Global Renewable Energy Market
Utilities

In-Depth 2024 Renewable Energy Market Analysis: Growth, Share, and Emerging Trends

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2024-2033 Renewable Energy Market Growth Rate: What’s the Forecast?

The size of the renewable energy market has seen robust growth in the past few years. The market, which stands at $1025.93 billion in 2023, is projected to expand to $1109.41 billion in 2024, registering a compound annual growth rate (CAGR) of 8.1%. This surge during the historical period can be credited to the appreciable growth of emerging markets, a shift toward the use of renewable energy over other sources, increased investment in renewable energy sources, and swift industrialization.

The size of the renewable energy market is anticipated to experience significant expansion in the coming years, with projections estimating its worth to reach $1554.65 billion in 2028, boasting a compound annual growth rate (CAGR) of 8.8%. This projected expansion in the forecasted period can be credited to elements such as increased electricity consumption, heightened urbanization, enacted government incentives, and an escalation in greenhouse gas emissions. Key trends expected within the forecast period encompass emphasis on the creation of innovative technologies, the introduction of renewable energy platforms, the application of blockchain technology, utilizing superior robotics, product introductions, forging partnerships and collaborations, along with fresh investment opportunities.

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What Drivers Are Accelerating the Growth of the renewable energy Market?

The renewable energy sector is predicted to grow significantly due to a surge in power usage. The global need for energy is escalating due to heightened industrial activities and technological innovations in both developing and advanced nations. Furthermore, the world’s growing population is leading to an acceleration in energy consumption, indicating the need for increasing energy provisions. This escalating power usage necessitates the production of renewable energy, which offers enhanced energy security and lessens the chance of fuel spills that release zero greenhouse gases from fossil fuels and lowers specific air pollution forms. Enerdata’s world energy and climate statistics confirmed this in their 2022 report, stating that global electricity consumption rose by +5.5% in 2021, recovering from a contraction of 0.7% in 2020 due to COVID-19. The International Energy Agency, a global governmental organization, projects that global electricity demand will rise approximately 5% in 2021 and 4% in 2022. Hence, the renewable energy market will be propelled by this surge in power consumption.

What Key Segments Can Be Identified in the Renewable Energy Market?

1) By Type: Solar Energy, Wind Energy, Bio Energy, Hydro Energy, Geothermal Energy

2) By Capacity: 0-1,000 Kwh, 1,100-5,000 Kwh, More Than 5,000 Kwh

3) By End User: Residential, Commercial, Industrial, Utility, Others

What Trends Are On the Rise in the Renewable Energy Market?

The renewable energy market is witnessing an increasing trend in technological advancements. Labelled as green energy sources, these renewable technologies have a minimal environmental impact, generate a tiny amount of secondary waste, and cater to the current and anticipated economic and societal needs sustainably. The market has recently seen a shift toward biomass energy and dual-module solar systems, which can substantially cut down greenhouse gas emissions. Companies at the forefront of the renewable energy market are focusing on novel technologies and R&D to maintain their market foothold. For example, in March 2022, the Indian solar panel manufacturer, Gautam Solar, rolled out the G-2X dual-generation monocrystalline technology solar modules. This product from Gautam Solar provides power generation from both the module’s front and rear, making it perfect for installation in rooftop and ground-based solar power plants – yielding an additional 10%-30% increase in power generation. The combined efficiency of the module’s front and back goes as high as 25.72%. The G-2X mono series will lessen the BOS and fitting expenses while boosting electricity production by up to 30% within the same accessible space.

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What Regions Are Steering Growth in the Renewable Energy Sector?

Asia-Pacific was the largest region in the renewable energy market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the renewable energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Renewable Energy Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the renewable energy market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Renewable Energy Market Include

1. Renewable Energy Market Executive Summary

2. Renewable Energy Market Segments

3. Renewable Energy Market Size And Template Market Growth Rate

4. Key Renewable Energy Market Trends

5. Major Renewable Energy Market Drivers

……

25. Key Mergers And Acquisitions In The Renewable Energy Market

26. Top Renewable Energy Companies

27. Renewable Energy Market Opportunities And Strategies

28. Renewable Energy Market, Conclusions And Recommendations

29. Appendix

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