The Global Renewable Energy
Advanced electrification, which has significant benefits including the ability to transmit heat or things effectively and being clean at the point of use, is frequently used in conjunction with the deployment of renewable energy. Additionally, electrification using renewable energy is more effective and thus results in large reductions in the need for primary energy. Renewable energy increased from 20% to 28% of the world’s electrical supply between 2011 and 2021. Nuclear energy dropped from 12% to 10%, while fossil energy dropped from 68% to 62%. Hydropower's contribution declined from 16% to 15% while solar and wind energy's share rose from 2% to 10%. Geothermal energy and biomass both increased from 2% to 3%. In 135 nations, there are 3,146 gigawatts installed, while 156 nations have legislation governing the renewable energy industry. Nearly half of the growth in renewable power generated worldwide came from China in 2021.
Growing Industrialization and Commercialization
As the demand for coal and natural gas continues to rise because of expanding industrialization and commercialization, people are using equipment that consumes increasing amounts of electrical energy. Additionally, growing number of individuals worldwide are worried about the environment and want to do their share to reduce the carbon footprint left behind. These two factors are essential drivers of the market growth for renewable energy in this sector and company. As a result, it is expected that the market for renewable energy would grow steadily during the forecast period.
Infrastructure Development
In 2022, transmission development is anticipated to play a significant role in the renewable energy sector's agenda since it is essential for linking new, sometimes remote-located renewable energy generation to electricity-consuming centres. Progress, which has frequently been hindered by permission delays of projects, will probably be unlocked with the aid of policy and regulatory support, investments, as well as innovation. Transmission projects, particularly interregional ones, have so far continued to pose a significant barrier to the expansion of renewable energy because they find it difficult to obtain regulatory approval from every state they pass through, as well as opposition from environmental organizations and refusal from landowners.
Transmission interconnection backlogs are holding up around 844 GW of potential capacity, 90% of which is renewable or energy storage. This is especially true with offshore wind, which is expected to increase significantly, and which has to be connected to existing coastal infrastructure. The
New Technologies
The development of next-generation technology is gaining momentum. Investors in the renewable energy sector are thinking about investing in them, which might eventually support the confident integration of variable renewables such as wind and solar into the electric grid. Private funding, pilot projects, and federal research funding might hasten the commercialization of cutting-edge technologies such as green hydrogen, enhanced batteries, and other types of long-duration storage for a market that has previously been mainly focused on
The falling prices of renewable
Market Segmentation
The Global Renewable Energy Market is divided on the basis of type end-use industry and Industrial. Based on type, the market is further divided into hydroelectric power, wind power, bioenergy, solar energy, and geothermal energy. Based on end-use industry, the market is segmented into residential, commercial, industrial, and others. The commercial sub-segment is further segregated into
Market Players
Major market players in the Global Renewable Energy Market are
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Attribute
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Details
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Base Year
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2022
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Historic Data
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2018–
2022
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Estimated Year
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2023
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Forecast Period
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2024
– 2028
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Quantitative Units
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Revenue in USD Million, and CAGR for 2018-2022 and 2024-2028
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Report Coverage
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Revenue
forecast, company share, growth factors, and trends
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Segments Covered
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Type
End Use Industry
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Regional scope
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Asia-Pacific,
North America, Europe, Middle East & Africa, South America
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Key companies profiled
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Canadian Solar, Inc., General Electric Company, Vestas Wind
Systems AS, First Solar Inc, Jinko Solar Holding Co. Ltd, Tata Power, Xcel
Energy Inc, Siemens Gamesa Renewable Energy, S.A., Enel Spa, Acconia
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Customization scope
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10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel
through Email (We can also provide the editable version of the report in
PPT/Word format on special request)
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