Renewable Energy Market Size (2021-2031) and Analysis
The Renewable Energy Market is expected to register a CAGR of 13.2% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Energy Source (Hydro, Wind, Solar, Geothermal, Others). The report further presents analysis based on the End User (Residential, Commercial, Industrial). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Renewable Energy Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Renewable Energy Market Segmentation
Energy Source- Hydro
- Wind
- Solar
- Geothermal
- Others
- Residential
- Commercial
- Industrial
Strategic Insights
Renewable Energy Market Growth Drivers- Increasing Residential and Utility Solar Installations: The increased push towards achieving green power to achieve sustainability and energy security is the primary factor driving the deployment of solar PV for meeting the rising demand and replacing the fossil-fuel based power generating sources. The growth is majorly attributable to technological advancements, constant reducing cost and rural electrification which in turn is expected to drive the renewable energy market growth in the coming years.
- Government Intiatives towards Renewable Energy Installations: Strong government policy support continues to remain as the principal driver of solar PV deployment across the world. Various policies implemented including, auctions, feed-in-tariffs, net-metering, contracts for difference, Investment tax credit, production tax credit, and renewable power generation targets. Such initiatives are expected to drive the renewable energy market.
- Technological Advancements and Efficiency Improvements: Technological innovations in renewable energy technologies have significantly reduced the cost and improved efficiency, making them more competitive with traditional energy sources. Advancements in solar panel efficiency, wind turbine design, and energy storage technologies have resulted in a reduction in the levelized cost of energy (LCOE), which makes renewables more affordable. For instance, the emergence of bifacial solar panels, which can absorb sunlight on both sides, and the offshore wind turbines with a greater capacity and efficiency is promoting the market growth. Advancements in renewable technologies will further drive the cost-cutting measures and encourage increased adoption of renewables across the world.
- Increasing Investments in Renewable Energy Sector: According to the International Energy Agency (IEA), the global energy demand increased by 8% in 2022. The upswing in investments in 2022 is a mixture of a cyclical response to recovery and a structural shift in capital flows toward cleaner technologies. For instance, the Saudi Arabian Ministry in January 2023 announced an investment of US$ 226 billion for development of clean energy across the country. This investment will be utilized for developing wind and solar energy infrastructure for generating power to meet the country-wide demand. Such investments are expected to create opportunity in the renewable energy market.
- Energy Storage and Grid Modernization: One of the problems with renewable energy is its intermittency, especially for solar and wind. Nevertheless, developments in energy storage technologies like batteries, hydrogen storage, and pumped hydro storage are improving the possibility of storing renewable energy for later use. This is a necessity for balancing supply and demand, especially as the share of renewables in the energy mix increases. In addition, modernizing the grid through smart grid technology and advanced demand-response systems is also allowing for better renewable energy management, enhanced stability of the grid, and support of widespread adoption of renewables.
- Increasing renewable power consumption coupled with significant efforts to minimize carbon footprint: The increas in renewable power consumption is the most prominent trend followed in developing economies. The surge in renewable power demand is primarily attributed to increase in population, growth prospects in industrialization, and significant increase in urbanization. The global electricity demand increased in 2023 owing to rapid economic rebound, and more extreme weather conditions which have pushed the energy prices to unprecedented levels and driving the power sector’s emissions to a record high level which in turn is expected to drive the renewable energy installations in the coming years.
