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The global renewable energy market size is being driven the rising installation of renewable energy globally. In 2020, nearly 2455 gigawatts of renewable energy was installed globally. The installations are expected to grow at CAGR of 7.6% between 2021 and 2026 to reach 3812 gigawatts by 2026.
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With the growing awareness about environmental issues, more and more nations are investing in renewable energy projects. The global investments made in such renewable resources was around USD 280 billion in 2017. Hydropower is the leading renewable energy technology in most of the regions. However, in the coming years, solar and wind energies are going to be the preferred alternative energy types. In 2018, many countries invested in renewable energy projects, with China investing the most substantial amount, having invested in the projects of nearly 696 gigawatts. China is followed by countries like the United States, Brazil, Germany, and India. China dominates the industry in three technologies, namely, wind, hydropower, and solar energy. Brazil, meanwhile, has the largest capacity installed for bioenergy, whereas the United States is the leading country in geothermal technology.
North America is one of the largest countries with installed renewable energy technologies. In the region, the United States aims to increase its contribution to the industry to 30% by 2026 as currently, the country’s electricity market is powered by fossil fuels. The growing economy of the country is also supporting the growth of the industry. Mexico and Canada are also witnessing a steady increase in the capacity of wind and solar energy technologies.
The Asia Pacific is the fastest-growing region for the industry. The region accounts for nearly 27% of the global industry share. China, one of the significant countries in the regional market, has the largest capacity for hydropower, wind, and solar energy plants. China and India, together, are the leading renewable energy markets in Asia, with nearly 75% installed capacity of the Asian market being within these regions. Japan follows India and China in terms of installed capacity. Hydropower is the leading resource in the region, with offshore wind and the solar area being the most exploited renewable resources in Asia. The capacity of this region is expected to witness a robust growth in the coming years.
Properties and Applications
Renewable energy is obtained from renewable sources, which are naturally replenishable like wind, biomass, solar, hydropower, etc. It provides energy to segments like electricity, transport, air and water cooling or heating, and other energy services.
On the basis of types, the industry can be divided into:
The EMR report also covers the regional markets like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The global renewable market is being driven by the increasing awareness and climate changes caused by fossil fuels and conventional energy resources such as oil, coal, and natural gas. The pollution caused by the burning of fossil fuels is causing severe damage to the environment and, thus, resulting in rapid climate change and increasing the need for renewable alternatives. The rising demand witnessed by the industry is being aided by the growing focus on sustainable development since natural resources witnessing a rapid depletion. The increased support by governments globally in the form of tax relief and other benefits for the installation and use of such alternative energy sources, as well as the increasing awareness about green energy among the consumer, is propelling the industry growth further.
The rising economies and installation in emerging economies like India and China are providing further impetus for the industry growth. Governments across the globe are now increasingly investing more in renewable energy plants in order to save electricity and restrict environmental hazards. In the coming years, the industry is expected to be driven by the rising adoption and acceptance of alternative energy sources. The rising innovations within the industry are also expected to propel the industry growth in the forecast period. The increasing parity in the prices of alternative energy to conventional energy is further projected to drive the industry globally.
September 2020- Vestas (OTCMKTS: VWDRY) to scale down the production of the V136 blade in Europe and invest in other types of blades such as V117 and V150 due to shifting market demand.
The report gives a detailed analysis of the following key players in the global renewable energy market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the industry based on Porter’s five forces model, along with giving a SWOT analysis.
