capacity of hydroelectric power acts as a major driving factor for its market growth.

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 owing to the high consciousness towards sustainability and the need for non-renewable energy conservation. Furthermore, increasing private-public private partnership along with the government’s spending on renewable energy infrastructure development is also propelling the growth of the market in North America. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period.

Competitive Landscape

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 Hathway 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.

Recent Development

  • In January 2022, 8minute Solar Energy, a US-based solar energy company, announced to have raised USD 400 million in financing from EIG, a US-based institutional investor, which is to be invested towards enhancing its portfolio of renewable energy assets.
  • In January 2022, MidAmerican Energy, a subsidiary of Warren Buffet’s Berkshire Hathaway Energy, announced its plans of USD 3.9 billion renewable energy project in the United States.

Scope of the Report

Attributes Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Billion
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/Segmentation By Type , By End-User, By Region
Key Players First Solar Inc., Jinko Solar Holding Co. Ltd, Vestas Wind Systems A/S, Canadian Solar Inc., Orsted AS, Acciona Energia SA, EDF SA, Berkshire Hathway 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.

 

By Type

  • Hydroelectric Power
  • Wind Power
  • Bioenergy
  • Solar
  • Geothermal
  • Others

By End-User

  • Residential
  • Commercial
  • Industrial
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Key Market Segments
  2. Research Methodology
    1. Qualitative Research
    2. Methodology
    3. Regional Split of Primary & Secondary Research
    4. Secondary Research
    5. Primary Research
      1. Breakdown of Primary Research Respondents, By Region
      2. Breakdown of Primary Research Respondents, By Industry Participants
    6. Market Size Estimation
    7. Assumptions for the Study
    8. Market Breakdown & Data Triangulation
  3. Executive Summary
  4. Industry Insight and Growth Strategy
    1. Value Chain Analysis
    2. DROC Analysis
      1. Market Drivers
        1. Rising Private-Public Investment Towards Renewable Energy
        2. High Growth Potential In Emerging Economies
      2. Market Restraints
        1. High Investment Involved In Renewable Energy Infrastructure
      3. Market Challenges
        1. Negative Impact of the COVID-19 Pandemic Outbreak
      4. Market Opportunity
        1. Rising Energy Consumption Worldwide
        2. Increasing Demand For Renewable Energy
    3. Recent Developments
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Buyers
      2. Bargaining Power of Suppliers
      3. Intensity of Rivalry
      4. Threat of New Entrants
      5. Threat of Substitutes
  5. Renewable Energy Market Overview
    1. Market Size & Forecast by Value, 2018-2028
    2. Market Size and Forecast, By Segment
      1. By Type
        1. Hydroelectric Power
        2. Wind Power
        3. Bioenergy
        4. Solar
        5. Geothermal
        6. Others
      2. By End-User
        1. Residential
        2. Commercial
        3. Industrial
        4. Others
      3. By Region
        1. North America
        2. Europe
        3. Asia-Pacific
        4. Latin America
        5. Middle East & Africa
  6. North America Renewable Energy Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2021-2028
    2. Market Share and Forecast
      1. By Type
      2. By End-User
      3. By Country
        1. U.S.
        2. Canada
  7. Europe Renewable Energy Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2021-2028
    2. Market Share and Forecast
      1. By Type
      2. By End-User
      3. By Country
        1. Germany
        2. U.K.
        3. Russia
        4. France
        5. Italy
        6. Spain
        7. Rest of Europe
  8. APAC Renewable Energy Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2021-2028
    2. Market Share and Forecast
      1. By Type
      2. By End-User
      3. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of APAC
  9. LATAM Renewable Energy Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2021-2028
    2. Market Share and Forecast
      1. By Type
      2. By End-User
      3. By Country
        1. Mexico
        2. Brazil
        3. Rest of LATAM
  10. MEA Renewable Energy Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2021-2028
    2. Market Share and Forecast
    3. By Type
    4. By End-User
    5. By Country
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Rest of MEA
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis (2020)
    3. Competitive Benchmarking By Operating Parameters
  12. Impact of COVID-19 on Renewable Energy Market
  13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. First Solar Inc.
    2. Jinko Solar Holding Co. Ltd
    3. Vestas Wind Systems A/S
    4. Canadian Solar Inc.
    5. Orsted AS
    6. Acciona Energia SA
    7. EDF SA
    8. Berkshire Hathway Energy
    9. NextEra Energy Inc.
    10. Duke Energy Corporation
    11. General Electric Company
    12. Siemens Gamesa Renewable Energy SA
    13. Innergex Renewable Energy
    14. Invenergy
    15. Tata Power Company Limited
    16. Other Prominent Players
  14. Key Strategic Recommendations

 

List of Figures

 

Figure 1: Renewable Energy Market Segmentation

Figure 2: Renewable Energy Market Value Chain Analysis,

Figure 3: Company Market Share Analysis, 2020

Figure 4: Renewable Energy Market Size, By Value (USD Billion), 2018-2028

Figure 5: Renewable Energy Market Share (%), By Type, By Value, 2018-2028

Figure 6: Renewable Energy Market Share (%), By End-User, By Value, 2018-2028

Figure 7: Renewable Energy Market Share (%), By Region, By Value, 2018-2028

Figure 8: North America Renewable Energy Market Size, By Value (USD Billion), 2018-2028

Figure 9: North America Renewable Energy Market Share (%), By Type, By Value, 2018-2028

Figure 10: North America Renewable Energy Market Share (%), By End-User, By Value, 2018-2028

Figure 11: North America Renewable Energy Market Share (%), By Country, By Value, 2018-2028

Figure 12: Europe Renewable Energy Market Size, By Value (USD Billion), 2018-2028

Figure 13: Europe Renewable Energy Market Share (%), By Type, By Value, 2018-2028

