New York, Jan. 18, 2023 (GLOBE NEWSWIRE) -- According to a report published by Next Move Strategy Consulting, the Renewable Energy Market generated USD 856.08 billion in 2021, and is projected to reach USD 2,025.94 billion by 2030, witnessing a CAGR of 9.6% from 2022 to 2030. The research offers a detailed analysis regarding drivers, restraints, and opportunities to highlight changing market dynamics of the industry. Moreover, the research provides an extensive analysis of major segments and their sub-segments to determine fastest-growing and highest revenue-generating segments.
Equipping a detailed analysis of each and every aspect of the renewable energy industry in 366 pages along with 278 tables and 247 figures, the report aims to provide a helpful source of information for leading players, investors, and startups to take necessary steps to achieve sustainable growth and competitive advantage.
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| Report Coverage | Details |
| Forecast Period | 2022–2030 |
| Base Year | 2021 |
| Market Size in 2021 | USD 856.08 Billion |
| Market Size in 2030 | USD 2,025.94 Billion |
| CAGR | 9.6 % |
| No. of Pages | 366 |
| Tables | 278 |
| Figures | 247 |
| Segments covered | Type, end user, and region. |
| Drivers | Favorable government policies regarding carbon emissions |
| Rise in government and corporate investments in green energy sources | |
| Reduction in cost of solar power installations | |
| Opportunities | Rise in demand for energy, owing to high population penetration |
| Technological advancements in solar PV manufacturing |
The report provides an extensive analysis of changing market trends in the global renewable energy industry on the basis of drivers, restraints, and opportunities. Increase in favorable policies and regulations by various governments, low cost of solar power sources, huge investments by various government and corporate sectors, and awareness among people regarding the benefits of use of clean energy drive growth of the green energy market. However, high initial investments associated with generation of electricity from sustainable sources and lack of resource availability restrains the market growth.
Lead Analyst for Renewable Energy at Next Move Strategy Consulting stated, “advancements in technology in solar PV manufacturing and use of energy storage technologies for addressing the sporadic difficulties are expected to create new opportunities for the green energy market in the coming years.”
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Asia-Pacific accounted for the highest market share in 2021, and is estimated to maintain its dominance throughout the forecast period. This is attributed to rapid urbanization and industrialization and considerable opportunities that exist to avoid long-term lock-in with carbon-based energy technologies, along with increasing investments and initiatives by the government. On the other hand, Europe is projected to register a steady growth rate throughout the forecast period, owing to significant demand for hydropower and onshore wind energy as well as various schemes offered by the government such as tax benefits to encourage use of alternative and sustainable power sources.
The research offers an analysis of each region and its countries based on segments and their sub-segments to outline steps to be taken to consolidate presence in the renewable energy industry. This analysis is also helpful in determining highest-revenue generating and fastest-growing segments and taking the next steps accordingly.
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The report offers a detailed analysis of leading market players in the global renewable energy market. Leading players analyzed in the research include General Electric, ABB, ACCIONA, Enel Spa, Schneider Electric, Xcel Energy Inc., Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Limited, Innergex, and Tata Power.
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