New York, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Renewable Energy Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06374537/?utm_source=GNW
The global renewable energy market is expected to grow from $842.98 billion in 2021 to $942.54 billion in 2022 at a compound annual growth rate (CAGR) of 11.81%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The renewable energy market is expected to reach $1,219.05 billion in 2026 at a compound annual growth rate (CAGR) of 6.64%.
The renewable energy market includes revenues earned by entities by nuclear energy, biomass and bioenergy, and applied energy.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The renewable energy refers to energy produced from natural energy sources, such as the sun and wind, that are constantly replenished.
Asia-Pacific was the largest region in the renewable energy market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the renewable energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main type of renewable energy are solar energy, wind energy, bio energy, hydro energy, and geothermal energy. The solar energy type of renewable energy is a energy form that uses solar energy for powering a home, building, water heating, solar lights, that comes in various capacities such as 0-1,000kwh, 1,100-5,000kwh, more than 5,000kwh, used by residential, commercial, industrial and utility.
An increase in power consumption is expected to propel the growth of renewable energy.Global energy demand is rising due to increased industrial activity and technological advancements in developing and developed countries.
Additionally, there is a rapid increase in energy consumption because of the growing world population, which implies growing energy requirements.Due to such an increase in the use of power, there is a need to produce renewable energy because of its improved energy security and reduced risk of fuel spills that emits no greenhouse gases from fossil fuels and decreases certain types of air pollution.
For instance, According to Enerdata, the world energy, and climate statistics, 2022 report states that global electricity consumption increased by +5.5% in 2021, after contracting by 0.7% in 2020 owing to the COVID-19 crisis. Furthermore, according to International Energy Agency, an intergovernmental organization, worldwide electricity demand will increase by about 5% in 2021 and 4% in 2022. Therefore, an increase in power consumption will drive the renewable energy market.
Technological advancement is a key trend gaining popularity in the renewable energy market.Renewable technologies are recognized as green energy sources.
The effective utilization of these resources minimizes environmental consequences, produces minimal secondary waste, and is sustainable in light of present and projected economic and societal needs.Recently, the market has witnessed the use of bio-mass energy and dual module solar systems that can significantly reduce greenhouse gas emissions.
Major companies in the renewable energy market are advancing in their new technologies and research and development to sustain their market position.For instance, In March 2022, Gautam Solar, an India-based Solar panels manufacturer, launched a G-2X dual generation monocrystalline technology solar modules.
This Gautam Solar module provides power from both the front and back of the module, making it ideal for use in rooftop and ground-mounted solar power plants, creating an additional 10%- 30% extra power generation. The solar module’s combined front and back efficiency go up to 25.72%. This G-2X mono series will save BOS and installation costs while increasing electricity generation by up to 30% in the same available space.
In February 2022, Chevron Corporation, a US-based energy industry company, acquired Renewable Energy Group, Inc. for $3.15 billion. This acquisition enhances REG’s rising renewable fuel production and superior feedstock capabilities combined with Chevron’s significant production, distribution, and commercial marketing. Renewable Energy Group, Inc. is a US-based biodiesel production company.
The countries covered in the renewable energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The renewable energy market research report is one of a series of new reports that provides renewable energy market statistics, including renewable energy industry global market size, regional shares, competitors with a renewable energy market share, detailed renewable energy market segments, market trends and opportunities, and any further data you may need to thrive in the renewable energy industry. This renewable energy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06374537/?utm_source=GNW
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