Figure 14: Europe Renewable Energy Market Share (%), By End-User, By Value, 2018-2028

Figure 15: Europe Renewable Energy Market Share (%), By Country, By Value, 2018-2028

Figure 16: Asia-Pacific Renewable Energy Market Size, By Value (USD Billion), 2018-2028

Figure 17: Asia-Pacific Renewable Energy Market Share (%), By Type, By Value, 2018-2028

Figure 18: Asia-Pacific Renewable Energy Market Share (%), By End-User, By Value, 2018-2028

Figure 19: Asia-Pacific Renewable Energy Market Share (%), By Country, By Value, 2018-2028

Figure 20: Latin America Renewable Energy Market Size, By Value (USD Billion), 2018-2028

Figure 21: Latin America Renewable Energy Market Share (%), By Type, By Value, 2018-2028

Figure 22: Latin America Renewable Energy Market Share (%), By End-User, By Value, 2018-2028

Figure 23: Latin America Renewable Energy Market Share (%), By Country, By Value, 2018-2028

Figure 24: Middle East & Africa Renewable Energy Market Size, By Value (USD Billion), 2018-2028

Figure 25: Middle East & Africa Renewable Energy Market Share (%), By Type, By Value, 2018-2028

Figure 26: Middle East & Africa Renewable Energy Market Share (%), By End-User, By Value, 2018-2028

Figure 27: Middle East & Africa Renewable Energy Market Share (%), By Region, By Value, 2018-2028

 

List of Tables

 

Table 1: Renewable Energy Market Size, By Type, By Value, 2018-2028

Table 2: Renewable Energy Market Size, By End-User, By Value (USD Billion), 2018-2028

Table 3: Renewable Energy Market Size, By Region, By Value (USD Billion), 2018-2028

Table 4: North America Renewable Energy Market Size, By Type, By Value (USD Billion), 2018-2028

Table 5: North America Renewable Energy Market Size, By End-User, By Value (USD Billion), 2018-2028

Table 6: North America Renewable Energy Market Size, By Country, By Value (USD Billion), 2018-2028

Table 7: Europe Renewable Energy Market Size, By Type, By Value (USD Billion), 2018-2028

Table 8: Europe Renewable Energy Market Size, By End-User, By Value (USD Billion), 2018-2028

Table 9: Europe Renewable Energy Market Size, By Country, By Value (USD Billion), 2018-2028

Table 10: Asia-Pacific Renewable Energy Market Size, By Type, By Value (USD Billion), 2018-2028

Table 11: Asia-Pacific Renewable Energy Market Size, By End-User, By Value (USD Billion), 2018-2028

Table 12: Asia-Pacific Renewable Energy Market Size, By Country, By Value (USD Billion), 2018-2028

Table 13: Latin America Renewable Energy Market Size, By Type, By Value (USD Billion), 2018-2028

Table 14: Latin America Renewable Energy Market Size, By End-User, By Value (USD Billion), 2018-2028

Table 15: Latin America Renewable Energy Market Size, By Country, By Value (USD Billion), 2018-2028

Table 16: The Middle-East & Africa Renewable Energy Market Size, By Type , By Value (USD Billion), 2018-2028

Table 17: The Middle-East & Africa Renewable Energy Market Size, By End-User, By Value (USD Billion), 2018-2028

Table 18: The Middle-East & Africa Renewable Energy Market Size, By Country, By Value (USD Billion), 2018-2028

Table 19: First Solar Inc. Financial Analysis

Table 20: First Solar Inc. Business Overview

Table 21: Jinko Solar Holding Co. Ltd Financial Analysis

Table 22: Jinko Solar Holding Co. Ltd Business Overview

Table 23: Vestas Wind Systems A/S Corporation Financial Analysis

Table 24: Vestas Wind Systems A/S Corporation Business Overview

Table 25: Canadian Solar Inc. Financial Analysis

Table 26: Canadian Solar Inc. Business Overview

Table 27: Orsted AS Financial Analysis

Table 28: Orsted AS Business Overview

Table 29: Acciona Energia SA Financial Analysis

Table 30: Acciona Energia SA Business Overview

Table 31: EDF SA Financial Analysis

Table 32: EDF SA Business Overview

Table 33: Berkshire Hathway Energy Financial Analysis

Table 34: Berkshire Hathway Energy Business Overview

Table 35: NextEra Energy Inc. Financial Analysis

Table 36: NextEra Energy Inc. Business Overview

Table 37: Duke Energy Corporation Financial Analysis

Table 38: Duke Energy Corporation Business Overview

Table 39: General Electric Company Financial Analysis

Table 40: General Electric Company Financial Analysis

Table 41: Siemens Gamesa Renewable Energy SA Financial Analysis

Table 42: Siemens Gamesa Renewable Energy SA Financial Analysis

Table 43: Innergex Renewable Energy Financial Analysis

Table 44: Innergex Renewable Energy Financial Analysis

Table 45: Invenergy Financial Analysis

Table 46: Invenergy Financial Analysis

Table 47: Tata Power Company Limited Financial Analysis

Table 48: Tata Power Company Limited Financial Analysis

Market Segmentation

By Type

  • Hydroelectric Power
  • Wind Power
  • Bioenergy
  • Solar
  • Geothermal
  • Others

By End-User

  • Residential
  • Commercial
  • Industrial
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa
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Frequently Asked Questions (FAQs):

Ans: The renewable energy market reached USD 949.2 billion in 2021.
Ans: The major factors driving the growth of the renewable energy market are; rising private-public investment towards renewable energy and high growth potential in emerging economies.
Ans: The key players in 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 Hathway 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.
Ans: The industrial segment accounted for the largest share in the renewable energy market.
Ans: North America has the largest share in the renewable energy market.