Market Overview:

Global Renewable Energy Market Size Was Valued at USD 1.29 Billion in 2022, and is Projected to Reach USD 2.35 Billion by 2030, Growing at a CAGR of 7.8% From 2023-2030.

Renewable Energy is derived from natural sources such as the sun and wind. Solar, geothermal, wind, bioenergy, hydropower, and ocean energy are among the most important renewable energy sources. Currently, the heating, power, cooling, and transportation sectors all use renewable energy. Around 7% of the world's energy needs are met by renewable energy. Cost-wise, renewable energy exceeds fossil fuels. The primary force behind the development of renewable energy sources is global warming, which is brought on by carbon dioxide (CO2) emissions from the burning of fossil fuels. The market for geothermal power is expected to be driven by worries about lowering greenhouse gas emissions, a rise in the need for energy security, aversion to conventional nuclear power, and a lack of innovation in nuclear power's use over the projected period.

Top Key Players Covered In The Renewable Energy Market:

• ABB (Switzerland)
• Acconia (Europe)
• Enel Spa (Italy)
• General Electric (US)
• Innergex (Canada)
• Invenergy (US)
• Schneider Electric (France)
• Siemens Gamesa Renewable Energy, S.A. (Germany)
• Suzlon Energy Ltd. (India)
• Tata Power (India)
• Xcel Energy Inc. (US), and Other Major Players.

Market Dynamics and Factors:        

Renewable energy offers several economic benefits such as Landowner Income, Reduced Energy Costs, Increased Property Value, Avoidance of Climate Impacts, and many others. Additionally, transitioning to renewable energy can result in cost savings for residential, commercial, and industrial energy users. The installation of solar panels on a person's property theoretically enables users to produce their electricity, enabling them to completely do away with their energy costs. The exact amount users save is influenced by several factors, including their location. According to EnergySage, the average savings in Massachusetts and Washington are $10,483 and $30,523, respectively. These kinds of advantages fuel the market for renewable energy expansion.

Increasing investments in renewable energy sources and favorable government policies are anticipated to drive market growth over the forecast period. Government Planned for new renewable electricity projects with long-term contracts will be mostly shielded from low natural gas prices. Although in the short term, governments may delay scheduling new renewable capacity auctions and turn to existing natural gas plants to meet new demand, in the medium and long term the economic case of wind and solar remains strong thanks to expected continuing cost reductions and to the long-term price predictability over project lifetimes. Thus, the government's investment in renewable energy sources is driving market growth over the forecast period.

Renewable Energy Market Report Highlight:

• By Product, the hydropower segment is anticipated to lead the growth of the Renewable Energy market in the forecasted timeframe. Developing economies such as China, India, Brazil, Colombia, and Vietnam has increased the demand for small-scale hydropower plants so the government Increased investment in the generation of off-grid energy and electrification of rural areas in such countries thus, the hydropower segment is driving the market during the forecast period.

• By Application, the residential segment is expected to have the highest share of the Renewable Energy market over the projected period. The requirement for geothermal power is expected to increase significantly with the rise in demand for electricity. This factor is expected to drive the growth of the market. Several companies in the market offer geothermal power to the residential sectors.
• The North American region is expected to have the highest share of the Renewable Energy market over the projected period. The presence of prominent key players, as well as an increase in technological advancement, are the main factors driving the development of the market in this region.

Key Industry Development:

• In November 2023, Siemens Gamesa Renewable Energy (Spain): Launched its SG 14.0-222 DD offshore wind turbine, the most powerful turbine on the market with a capacity of 14 MW, significantly increasing potential energy output from offshore wind farms.
   
• In December 2023, Vestas Wind Systems (Denmark): Introduced its V255-15 MW onshore wind turbine, boasting the largest rotor diameter in the industry, capable of generating enough power to supply over 20,000 households.

Renewable Energy Market Segmentation:

By Product

• Hydro Power
• Wind Power
• Solar Power
• Bioenergy
• Others

By Application

• Industrial
• Residential
• Commercial

For this report, Introspective Market Research has segmented the Renewable Energy Market based on region:

Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)

North America 

• The U.S. 
• Canada 
• Mexico 

Eastern Europe 

• Russia  
• Bulgaria 
• The Czech Republic 
• Hungary 
• Poland 
• Romania 
• Rest of Eastern Europe 

Western Europe  

• Germany 
• UK 
• France 
• Netherlands 
• Italy 
• Spain 
• Rest of Western Europe 

Asia Pacific 

• China 
• India 
• Japan 
• Singapore 
• Australia 
• New-Zealand 
• Rest of APAC 

Middle East & Africa 

• Turkey 
• Saudi Arabia 
• Qatar 
• UAE 
• Israel 
• South Africa 

South America 

• Brazil 
• Argentina 
• Rest of SA