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[195+ Paged Report] Global renewable energy market was valued at approximately USD1,046.6 Million in 2019 and is expected to generate revenue of around USD 1,594.7 Million by end of 2026, growing at a CAGR of around 6.2% between 2020 and 2026.
Renewable energy, also known as renewable energy, is generated from sustainable materials or processes that are depleted on a regular basis. Renewable energy is energy extracted from renewable resources that are primarily found on a human timescale. In comparison to fossil fuels, which are depleted much faster than they are replenished, this form of energy supply is renewable. In comparison to other sources of energy, which are centralized in a small number of countries, renewable energy resources and substantial opportunities for energy promote efficiency across a large geographical region.
Leading to excessive emissions of greenhouse gases (GHGs), especially CO2, caused by the use of fossil energy for energy production, the global renewable energy demand is anticipated to develop significantly during the forecast period. Furthermore, the renewable energy industry is fuelled by the limited supply of fossil fuels on the planet, as well as their unpredictable costs. Renewable energy generation, on the other hand, necessitates a major expenditure. During the forecast period, this factor is expected to limit the market growth. Moreover, in the Middle East, fossil fuels are mainly used to produce electricity because they are less costly than in other areas. The market's growth is slowed as a result of this. Continuous technological advancements and increased government investment in the renewable energy sector, on the other hand, would provide significant growth opportunities during the evaluation timeframe. The scale of the renewable energy market is rising as government policies on climate change become more stringent in both developed and emerging economies.
Hydroelectric power is a renewable resource that uses the energy of water flowing from higher to higher elevations to produce electricity. Hydropower production of renewable electricity is the largest gain from a renewable resource in 2019. Because of their usage in the electricity market, production capacity for renewables is projected to grow. Low operating expenses and priority grid connections in many markets enable renewables to function at near full capacity, allowing a renewable generation to expand even as end-use energy consumption falls due to lockdown steps. This increased performance is due in part to capacity additions that reached new highs in 2019, a development that was expected to continue this year.
During the forecast period, Asia-Pacific is projected to rise at the highest pace. As a result of the rise in industrialization in emerging countries such as China and India, there is a greater demand for oil. The presence of these countries enhances the renewable energy market due to factors such as population growth, rapid industrialization, and pro-renewable-energy policies. In 2020, Asia-Pacific surpassed Europe as the global leader, and this supremacy is projected to continue over the forecast period. Industrial development, the residential and industrial segments are estimated to hold the largest the Asia-Pacific market in terms of end-use. The Asia-Pacific sustainable energy market is expected to be dominated by China during the study period, with China accounting for the largest market share. China wants to reduce its reliance on fossil fuels by transitioning to renewable energy for power generation.
Key participants in the renewable energy market are general Electric, Vestas Wind Systems A/S, ACCIONA, UpWind Solutions, Inc., Senvion S.A., Invenergy, Innergex, Sinovel Wind Group Co., Ltd., Xcel Energy Inc., ENERCON GmbH, ABB Ltd., Tata Power Company Limited, Geronimo Energy, Enel Spa., and among others.
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