Market Outlook

According to Future Market Consulting analysis, (Green) Renewable Energy Market size was valued at USD 1098.21 Billion in 2021 and is projected to reach USD 2011.22 Billion by 2030, growing at a CAGR of 8.84 % from 2022 to 2030.

Renewable energy sources are now anticipated to meet approximately 7% of global energy demand which is projected to grow intensely in the upcoming years. Rising consumer awareness of the harmful impacts of fossil hydrocarbons on the atmosphere, increasing social programs to encourage the acceptance of clean and sustainable power generation, growing private and public efforts to reduce carbon emissions, and rising consumer adoption of green energy are the key factors expected to fuel the expansion of the global market. During the projected period, increased industrialization and urbanization in emerging nations around the world are likely to drive demand for various renewable energy sources.

The sector of renewable energy remained impressively resilient in 2021, largely attributable to solid core fundamentals mixed with a favorable policy environment. Rapid technological advancements and dropping expenditures of renewable resources, combined with the growing competitive nature of battery storage, have elevated renewables to one of the competitive sources of energy in many regions. Despite supply chain bottlenecks, increased transmission costs, and rising commodity prices, capacity expansions remain at a record high.

Key Players

• Invenergy
• ABB
• Xcel Energy Inc.
• EDF
• National Grid Renewables
• Acciona
• Enel Spa
• Eolus North America, Inc.
• Innergex
• The Tata Power Company Limited
• General Electric

Segmentation

By Type

• Hydroelectric Power
• Geothermal Energy
• Wind Power
• Solar Power
• Bioenergy

By Application

• Commercial
• Residential
• Industrial
• Others

By Region
•    North America (US, Canada, Mexico);
•    Europe (UK, Germany, France, Italy, Spain, Rest of Europe);
•    Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific);
•    Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa);
•    South America (Brazil, Argentina, Rest of South America);