Global Renewable Energy Market to Grow at a CAGR of 7.6% Over the Forecast Period of 2024-2032

The global renewable energy market is being driven by the rising investments in the industry. In 2017, around USD 280 billion of global investments were made into renewable energy, which is further expected to increase manifolds over the forecast period. North America is one of the leading regions in the global renewable energy market due to the availability of advanced technologies, with the United States as its major market. By 2026, the United States aims to increase its contribution to the renewable energy industry by 30%. The Asia Pacific is emerging as the fastest-growing market for renewable energy, accounting for nearly 27% of the global market share. Within the Asia Pacific, China and India together form the leading renewable energy markets having almost 75% of the installed capacity of renewable energy. In 2018, China heavily invested in renewable energy projects having a total capacity of nearly 696 gigawatts and emerged as the leading country, dominating the global market in three renewable energy technologies, namely, wind, hydropower, and solar energy.

With the growing environmental concern, the global demand for adopting renewable technologies has witnessed a rapid growth, pushing leading players in the industry to develop advanced solutions. In July 2020, JinkoSolar Holding Co., Ltd. (NYSE: JKS), a leading player in the industry and one of the world’s largest solar module manufacturers, announced the completion of the world’s largest solar plant of 1,177MWp, jointly developed with Japan’s Marubeni Corp. and Emirates Water and Electricity Company (EWEC).  This project, which costs AED 3.2 billion, has utilised JinkoSolar’s highly efficient mono panels, attracting the world’s most competitive tariff of 2.42 cents per kilowatt hour. As scheduled, the commercial operations at this plant have also started at Sweihan in Abu Dhabi. Further, in August, JinkoSolar announced the expansion of its mono wafer production capacity to 18 GW at its production facility in Leshan, Sichuan Province, by adding 5GW of further capacity. The full production of the additional 5GW of production capacity is expected to begin during the second quarter of 2021. These efforts are in response to the emerging issues due to climate change and the rising demand for sustainable development.

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Market Breakup by Types and Regions:

• By type, the global renewable energy market can be divided into solar, wind, hydro, biomass, and geothermal. 

• Region-wise, the industry can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increasing awareness regarding environmental pollution and climate change is driving the growth of the global renewable energy market.

• The governments across various countries are supporting the use of renewable energy by implementing regulatory policies, which is further aiding the industry growth.

• With the continually depleting natural resources, the demand for sustainable development has increased, which is providing further impetus to the market.

• With the advancement in technology, the global renewable energy market is witnessing improved innovations and solutions, driving the growth of the industry.

Key Offerings of the Report:

• The EMR report gives an overview of the global renewable energy market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) information for the types and regional markets for the global renewable energy industry.

• It also provides an assessment of the market based on the Porter’s Five Forces model along with a SWOT and value chain analysis.

• A detailed insight into the renewable energy markets in North America, Europe, the Asia Pacific, Africa, and Latin America for the (2018-2023) and (2024-2032) periods has been provided, as well.

The major players in the global renewable energy market are First Solar, Inc., Suzlon Energy Ltd., Vestas Wind Systems A/S, Conergy Energy Systems, Senvion S.A., Ørsted A/S, Vattenfall AB, JinkoSolar Holding Co., Ltd, Tata Power Solar Systems Ltd., and Enel Green Power S.p.A., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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