Renewable Energy Market to Reach Valuation of USD 1510.2 Billion by 2028 – Growth in Investments and Government Policy Support Drives the Market

In terms of revenue, the Global Renewable Energy Market is expected to reach USD 1510.2 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 8.8% from 2022 to 2028.

In 2022, renewable capacity is anticipated to increase by over 8 percent compared with last year, pushing through the 300 GW mark for the 1st time. Also, this year solar PV is forecast to account for 60 percent of the increase in worldwide renewable capacity with the commissioning of 190 GW, a 25 percent gain from last year. The utility-scale projects accounted for about two-thirds of overall PV expansion in 2022, generally steered by a robust policy environment in China and the European Union fuelling more rapid deployment.

Key Highlights from Report

· Among Type, the Solar Power segment dominated the Renewable Energy market with the largest market share. In 2018, the solar power capacity was amplified by 97 GW, sufficient to power 29 million homes.

· In terms of End-User, the Residential segment accounted for the highest CAGR (Compound Annual Growth Rate)in the coming years. This growth is attributed to the surge in the usage of geothermal heat pumps in residential heating applications.

· Asia Pacific held the largest market share in 2021 and is likely to be the most lucrative market in the future. This surge is because of the high investment in the production of off-grid energy and electrification of rural areas in developing nations like India, China, Brazil, Colombia, and Vietnam, resulting in the increased demand for small-scale hydropower plants in this region.

Market Dynamics

The global Renewable Energy market growth can be attributable to significant factors such as increased adoption of green energy among consumers and a rise in awareness of the harmful effects of fossil fuels on the environment. In addition, there is the expansion in industrialization and urbanization in developing economies across the globe, which is likely to fuel the demand for numerous Renewable Energy sources, such as solar energy and geothermal energy. Furthermore, growth in the technological developments resulting from the declining costs of renewable energy and the growing competitiveness of the battery storage systems will propel Renewable Energy market’s growth.

The government in different developed and developing countries is offering subsidies to the corporate sector to change towards clean and green energy to support sustainability and protect the environment. In addition, the increasing concerns about climate change at the global level are contributing to high investments in the implementation of renewable energy sources. All these factors will probably create profitable prospects for the Renewable Energy market in the coming years.

Geographically, Asia Pacific market is expected to observe significant market growth with the most prominentCAGR (Compound Annual Growth Rate)in the coming years. The region’s market growth can be attributable to the increasing economic development and industrialization in nations such as China and India. China is the biggest market for renewable energy in the Asia Pacific and is heavily investing in developing renewable energy technologies. The efforts by the Chinese government to promote clean and sustainable energy sources in the Asia Pacific renewable energy market will propel the regional market's growth during the forecast period. Also, the proposed plans of the government to build smart cities in countries like Saudi Arabia, India, and China, are anticipated to promote the demand for solar energy in the next few years, driving the regional market growth.

The Global Renewable Energy Market is Segmented as follows:

• Product
  • Hydropower
  • Wind Power
  • Solar Power
  • Bioenergy
  • Others
• End User
  • Residential
  • Industrial
  • Commercial
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Renewable Energy Market is:

ABB (Switzerland), Xcel Energy Inc. (US), EDF Energy (France), National Grid Renewables (US), Acciona (Spain), Enel Spa (Italy), Innergex Renewable Energy (Canada), The Tata Power Company Limited (India), General Electric (US), Invenergy (US)

The Global Renewable Energy Market Scope can be Tabulated as below: