Government initiatives and policies primarily drive the global market. Due to growing investments in wind, solar, and other renewable energy sources, which decrease dependency on unconventional power plants, the focus on reducing global dependence on coal and other fossil fuels is well advanced, as seen by the renewable investment record.
New York, United States, Jan. 31, 2024 (GLOBE NEWSWIRE) — Renewable energy is derived from non-depletable resources, such as sun, wind, and hydropower. These renewable energy sources are continually replenished and never deplete, in contrast to traditional energy sources, which are costly and harmful to the environment. Solar energy is utilized to heat and illuminate residential and commercial structures. This renewable energy resource is also utilized for power production, water heating, and several other industrial and commercial applications. Wind energy, on the other hand, is one of the most recognized kinds of renewable energy.
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Rising Energy Demand and Renewable Energy in Power Generation Drives the Global Market
According to Straits Research, “The global renewable energy market size was valued at USD 1085 billion in 2023. It is estimated to reach USD 2450 billion by 2032, growing at a CAGR of 9.47% during the forecast period (2024–2032).” According to the New Energy Outlook 2018 by Bloomberg NEF, worldwide power consumption will increase to 38,700 terawatt-hours by 2050 from 25,000 terawatt-hours in 2017 due to increased urbanization, population growth, infrastructure development, and access to electricity. In addition, technical improvements in the industrial, commercial, and residential sectors increase the availability of energy-intensive items. Furthermore, increased concerns about decreasing carbon emissions necessitate a more significant proportion of renewable energy in the power-generating mix. Renewable energy sources, such as wind and hydroelectricity, are less susceptible to wide-scale failure since the installation of these power plants is dispersed across a vast area, preventing a power outage in the entire region if a severe weather event occurs in a single site.
Scope of Renewable Energy as a Power Source in Remote Areas Creates Tremendous Opportunities
In remote, underdeveloped areas, renewable energy sources, such as solar power plants, can provide enough energy to power buildings with the increase of research and development initiatives related to renewable energy. Establishing new utility lines in these undeveloped regions is a laborious endeavor since it may be difficult and expensive. Due to developments in solar panel technology, installing solar panel systems in distant places is advantageous since they provide a very stable and cost-effective energy source.
In addition, the grid-stabilizing system, which includes control systems, batteries, inverters, and software for virtual generator control, enables the utilization of renewable energy sources in remote places. It offers electrical assistance to remote communities and industrial zones, such as mines and construction sites, where fuel costs play a significant role, making the global renewable energy market flexible, cost-effective, and integrated.
Asia-Pacific renewable energy market share is anticipated to grow at a CAGR of 8.10% during the forecast period. Asia-Pacific is one of the world’s most significant renewable energy marketplaces. Due to the region’s expanding population and rising per capita disposable income, there is a growth in energy consumption. Moreover, these fast-expanding economies in this area are the world’s leading polluters. According to the International Renewable Energy Agency, over two-thirds of the global increase in renewable generating capacity in 2017 was attributable to Asia. In addition, Asia-Pacific nations are concentrating on renewable energy sources, including wind, bioenergy, solar, and hydropower, because of environmental concerns, price volatility, and supply security. Solar energy has been regarded as the greatest alternative to traditional fossil fuels, and it may be utilized to cut carbon emissions by efficiently satisfying power demands.
North America is expected to grow at a CAGR of 8.79% over the forecast period. Due to economic expansion, power consumption in the region is predicted to continue rising during the projection period. North America is divided into the United States, Canada, and Mexico. The United States is one of the world’s most industrialized nations, and American corporations have made substantial investments in innovative renewable energy generation systems. In 2017, around 17% of the total power demand in the United States was fulfilled by renewable energy sources. Solar and wind energy will be the predominant renewable energy sources during the predicted period. In addition, the pace of expansion of wind and solar energy production in Canada is the fastest among renewable energy sources. Geothermal and ocean energy are also utilized nationwide, with a total installed capacity of around 1,200 MW.
- Based on type, the global renewable energy market is divided into hydropower, wind energy, solar energy, bioenergy, geothermal energy, and ocean energy. The hydropower segment is responsible for the largest market share and is expected to grow at a CAGR of 11.22% over the forecast period.
- Based on end-user, the global renewable energy market is segmented into industrial, residential, and commercial. The industrial segment owns the highest market share and is anticipated to grow at a CAGR of 9.20% over the forecast period.
- Asia-Pacific is the most significant global renewable energy market shareholder and is anticipated to grow at a CAGR of 8.10% during the forecast period.
The key players in the global renewable energy market are Ocean Power Technologies, Inc, Ørsted A/S, General Electric, NextEra Energy, Inc., Enel Spa, On Power, Yingli Solar, Tocardo BV, SynTech Bioenergy LLC, Vestas Wind Systems A/S, Siemens AG, and Canadian Solar Inc.
- In December 2022, Canadian Solar Inc. announced that its majority-owned subsidiary CSI Solar Co., Ltd. (“CSI Solar”) had signed a 256 MW solar module contract with SOLA Group, an independent power producer situated in Cape Town. The 256 MWs will serve the two largest utility-scale solar power plants in South Africa based on private power purchase agreements (PPAs).
- In January 2023, Canadian Solar Inc. revealed that CSI Energy Storage, a division of its majority-owned subsidiary CSI Solar Co., Ltd. (“CSI Solar”), has been chosen to provide up to 550 MWh of SolBank energy storage products to Pulse Clean Energy (“Pulse”) for use in various UK-based projects.
Global Renewable Energy Market: Segmentation
- Wind Energy
- Solar Energy
- Geothermal Energy
- Ocean Energy
- North America
- South America
- The Middle East and Africa
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