Renewable Energy Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMEP184 | Last Updated On: Jun 03 2022 | Available Formats

> Global Renewable Energy Market Expected to reach a high CAGR of 7.5% during the forecast period 2022-2029: DataM Intelligence

Global Renewable Energy Market is segmented By Energy Sources (Solar Energy, Wind Energy, Geothermal Energy, BioEnergy, Hydropower Energy, others), By Application (Automotive, Construction, Transportation, Chemical & Petrochemical, Others), By End-User (Residential, Commercial, Industrial), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global Renewable Energy Market is expected to grow at a CAGR of 7.5% during the forecasting period (2022-2029).

 

Market Drivers

  • The market growth is driven by factors like government regulations in favor of renewable energy sources, Under-Investment in Energy, high prices for oil & gas, volatility in the electricity market, market liquidity and increasing demand for energy beckoning the usage of alternate energy sources.
  • Due to climatic changes, governments have taken initiatives to attract investment in new technologies which otherwise would not be developed. The only renewable sources that can be used without policy inducement are biomass and hydro.
  • According to the Energy Policy Act established in 2015 with an aim to approve 10,000 megawatts of electricity from non-hydropower renewable energy projects located on public lands.
  • As other guidelines have influenced NPS support at that time towards renewable energy such as the Energy Independence and Security Act, and Executive Orders.
  • In 2013, Federal Leadership on Energy Management set a target for all federal agencies to source 20% of their total electric energy from eligible renewable energy resources. Also, Executive Office released the President's Climate Action Plan in 2013 to accelerate clean energy leadership and increase renewable energy permitting by 10 gigawatts by 2020.
  • In Dec 2009, the Amendment to the 2006 Renewable Energy Law in China which mandated power grid operators to buy all the electricity produced by renewable energy generators within their region.
  • Romania expected a target of over 24% share of renewable energy in consumption in 2020, higher than the average mark of the European Union, and this target has already been reached at the beginning of 2014, as a result of the public policies implemented.

Market Outlook

  • The Global Renewable Energy Market is segmented by energy sources as Solar Energy, Wind Energy, Geothermal Energy, Bio Energy, hydropower Energy, and others.
  • By application, the market has been segmented as Automotive, Construction, Transportation and chemical & Petrol chemical among others. By end-user, the market share has been segmented as residential, commercial and industrial.

Geographical Share

  • Geographically, the Global Renewable Energy market is segmented into North America, South America, Europe, Asia Pacific, and RoW.
  • Asia-Pacific accounted for the largest market share of the global renewable energy market followed by Europe. Asia Pacific region is growing due to several governments regulations issued to minimize emissions of greenhouse gas, development in technology and the new forms of energy available in the region

Market Key Players

  • The major players of Renewable Energy market include Acciona Solar Power Inc, BAE Systems plc, The Boeing Co., General Dynamics Corp., GE Co., Kellogg, Brown and Root Inc., L-3 Communications Holdings Inc., Lockheed Martin Corp., Northrop Grumman Corp., Science Applications International Corp., Clark Energy Group, Bechtel Corp., General Atomics Inc., Honeywell International, Oshkosh Corp., Protonex Technology Corp., SolarCity Corp., and SunPower Corp.

Scope of the report :

  • The report covers the factors impacting the market size, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.

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