- Corporate Sustainability and Energy Transition: Corporate sustainability focus is another key opportunity to renewable energy adoption. The commitment to 100% renewable energy goals has been embraced by various corporations and industries as a step to reducing their impact on the environment and to meet stakeholder expectations. Some of the big corporations, including Google, Microsoft, and Amazon, have been leading others in making transitions towards renewable energy sources for powering operations. Apart from achieving sustainability goals, shifting to renewable energy helps decrease costs in the long term and thus reduces operational costs. This trend encourages businesses to invest in renewable energy and increases market growth.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Renewable Energy Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Renewable Energy Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Renewable Energy Market is estimated to witness a CAGR of 13.2% from 2023 to 2031
The major factors driving the Renewable Energy Market are: Increasing Residential and Utility Solar Installations and Government Intiatives towards Renewable Energy Installations
Increasing renewable power consumption coupled with significant efforts to minimize carbon footprint is the key future trend of the Renewable Energy Market
The leading players operating in the Renewable Energy Market include ACCIONA, Alstom SA, Xcel Energy, Enel Green Power S.P.A. , General Electric, Siemens Energy, Suzlon Energy Limited, Shenzhen Energy Group Co., Ltd., TATA Power Company Limited, and Terra-Gen, LLC
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Renewable Energy Market - By Energy Source
1.3.2 Renewable Energy Market - By End user
1.3.3 Renewable Energy Market - By Region
1.3.3.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. RENEWABLE ENERGY MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.3.1 North America - Pest Analysis
4.3.2 Europe - Pest Analysis
4.3.3 Asia-Pacific - Pest Analysis
4.3.4 Middle East and Africa - Pest Analysis
4.3.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
5. RENEWABLE ENERGY MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. RENEWABLE ENERGY MARKET - GLOBAL MARKET ANALYSIS
6.1. RENEWABLE ENERGY - GLOBAL MARKET OVERVIEW
6.2. RENEWABLE ENERGY - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. RENEWABLE ENERGY MARKET - REVENUE AND FORECASTS TO 2028 - ENERGY SOURCE
7.1. OVERVIEW
7.2. ENERGY SOURCE MARKET FORECASTS AND ANALYSIS
7.3. HYDRO
7.3.1. Overview
7.3.2. Hydro Market Forecast and Analysis
7.4. WIND
7.4.1. Overview
7.4.2. Wind Market Forecast and Analysis
7.5. SOLAR
7.5.1. Overview
7.5.2. Solar Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. RENEWABLE ENERGY MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. RESIDENTIAL
8.3.1. Overview
8.3.2. Residential Market Forecast and Analysis
8.4. COMMERCIAL
8.4.1. Overview
8.4.2. Commercial Market Forecast and Analysis
8.5. INDUSTRIAL
8.5.1. Overview
8.5.2. Industrial Market Forecast and Analysis
9. RENEWABLE ENERGY MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Renewable Energy Market Overview
9.1.2 North America Renewable Energy Market Forecasts and Analysis
9.1.3 North America Market Forecasts and Analysis - By Energy Source
9.1.4 North America Market Forecasts and Analysis - By End user
9.1.5 North America Market Forecasts and Analysis - By Countries
9.1.5.1 United States Market
9.1.5.1.1 United States Market by Energy Source
9.1.5.1.2 United States Market by End user
9.1.5.2 Canada Market
9.1.5.2.1 Canada Market by Energy Source
9.1.5.2.2 Canada Market by End user
9.1.5.3 Mexico Market
9.1.5.3.1 Mexico Market by Energy Source
9.1.5.3.2 Mexico Market by End user
9.2. EUROPE
9.2.1 Europe Renewable Energy Market Overview
9.2.2 Europe Renewable Energy Market Forecasts and Analysis
9.2.3 Europe Market Forecasts and Analysis - By Energy Source
9.2.4 Europe Market Forecasts and Analysis - By End user
9.2.5 Europe Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Market
9.2.5.1.1 Germany Market by Energy Source
9.2.5.1.2 Germany Market by End user
9.2.5.2 France Market
9.2.5.2.1 France Market by Energy Source
9.2.5.2.2 France Market by End user
9.2.5.3 Italy Market
