Report ID :10352514 |
Published Date : 21 Mar 2025 |
Report Format : |
Delivery Timeline :48-72 Business Hours
Global Renewable Energy Market Scope Report
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~8% |
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Base Year Market Size (2022) |
~ USD 1,034.0 Billion |
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Forecast Year Market Size (2035) |
~ USD 2,000.0 Billion |
Global Renewable Energy Market Highlights Over 2023 - 2035
The global renewable energy market is estimated to garner a revenue of USD 2,000.0 Billion by the end of 2035 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 1,034.0 Billion in the year 2022. The growth of the market can be attributed to the rising consumption for energy across the globe in different sectors such as residential, industrial, and commercial. According to the data stated in 2021, energy consumption in Russia, United States, and China has increased by 9 %, 4%, and 5 % respectively.
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Renewable energy refers to energy derived from natural sources that is replenished at a faster rate than it is consumed. It includes solar energy, wind power, hydroelectric energy, geothermal energy, and bioenergy. Moreover, generating renewable energy creates far lower emissions than burning fossil fuels. Hence, an increasing global warming is anticipated to increase the growth of the global renewable energy market. In the year 2020, the global gas emission from fuel combustion accounted for 32252 MtCO2eq as per the International Energy Agency
Global Renewable Energy Market: Growth Drivers and Challenges
Growth Drivers
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Surging Smart Grid Installations– Smart meters helps to monitor the energy usage in order to reduce the energy usage and integrate other renewable energy sources. Hence, it is anticipated to surge the growth of the global renewable energy market. In the year 2020, nearly 102.9 advanced smart meter infrastructure installations are made by the U.S electric utilities as per the U.S Energy Information Administration
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Growing Adoption of Green Energy– In the year 2020, the share of renewables in global electricity has increased to 29 per cent.
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Increasing Installation of Wind Turbines– There are more than 70,000 turbines installed as of January 2022 in the United States
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Increasing Price Volatility – As per the World Bank, the world’s bank energy price index increased by 26.3 per cent between January and April 2022
Challenges
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Scarcity of Trained Employees to Install Technologies
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High Cost for the Installation of Renewable Energy System
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Concern Related to Operating Issues in Different Climate Conditions
The global renewable energy market is segmented and analyzed for demand and supply by end user into commercial, residential, industrial, and others. Out of these, the residential segment is anticipated to hold the largest share over the forecast period owing to the surging consumption of electricity followed by an increase in the urbanization population. Moreover, there is a growing demand for energy the heating applications in the residential areas and it is expected to further rise the growth of the segment in the region. As per the data reported by United Nations, nearly 68 per cent of the population across the globe will live in urban areas by the end of the year 2050.
Global Renewable Energy Market Regional Synopsis
Regionally, the global renewable energy market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 on the back of rapid industrialization followed by the surge in the population percentage in the countries such as India and China. Furthermore, there has been increase in the level of pollution owing to the rising electricity consumption, and it is projected to increase the growth of the market in the region. As per the stated data, China has more than one Billion population in the year 2022.
Market Segmentation
Our in-depth analysis of the global renewable energy market includes the following segments:
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By End User |
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By Type |
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Key Companies Dominating the Global Renewable Energy Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global renewable energy market that are included in our report are MAGMA Energy Group, Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Limited, Suntech Power Holding Co., Ltd., Invenergy, Xcel Energy Inc., SHARP Corporation, Enel Spa, Yingli Green Energy Holding Company Limited, Innergex Renewable Energy Inc., and others.
Global Renewable Energy Market: Latest Developments
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November, 2022: Enel X (Enel Spa) announced the partnership with Cogenio in order to install photovoltaic systems in two Marchesi Antinori wine cellars.
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October, 2022: Innergex Renewable Energy Inc., announced the complete acquisition of the remaining interests in its wind portfolio of 16 assets in France.
Key Reasons to Buy Our Report
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
Frequently Asked Question
The market is segmented by end user, type, and by region.
The residential segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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