Renewable Energy Market
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 - 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
- Research Framework
- Research Objective
- Product Overview
- Key Market Segments
- Research Methodology
- Qualitative Research
- Methodology
- Regional Split of Primary & Secondary Research
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Breakdown of Primary Research Respondents, By Industry Participants
- Market Size Estimation
- Assumptions for the Study
- Market Breakdown & Data Triangulation
- Executive Summary
- Industry Insight and Growth Strategy
- Value Chain Analysis
- DROC Analysis
- Market Drivers
- Rising Private-Public Investment Towards Renewable Energy
- High Growth Potential In Emerging Economies
- Market Restraints
- High Investment Involved In Renewable Energy Infrastructure
- Market Challenges
- Negative Impact of the COVID-19 Pandemic Outbreak
- Market Opportunity
- Rising Energy Consumption Worldwide
- Increasing Demand For Renewable Energy
- Market Drivers
- Recent Developments
- Porter’s Five Forces Analysis
- Bargaining Power of Buyers
- Bargaining Power of Suppliers
- Intensity of Rivalry
- Threat of New Entrants
- Threat of Substitutes
- Renewable Energy Market Overview
- Market Size & Forecast by Value, 2018-2028
- Market Size and Forecast, By Segment
- 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
- By Type
- North America Renewable Energy Market Overview
- Market Size and Forecast
- By Value (USD Billion), 2021-2028
- Market Share and Forecast
- By Type
- By End-User
- By Country
- U.S.
- Canada
- Market Size and Forecast
- Europe Renewable Energy Market Overview
- Market Size and Forecast
- By Value (USD Billion), 2021-2028
- Market Share and Forecast
- By Type
- By End-User
- By Country
- Germany
- U.K.
- Russia
- France
- Italy
- Spain
- Rest of Europe
- Market Size and Forecast
- APAC Renewable Energy Market Overview
- Market Size and Forecast
- By Value (USD Billion), 2021-2028
- Market Share and Forecast
- By Type
- By End-User
- By Country
- China
- India
- Japan
- South Korea
- Rest of APAC
- Market Size and Forecast
- LATAM Renewable Energy Market Overview
- Market Size and Forecast
- By Value (USD Billion), 2021-2028
- Market Share and Forecast
- By Type
- By End-User
- By Country
- Mexico
- Brazil
- Rest of LATAM
- Market Size and Forecast
- MEA Renewable Energy Market Overview
- Market Size and Forecast
- By Value (USD Billion), 2021-2028
- Market Share and Forecast
- By Type
- By End-User
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- Market Size and Forecast
- Competitive Landscape
- List of Key Players and Their Offerings
- Market Share Analysis (2020)
- Competitive Benchmarking By Operating Parameters
- Impact of COVID-19 on Renewable Energy Market
- Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
- 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
- Other Prominent Players
- 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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