Renewable Energy Market Growth Trajectory Through 2024-2033|Orsted AS, Iberdrola SA, Enel Spa, Brookfield Corporation, Acciona SA

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The Renewable Energy by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Renewable Energy, The renewable energy market size has grown strongly in recent years. It will grow from $1025.93 billion in 2023 to $1109.41 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to strong emerging markets growth, the rise in use of renewable energy compared to other energy sources, the growing investments in the renewable energy sources, and rapid industrialization. .

The renewable energy market size is expected to see strong growth in the next few years. It will grow to $1554.65 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to the increasing electricity consumption, the rising urbanization, government initiatives, and the rise in greenhouse gas emissions. Major trends in the forecast period include focus on developing innovative technologies, launch of renewable energy platforms, blockchain technology, use of advanced robotics, product launches, partnerships and collaborations, and new investments. .

An increase in power consumption is expected to propel the growth of renewable energy. Global energy demand is rising due to increased industrial activity and technological advancements in developing and developed countries. Additionally, there is a rapid increase in energy consumption because of the growing world population, which implies growing energy requirements. Due to such an increase in the use of power, there is a need to produce renewable energy because of its improved energy security and reduced risk of fuel spills that emit no greenhouse gases from fossil fuels and decrease certain types of air pollution. For instance, According to Enerdata, the world energy, and climate statistics, the 2022 report states that global electricity consumption increased by +5.5% in 2021, after contracting by 0.7% in 2020 owing to the COVID-19 crisis. Furthermore, according to the International Energy Agency, an intergovernmental organization, worldwide electricity demand will increase by about 5% in 2021 and 4% in 2022. Therefore, an increase in power consumption will drive the renewable energy market.

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The renewable energy market covered in this report is segmented –

1) By Type: Solar Energy, Wind Energy, Bio Energy, Hydro Energy, Geothermal Energy
2) By Capacity: 0-1,000 Kwh, 1,100-5,000 Kwh, More Than 5,000 Kwh
3) By End User: Residential, Commercial, Industrial, Utility, Others

Technological advancement is a key trend gaining popularity in the renewable energy market. Renewable technologies are recognized as green energy sources. The effective utilization of these resources minimizes environmental consequences, produces minimal secondary waste, and is sustainable in light of present and projected economic and societal needs. Recently, the market has witnessed the use of bio-mass energy and dual-module solar systems that can significantly reduce greenhouse gas emissions. Major companies in the renewable energy market are advancing in their new technologies and research and development to sustain their market position. For instance, In March 2022, Gautam Solar, an India-based Solar panels manufacturer, launched a G-2X dual-generation monocrystalline technology solar modules. This Gautam Solar module provides power from both the front and back of the module, making it ideal for use in rooftop and ground-mounted solar power plants, creating an additional 10%- 30% extra power generation. The solar module’s combined front and back efficiency goes up to 25.72%. This G-2X mono series will save BOS and installation costs while increasing electricity generation by up to 30% in the same available space.

The renewable energy market report table of contents includes: