According to SNS Insider, mandates for renewable energy integration within national grids are creating stable markets and encouraging investment in projects ranging from solar and wind farms to hydroelectric installations, thereby driving renewable energy market growth.

Based on the SNS Insider report, the renewable energy market attained a worth of USD 759.8 billion in the year 2022. Projections indicate a substantial increase to USD 2760.5 billion by 2030, with an anticipated compounded annual growth rate (CAGR) of 17.5% spanning the forecast period from 2023 to 2030.

Key Players included are:

  • ABB
  • Acconia Energía
  • Enel Spa
  • General Electric
  • Innergex
  • Invenergy
  • Schneider Electric
  • Siemens Gamesa Renewable Energy
  • A.
  • Suzlon Energy Ltd.
  • Tata Power
  • Xcel Energy Inc.

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Market Report Scope

Renewable energy, often referred to as green energy or clean energy, is a vital and sustainable power source harnessed from natural resources that are constantly replenished. Unlike fossil fuels such as coal, oil, and natural gas, which are finite and emit harmful greenhouse gases when burned, renewable energy sources offer an eco-friendly alternative that doesn’t deplete our planet’s resources or contribute to environmental degradation. The pursuit of renewable energy has led to innovative technological advancements, making clean energy sources more efficient and accessible.

Market Analysis

One of the primary drivers behind the remarkable growth of the renewable energy market is the continuous advancements in technology. Breakthroughs in solar panel efficiency, wind turbine design, and energy storage solutions have significantly increased the feasibility and competitiveness of renewable energy sources. Innovations such as perovskite solar cells, more efficient wind blades, and grid-scale battery storage systems are making renewable energy technologies more cost-effective and reliable, spurring their adoption on a global scale. Favorable policy frameworks and regulatory incentives have played a pivotal role in driving the growth of the market. Governments across the world are implementing subsidies, tax credits, and feed-in tariffs to incentivize the adoption of renewable energy technologies. Additionally, mandates for renewable energy integration within national grids are creating stable markets and encouraging investment in projects ranging from solar and wind farms to hydroelectric installations.

Market Segmentation and Sub-segmentation included are:

By Product

  • Hydropower
  • Wind
  • Solar
  • Bioenergy

By Application

  • Industrial
  • Residential
  • Commercial

Impact of Recession

The renewable energy market is undoubtedly influenced by economic recessions, with potential effects ranging from reduced investment to policy uncertainty and fluctuations in demand. However, the underlying drive to combat climate change and transition to more sustainable energy sources remains a powerful motivator. Governments, investors, and industry players play a pivotal role in ensuring that the renewable energy sector weathers the challenges posed by recessions and continues to contribute to a greener and more sustainable future.

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Impact of Russia-Ukraine War

The Russia-Ukraine conflict has cast a shadow of uncertainty over the renewable energy market. While the sector’s long-term potential remains strong, short- to medium-term challenges, including supply chain disruptions, investment uncertainty, and policy changes, are areas that industry stakeholders will need to navigate carefully. As nations strive to balance energy security, climate goals, and geopolitical realities, strategic planning and adaptability will be essential for ensuring the continued growth of the market.

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Key Regional Development

In North America, the renewable energy market showcases a blend of localized policies and diverse energy resources. The United States and Canada have made substantial progress in wind and solar power generation. Asia’s renewable energy landscape presents a mix of opportunities and challenges due to its sheer size and diversity. China leads in solar panel production and is rapidly expanding its renewable capacity. India aims to electrify remote regions using solar microgrids, showcasing decentralized energy solutions.

Key Takeaway from Renewable Energy Market Study

  • The Hydropower Segment stands as one of the most established and reliable forms of renewable energy generation. Leveraging the power of flowing water to turn turbines and produce electricity, hydropower offers an unparalleled advantage in terms of scalability and consistency.
  • Moving on to the Industrial Segment, a relatively newer contender in the renewable energy arena, it holds immense promise for reshaping the energy landscape in industrialized economies. This segment revolves around the concept of repurposing waste heat generated by industrial processes into usable energy.

Recent Developments Related to Renewable Energy Market

  • In a bold and ambitious move towards sustainability, Reliance Industries, a conglomerate known for its diversified business interests, has announced plans to establish an astounding 100 gigawatts (GW) of renewable energy capacity by the dawn of the new decade in 2030.
  • Tata Power Renewable Energy Limited (TPREL) has embarked on an innovative collaboration, forging a strategic partnership with Sanyo Special Steel Manufacturing India Pvt. Ltd. Under this visionary alliance, TPREL and Sanyo Special Steel Manufacturing India are set to synergize their core competencies to drive forward a new era of energy production and technological innovation.

Table of Contents – Major Key Points:

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis 
    • COVID-19 Impact Analysis
    • Impact of Ukraine- Russia war
    • Impact of Ongoing Recession on Major Economies
  5. Value Chain Analysis
  6. Porter’s 5 Forces Model
  7. PEST Analysis
  8. Hydrogen Storage Tanks and Transportation Market Segmentation, By Modular Storage
  9. Renewable Energy Market Segmentation, By Product
  10. Renewable Energy Market Segmentation, By Application
  11. Regional Analysis
  12. Company Profile
  13. Competitive Landscape
  14. USE Cases and Best Practices
  15. Conclusion

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SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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