Renewable Energy Market to Garner $1,977.6 Bn, Globally, by 2030 at 8.4% CAGR: Allied Market Research – PR Newswire UK

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24 Jan, 2022, 13:20 GMT
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Increase in demand for renewable energy, surge in legislative and financial initiatives, and rise in electricity consumption drive the growth of the global renewable energy market
PORTLAND, Ore., Jan. 24, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, "Renewable Energy Market by Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy) and End Use (Residential, Commercial, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global renewable energy industry was accounted for $881.7 billion in 2020, and is expected to reach $1,977.6 billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030.
Drivers, restraints, and opportunities
Increase in demand for renewable energy, surge in legislative and financial initiatives, and rise in electricity consumption drive the growth of the global renewable energy market. However, huge investments hinder the market growth. On the contrary, rise in demand for renewable energy from India and China is expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
The hydroelectric power segment held the lion’s share
By type, the hydroelectric segment held the largest share in 2020, accounting for more than two-fifths of the global renewable energy market, due to rise in activity across the globe and increase in investment in off-grid energy generation and rural electrification across the developing countries. However, the solar segment is expected to register the highest CAGR of 13.3% during the forecast period, owing to decrease in prices of solar modules and increase in installation of solar energy infrastructure in commercial and residential sectors.
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The industrial segment to manifest the highest CAGR through 2030
By end use, the industrial segment would showcase the highest CAGR of 8.9% from 2021 to 2030, due to increased use of geothermal power plants to produce electricity to curb the carbon footprint. However, the residential segment held the largest share in 2020, contributing to nearly two-fifths of the global renewable energy market, owing to rise in use of geothermal heat pump in residential heating applications.
Asia-Pacific, followed by Europe and North America, to register the highest CAGR by 2030
By region, the market across Asia-Pacific, followed by Europe and North America, is expected to register the highest CAGR of 9.6% during the forecast period, due to rise in industrialization and rise in population. However, the global renewable energy market across Europe held the largest share in 2020, accounting for more than one-third of the market, owing to rise in investments in renewable energy.
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Major market players
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Wind Energy Market is projected to reach $127.2 billion by 2027, growing at a CAGR of 9.3% from 2020 to 2027.
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Bioenergy Market is expected to reach $217.8 billion by 2030, registering a CAGR of 7.6% from 2021 to 2030.
Geothermal Power Market was valued at $4.6 billion in 2018, and is projected to reach $6.8 billion by 2026, growing at a CAGR of 5.0% from 2019 to 2026.
Wave Energy Market is projected to reach $141.1 million by 2027, growing at a CAGR of 17.8% from 2020 to 2027.
Green Hydrogen Market is projected to reach $9.8 billion by 2028, growing at a CAGR of 54.7% from 2021 to 2028.
Waste-Derived Biogas Market is projected to reach $126.2 billion by 2030, growing at a CAGR of 8.5% from 2021 to 2030.
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About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research
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