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Renewable Energy Market by Type (Wind, Hydro, Solar, Bioenergy, and Geothermal) and End-User (Residential, Industrial, and Commercial) – Global Industry Opportunity Analysis and Forecast, 2022-2030
NEW YORK, Dec. 08, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Renewable Energy Market by Type and End-User – Global Opportunity Analysis and Industry Forecast, 2022-2030” – https://www .reportlinker.com/p06371374/?utm_source=GNW
The renewable energy market size is worth 856.08 billion US dollars in 2021 and is estimated to That will reach 2,025.94 billion US dollars in 2030 with a CAGR of 9.6% during the forecast period from 2022 to 2030.
The demand for sustainable energy has increased worldwide due to factors such as increasing concerns related to climate change and rising pollution levels. In addition, the decrease in the cost of solar panels acts as a major contributor to the increase in the use of solar energy, which in turn leads to the growth of the renewable energy industry.
However, high investment costs and lack of resources in many countries are expected to hinder growth. of the market. On the other hand, technological advancements in solar PV production and interconnection solutions using energy storage systems are expected to create ample opportunities for key players operating in the renewable energy market in the coming decade.
Overview of the section
The global renewable energy industry is segmented on the basis of type, end user, and geography.
– Based on type, the market is segmented into wind energy, hydroelectricity, solar energy, bioenergy, and geothermal energy.
– Based on the end user, the market is classified as residential, industrial, and commercial.
– Region wise, the market is segmented into North America, Europe, Asia Pacific, and RoW.
Regional analysis
The Asia Pacific market is expected to hold the dominant share in 2030.
Asia-Pacific dominates the global renewable energy market and is expected to have the potential to remain dominant in the market throughout the forecast period. This is due to the increasing demand for sustainable energy due to rapid urbanization and industrialization. fast. Key drivers responsible for the growth of the industry include government initiatives to reduce dependence on fossil fuels to stabilize CO2 emissions and ensure clean and efficient forms of energy.
Also, the reduced cost of solar modules and the diversity of solar energy systems for various uses including electricity generation, water heating, etc. contribute to the high adoption of renewable energy markets. For example, in July 2022, the Japanese government plans to install solar panels in 50% of federal and municipal buildings, contributing 6GW of capacity. Another 10GW of energy from solar panels will be installed in the company’s building and parking lot.
Major market players
Key emerging and effective players in the renewable energy industry research include companies such as:
• General Electric
• ABB
• ACCIONA
• Enel Spa
• Schneider Electric
• Xcel Energy Inc.
• Siemens Gamesa renewable energy, SA
• Suzlon Energy Limited
• Innerex
• Tata Power
Recent developments
September 2022
GE Renewable Energy has received an order from Continuum Green Energy Limited to supply, install, and commission 81 of its 2.7-132 onshore wind turbines for a 218.70 MW wind power project spread across India. These projects aim to empower various industries and commercial establishments in Tamil. Nadu and Madhya Pradesh, India.
September 2022
GE Renewable Energy has received an order from Continuum Green Energy Limited to supply, install, and commission 81 of its 2.7-132 onshore wind turbines for a 218.70 MW wind project spread across the states of Tamil Nadu and Madhya Pradesh, India.
August 2022
The Italian energy agency, Gestore dei Servizi Energetici (GSE) has launched a €1.5 billion rebate program aimed at helping agricultural businesses install rooftop PV systems in farm buildings. The Italian government expects to use 375 MW of solar PV capacity through this project.
July 2022
The Moroccan Agency for Sustainable Energy (MASEN) launched a tender to find an engineering, procurement, and construction (EPC) contractor for its Noor Atlas solar project. A call for expressions of interest seeks to build several solar power plants across the African region.
February 2022
ABB has partnered with IBM and Worley to sign a memorandum of understanding to help energy companies build and operate large-scale, efficient green hydrogen facilities. The planned tripartite partnership aims to create an integrated, digital solution enabling facility owners to quickly, affordably, and safely build green hydrogen assets, and operate them more efficiently.
January 2022
A new solar project, the Fox Coulee Solar Project, has been unveiled in Alberta, Canada. The 85.6 MW solar PV power project was planned and developed by two companies namely Aura Power Developments and Subra GP in one phase. Its construction was started in 2022 and is expected to be in service in 2023
December 2021
Solar Philippines Nueva Ecija Corporation started construction of its 500 MWp solar farm Nueva Ecija in Centrl Luzon, Philippines. Expected to be built over time, the first 50 MWp solar plant will be invested. At the end of 2022.
Read the full report: https://www.reportlinker.com/p06371374/?utm_source=GNW
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