1.1 Objectives of the Study
1.1.1 Research Objective
1.1.2 Key Findings of the Report
2 Research Methodology
2.1 Data Extraction
2.2 Data Corroboration
2.3 Market Structure
2.5 Market Models
3.1 Market Outlook
3.2 Market Scope and Segmentation
3.3 Additional Insights
4 Executive Summary
4.1 Key Market Developments
4.2 Market Analysis
4.3 Key Players
4.4 Market Revenue and Growth
5 Market Dynamics
5.1 Market Driver Analysis
5.2 Market Restraint Analysis
5.3 Industry Challenges
5.4 Industry Opportunities
6 Global Renewable Energy Market Analysis
6.1 Figure: Global Renewable Energy Historical Market (2016-2020) & Forecast (2021-2026)
6.2 Chart: Global Renewable Energy Market Breakup by Type
6.3 Figure: Global Renewable Energy Market Breakup by Type: Historical Market (2016-2020) & Forecast (2021-2026)
6.4 Chart: Global Renewable Energy Market Breakup by Region
6.4.1 North America
220.127.116.11 United States of America
18.104.22.168 United Kingdom
6.4.3 Asia Pacific
22.214.171.124 South Korea
6.4.4 Latin America
6.4.5 Middle East and Africa
126.96.36.199 South Africa
6.5 North America Renewable Energy Market Analysis
6.5.1 Figure: North America Renewable Energy Historical Market (2016-2020) & Forecast (2021-2026)
6.5.2 Chart: Market Breakup by Type
188.8.131.52 Onshore Wind
184.108.40.206 Bio Energy
6.5.3 Chart: Market Breakup by Country
220.127.116.11 United States of America
6.6 Europe Renewable Energy Market Analysis
6.6.1 Figure: Europe Renewable Energy Historical Market (2016-2020) & Forecast (2021-2026)
6.6.2 Chart: Market Breakup by Type
18.104.22.168 Onshore Wind
22.214.171.124 Bio Energy
6.6.3 Chart: Market Breakup by Country
126.96.36.199 United Kingdom
6.7 Asia Pacific Renewable Energy Market Analysis
6.7.1 Figure: Asia Pacific Renewable Energy Historical Market (2016-2020) & Forecast (2021-2026)
6.7.2 Chart: Market Breakup by Type
188.8.131.52 Onshore Wind
184.108.40.206 Bio Energy
6.7.3 Chart: Market Breakup by Country
220.127.116.11 South Korea
6.8 Africa Renewable Energy Market Analysis
6.8.1 Figure: Africa Renewable Energy Historical Market (2016-2020) & Forecast (2021-2026)
6.8.2 Chart: Market Breakup by Type
18.104.22.168 Solid biofuels
6.8.3 Chart: Breakup by Country
22.214.171.124 South Africa
6.9 Latin America Renewable Energy Market Analysis
6.9.1 Figure: Latin America Renewable Energy Historical Market (2016-2020) & Forecast (2021-2026)
6.9.2 Chart: Market Breakup by Type
126.96.36.199 Bio energy
6.9.3 Chart: Market Breakup by Country
7 SWOT Analysis
8 Porter’s Five Forces Analysis
8.2 Buyer’s Power
8.3 Supplier’s Power
8.4 New Entrants
8.5 Degree of Rivalry
9 Value Chain Analysis
10 Global Renewable Energy Tariff Rates
11 EMR’s Key Indicators for Demand
12 EMR’s Key Indicator for Price
13 Competitive Landscape & Supplier Analysis
13.1 First Solar, Inc.
13.1.1 Company Overview
13.1.2 Financial Analysis
13.2 Suzlon Energy Ltd.
13.2.1 Company Overview
13.2.2 Financial Analysis
13.3 Vestas Wind Systems A/S
13.3.1 Company Overview
13.3.2 Financial Analysis
13.4 Conergy Energy Systems
13.4.1 Company Overview
13.4.2 Financial Analysis
13.5 Senvion S.A.
13.5.1 Company Overview
13.5.2 Financial Analysis
13.6 Trina Solar Limited
13.6.1 Company Overview
13.6.2 Financial Analysis
13.7 Ørsted A/S
13.7.1 Company Overview
13.7.2 Financial Analysis
13.8 Vattenfall AB
13.8.1 Company Overview
13.8.2 Financial Analysis
13.9 JinkoSolar Holding Co., Ltd
13.9.1 Company Overview
13.9.2 Financial Analysis
13.10 Tata Power Solar Systems Ltd.
13.10.1 Company Overview
13.10.2 Financial Analysis
13.11 Enel Green Power S.p.A.
13.11.1 Company Overview
13.11.2 Financial Analysis
14 Events and Developments
The global renewable energy market attained an installation capacity of 2455 gigawatts. It is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 7.6%. The installation in the industry is projected to reach 3812 gigawatts by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the industry can be segmented into solar, wind, hydro, biomass, and geothermal. The major regional markets for the product are North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa, with North America being a leading regional market within the industry. The key players in the above industry include First Solar, Inc., Suzlon Energy Ltd., Vestas Wind Systems A/S, Conergy Energy Systems, Senvion S.A., Trina Solar Limited, Ørsted A/S, Vattenfall AB, JinkoSolar Holding Co., Ltd, Tata Power Solar Systems Ltd., and Enel Green Power S.p.A., among others.
The major drivers of the industry such as rising disposable incomes, increasing population, rising environmental consciousness, growing awareness about sustainability solutions, and increasing investments by governments and key players are driving the growth of the market globally. EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with industry insights that are accurate, actionable, and help them remain ahead of their competition.
EMR’s approach gives their clients a comprehensive assessment of the prevailing and projected industry conditions through the collection, collation, and analysis of data from trusted sources. The key questions answered in the market study are:
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