According to the research report, global renewable energy market was projected at USD 1089 Million in 2019 and is forecast to hit USD 1911 Million in 2026, with CAGR expected to rise by 8.3% between 2020 and 2026.
The growth of the global renewable energy market is mainly attributed to increased emissions of greenhouse gases (GHGs) paired with the limited presence of fossil fuel on the earth. Further, advancement in technologies and rising government funding in renewable energy sectors are expected to offer new alluring opportunities for the market participant in years to come.
As per the report published by Facts and Factors, the global renewable energy market was projected at USD 1089 Million in 2019 and is forecast to hit USD 1911 Million in 2026, with CAGR expected to rise by 8.3% between 2020 and 2026.
Renewable energy is becoming more appealing to investors as they need to fix the climate crisis by reducing carbon emissions becomes more widely understood. Renewables are predicted to replace coal as the world’s largest source of electricity generation by 2025, putting an end to coal’s five-decade reign as the most dominant energy source. Renewable technology has the potential to significantly reduce greenhouse gas emissions. Renewable energy can help to reduce the use of fossil fuels, which are the main source of carbon dioxide emissions in the United States. Renewable energy usage in the United States is expected to grow through 2050, according to the US Energy Information Administration. In 2019, the electric power market accounted for about 56% of total renewable energy demand in the United States, and renewable energy sources accounted for about 17% of total electricity production. Renewable energy patterns are quickly evolving, and large businesses are focused on producing energy from a variety of sources. Solar and wind power are two of the most important renewable energy sources. Other renewable energy sources such as ocean energy, biomass, and geothermal have gained prominence. Many major corporations are now focusing on geothermal energy, which has a number of advantages. These are the major factors predicted to propel the growth of renewable energy in years to come.
Global Renewable Energy Market: Growth Factors
Leading to excessive emissions of greenhouse gases (GHGs), especially CO2, caused by the use of fossil energy for energy production, the global renewable energy demand is anticipated to develop significantly during the forecast period. Furthermore, the renewable energy industry is fuelled by the limited supply of fossil fuels on the planet, as well as their unpredictable costs. Renewable energy generation, on the other hand, necessitates a major expenditure. During the forecast period, this factor is expected to limit the market growth. Moreover, in the Middle East, fossil fuels are mainly used to produce electricity because they are less costly than in other areas. The market’s growth is slowed as a result of this. Continuous technological advancements and increased government investment in the renewable energy sector, on the other hand, would provide significant growth opportunities during the evaluation timeframe. The scale of the renewable energy market is rising as government policies on climate change become more stringent in both developed and emerging economies.
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Top Market Companies
Major players operating in the renewable energy market are UpWind Solutions, Inc., Senvion S.A., Tata Power Company Limited (Tata Power), Innergex, Enel Spa (Enel), ENERCON GmbH, ABB Ltd., General Electric (GE), Xcel Energy, EDF, Geronimo Energy, Invenergy, Vestas Wind Systems A/S, Sinovel Wind Group, and ACCIONA.
Asia Pacific Region Projected To Dominate Global Renewable Energy Market Growth
Regionally, the global market for renewable energy is significantly segmented into Latin America, Middle East, and Africa, North America, and Europe. Due to mandates issued by governments of several countries to reduce greenhouse gas emissions, Asia Pacific currently dominates the global market for renewable energy. The rise in industrialization paired with population growth in countries such as China, India, and the Southeast Asia region is also estimated to support the growth of the renewable energy market in the Asia Pacific region considerably. Due to advances in technology and the availability of new sources of energy across the region, Europe is projected to be the second-largest market for renewable energy.