Renewable Energy Market 2021 Analysis with Emerging Technologies, Industry Growth Forecast to 2025

The global renewable energy market is expected to be heading toward expansion phase during the forecast period. Factors propelling the market growth include concerns regarding environmental impacts of fossil fuels such as degradation, greenhouse gas emissions (GHG), severe climate change conditions, and others. In addition, rapid urbanization, and economic growth in the developing countries are significant factors driving the renewable energy market.

However renewable energy technologies continue to face a number of barriers. The major challenge is mainly economic, the costs comprise infrastructure investment, day-to-day operations, and market costs of supply. On the contrary, regions such as Europe and Asia, are shifting toward electrification of vehicles, wherein China leads the market. This factor is expected to provide lucrative opportunities for the growth of the renewable energy market.

Continuous depletion of non-renewable energy sources such as coal and petroleum, increase in demand for renewable energy, and long-term cost-effectiveness associated with use of renewable energy resources have propelled the growth of the industry. In addition, increase in awareness about environmental safety & sustainability and proactive government initiatives to promote adoption of renewable energy have augmented the growth of the market. On the other hand, high costs associated with initial infrastructural setup would impede the market growth.

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However, increase in government funding and measures to promote technological developments in this sector is expected to provide lucrative opportunities for the market in the future. Renewable energy market accounted for revenue of $928.0 Billion in 2017 and is anticipated to generate $1,512.3 Billion by 2025. The market is projected to grow at a CAGR of 6.1% from 2018 to 2025.

Based on geography, the market across the Asia-Pacific region contributed the lion’s share in 2017, accounting for nearly two-fifths of the total market share. The region would continue its dominance throughout the forecast period. On the other hand, Europe is expected to grow at the fastest CAGR of 6.2% from 2017 to 2025.

Furthermore, the renewable energy market size is increasing due to rapid urbanization in Asia-Pacific. Presence of countries such as China, India, and Indonesia, in the Asia-Pacific that experience rapid industrialization along with increase in stringent environmental regulations, has fueled the demand for energy as compared to other regions. China has the dominant share in the Asia-Pacific renewable energy market.

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The renewable energy market analysis covers in-depth information of major industry participants. The key player operating and profiled in the market includes ABB Ltd., General Electric (GE), The Tata Power Company Limited (Tata Power), Innergex, Enel Spa (Enel), Xcel Energy Inc. (Xcel Energy), EDF, Geronimo Energy, Invenergy, and ACCIONA.

Other players in the value chain of the market includes Vestas Wind Systems A/S, UpWind Solutions, Inc., Senvion S.A., and Sinovel Wind Group Co., Ltd. ENERCON GmbH.

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Key Findings Of The Study:
• The renewable energy market forecast is studied from 2018 to 2025.
• The Europe renewable energy market is projected to grow at a highest CAGR of nearly 6.7%, in terms of revenue, during the forecast period.
• The solar energy segment is anticipated to witness moderate growth rate of 5.9%, in terms of revenue, during the forecast period.
• Asia-Pacific dominated the market with a revenue share of over 34.3% in 2017.
• The renewable energy market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA.
• The renewable energy market share has been analyzed across all segments along with region.
• A comprehensive analysis of the factors that drive and restrain the renewable energy market growth is provided.
• An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
• The qualitative data in this report aims at the market dynamics, trends, and developments in the renewable energy industry while the quantitative data provides renewable energy market size in terms of revenue and volume.

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