The Global Renewable Energy Market is expected to grow at a CAGR of XX% to reach a market value of USD 2163.43 billion by 2025. The increasing pressure over existing natural resources and fuels has propelled the adoption of renewable energy across the globe. Renewable energy is generated from natural processes that are constantly refilled, including sunlight, geothermal heat, water, wind, tides, and various forms of biomass.
Global Renewable Energy Market 2016-2025
In 2016 - 1473.4 USD Million
In 2017 - 1537.6 USD Million
In 2018 - 1604.7 USD Million
In 2025 - 2163.4 USD Million
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Moreover, ever-rising demand for energy has pushed the market innovators to develop efficient methods to produce renewable energy. For instance, Canadian Solar will launch three new high-efficiency solar panels by the end of 2018. BiKu modules are high efficient dual-cell bifacial modules which have up to 365 W power output on the front side and 75% bifaciality. It can increase energy yield by up to 30% with backside contributions.
Regardless of high growth rates and potential, renewable energy still represents only a small fraction of today’s global energy consumption. Renewable electricity generation excluding hydro is estimated to account for 8.4% of global power generation. However, renewable energy plays a significant role in the growth of electricity generation sector, contribution almost half growth in the energy sector in 2017.
Enel Green Power, ENERCON GmbH, Nordex SE, Senvion S.A, Siemens Gamesa, Renewable Energy, S.A., Siemens Wind Power GmbH & Co.KG, Sinovel Wind Group Co., Ltd, Suzlon Energy Limited, UpWind Solutions, Inc., and Vestas Wind Systems A/S are key companies of the market.
Leading companies are currently focused on geothermal energy that has the capacity to supply base load requirements. Key companies are making efforts to reach the untapped market, which will help them maintain their dominance throughout the forecast period from 2018 to 2025. The entry of new companies is expected to make the global renewable energy market highly competitive and fragmented.
Market share of Global Renewable Energy Market by Region, 2017
- North America 22.49%
- South America 33.24%
- Europe 35.97%
- Asia Pacific 6.70%
- Middle East & Africa 1.60%
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The global renewable energy market is driven by multiple factors such as decline in costs of renewable energy equipment, government initiatives towards clean energy, increase in demand from corporate buyers, and need of energy security and independence. However, Lack of technical information, implementation hurdles, and huge investment cost might hamper the market growth.
Although the global renewable energy market is anticipated to undergo significant growth, it is likely to face a few challenges. Renewable energy generates electricity at a high tariff, which is one of the biggest factor expected to hinder the potential of the global renewable energy market.
The global renewable energy market is segmented by type and end user. By type, the market is further segmented as Hydro & Ocean Power, Wind Energy, Solar Energy, Bioenergy, and Geothermal Energy. Hydro & Ocean Power is further divided as Wave Energy, Tidal Energy, and Other. Moreover, Wind Energy is bifurcated Offshore and Onshore wind energy production. Solar is further categorized into Solar PV and CSP. Bioenergy is segmented as Bio-alcohol, Biomass, Bio-diesel, and Others.
At present, wind energy is the most used and most mature renewable energy, followed by solar energy. Wind energy is the leading segment owing to its advantages such as cost-effectiveness and lowest-priced renewable energy technologies and deployment at the domestic scale.
By geography, Renewable Energy market is segmented as North America, South America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific leads the renewable energy market owing to increased government initiative and growing energy demand from developing nations such as China and India. According to BP Plc, China has increased its renewable installed capacity by around 30% in 2017 compared to 2016.
Europe is estimated to be the second biggest market for renewable energy owing to the advancement in the technology and the availability of new forms of energy across the region. Ocean energy and offshore wind energy are two of the forms of renewable energy sources in Europe.
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