Renewable Energy Market: By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy, Others) By End User (Residential, Commercial, Industrial, and Others), and Geography

Renewable Energy Market was valued at USD 1,052.2 billion in 2022 and is expected to grow at an 8.9% CAGR from 2023 to 2029. Renewable energy is also referred to as a clean energy usually derived from natural sources such as wind power energy, geothermal energy, bioenergy, solar energy, hydro power energy which are constantly replenished. The increasing concern about reducing the greenhouse gas emission and increasing need for energy owing to the growing population across the globe are expected to drive the growth of renewable energy market over the forecast period. For instance, the Climate Act calls for a 49% reduction in greenhouse gas emissions by 2030 versus 1990 levels and a 95% reduction by 2050. In addition, increasing investments in the development of renewable energy sources, and supporting government policies are expected to boost the growth of renewable energy market. For instance, in September 2021, the UK government established a USD 1.2 billion package for public and private investments in India’s green initiatives and renewable power. However, the high initial investment cost to setup a renewable energy source is expected to hinder the market growth over the forecast period. Moreover, the technological advancement in the renewable energy is anticipated to reduce the cost of renewable energy and high competitiveness in the battery storage systems are increasing which is expected to open great opportunity to the market players in the growth of renewable energy market over the forecast period. For instance, solar photovoltaic cells installations will reach 143GW by 2020, which accounts for 43% of all renewable energy capacity across the globe. and also, the direct writing and lithography can be used to produce 14-nm wafers instead of older and more laborious 29-nm process line. Geographically, Asia Pacific region held the major market share in 2022 and is expected to dominate the global renewable energy market in the forecasted years.

Renewable Energy Market Key Developments:

• In January 2023, Cepsa announced their three new solar power projects in Castilla-La Mancha Spain with total capacity of 400MWand with an investment of EUR 280 million.