9.2.5.3.1 Italy Market by Energy Source
9.2.5.3.2 Italy Market by End user
9.2.5.4 Spain Market
9.2.5.4.1 Spain Market by Energy Source
9.2.5.4.2 Spain Market by End user
9.2.5.5 United Kingdom Market
9.2.5.5.1 United Kingdom Market by Energy Source
9.2.5.5.2 United Kingdom Market by End user
9.2.5.6 Russia Market
9.2.5.6.1 Russia Market by Energy Source
9.2.5.6.2 Russia Market by End user
9.2.5.7 Rest of Europe Market
9.2.5.7.1 Rest of Europe Market by Energy Source
9.2.5.7.2 Rest of Europe Market by End user
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Renewable Energy Market Overview
9.3.2 Asia-Pacific Renewable Energy Market Forecasts and Analysis
9.3.3 Asia-Pacific Market Forecasts and Analysis - By Energy Source
9.3.4 Asia-Pacific Market Forecasts and Analysis - By End user
9.3.5 Asia-Pacific Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Market
9.3.5.1.1 Australia Market by Energy Source
9.3.5.1.2 Australia Market by End user
9.3.5.2 China Market
9.3.5.2.1 China Market by Energy Source
9.3.5.2.2 China Market by End user
9.3.5.3 India Market
9.3.5.3.1 India Market by Energy Source
9.3.5.3.2 India Market by End user
9.3.5.4 Japan Market
9.3.5.4.1 Japan Market by Energy Source
9.3.5.4.2 Japan Market by End user
9.3.5.5 South Korea Market
9.3.5.5.1 South Korea Market by Energy Source
9.3.5.5.2 South Korea Market by End user
9.3.5.6 Rest of Asia-Pacific Market
9.3.5.6.1 Rest of Asia-Pacific Market by Energy Source
9.3.5.6.2 Rest of Asia-Pacific Market by End user
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Renewable Energy Market Overview
9.4.2 Middle East and Africa Renewable Energy Market Forecasts and Analysis
9.4.3 Middle East and Africa Market Forecasts and Analysis - By Energy Source
9.4.4 Middle East and Africa Market Forecasts and Analysis - By End user
9.4.5 Middle East and Africa Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Market
9.4.5.1.1 South Africa Market by Energy Source
9.4.5.1.2 South Africa Market by End user
9.4.5.2 Saudi Arabia Market
9.4.5.2.1 Saudi Arabia Market by Energy Source
9.4.5.2.2 Saudi Arabia Market by End user
9.4.5.3 U.A.E Market
9.4.5.3.1 U.A.E Market by Energy Source
9.4.5.3.2 U.A.E Market by End user
9.4.5.4 Rest of Middle East and Africa Market
9.4.5.4.1 Rest of Middle East and Africa Market by Energy Source
9.4.5.4.2 Rest of Middle East and Africa Market by End user
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Renewable Energy Market Overview
9.5.2 South and Central America Renewable Energy Market Forecasts and Analysis
9.5.3 South and Central America Market Forecasts and Analysis - By Energy Source
9.5.4 South and Central America Market Forecasts and Analysis - By End user
9.5.5 South and Central America Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Market
9.5.5.1.1 Brazil Market by Energy Source
9.5.5.1.2 Brazil Market by End user
9.5.5.2 Argentina Market
9.5.5.2.1 Argentina Market by Energy Source
9.5.5.2.2 Argentina Market by End user
9.5.5.3 Rest of SAM Market
9.5.5.3.1 Rest of SAM Market by Energy Source
9.5.5.3.2 Rest of SAM Market by End user
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. RENEWABLE ENERGY MARKET, KEY COMPANY PROFILES
11.1. ABB LTD.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. ALSTOM SA
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. CPFL ENERGIA SA
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. ENEL GREEN POWER SPA
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. GENERAL ELECTRIC
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. IHI CORPORATION
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. MITSUBISHI HEAVY INDUSTRIES LTD.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SHENZHEN ENERGY GROUP CO., LTD.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. TATA POWER COMPANY LIMITED
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. TERRA-GEN, LLC
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. ABB LTD.
2. ALSTOM SA
3. CPFL ENERGIA S.A.
4. ENEL GREEN POWER S.P.A.
5. GENERAL ELECTRIC (GE POWER)
6. IHI CORPORATION
7. MITSUBISHI HEAVY INDUSTRIES, LTD.
8. SHENZHEN ENERGY GROUP CO., LTD.
9. TATA POWER COMPANY LIMITED
10. TERRA-GEN, LLC
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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