Energia
Renewable Energy Market to Garner $1,977.6 Bn, Globally, by 2030 at 8.4% CAGR: Allied Market Research
Increase in demand for renewable energy, surge in legislative and financial initiatives, and rise in electricity consumption drive the growth of the global renewable energy market. However, huge investments hinder the market growth. On the contrary, rise in demand for renewable energy from India and China is expected to open new opportunities for the market players in the future.
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By type, the hydroelectric segment held the largest share in 2020, accounting for more than two-fifths of the global renewable energy market, due to rise in activity across the globe and increase in investment in off-grid energy generation and rural electrification across the developing countries. However, the solar segment is expected to register the highest CAGR of 13.3% during the forecast period, owing to decrease in prices of solar modules and increase in installation of solar energy infrastructure in commercial and residential sectors.
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By end use, the industrial segment would showcase the highest CAGR of 8.9% from 2021 to 2030, due to increased use of geothermal power plants to produce electricity to curb the carbon footprint. However, the residential segment held the largest share in 2020, contributing to nearly two-fifths of the global renewable energy market, owing to rise in use of geothermal heat pump in residential heating applications.
By region, the market across Asia-Pacific , followed by Europe and North America , is expected to register of 9.6% during the forecast period, due to rise in industrialization and rise in population. However, the global renewable energy market across Europe held the largest share in 2020, accounting for more than one-third of the market, owing to rise in investments in renewable energy.
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is projected to reach $112.7 billion by 2030, growing at a CAGR of 7.6% from 2021 to 2030.
is projected to reach
$103.2 billion by 2030, growing at a CAGR of 27.2% from 2021 to 2030.
is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.
is projected to reach $127.2 billion by 2027, growing at a CAGR of 9.3% from 2020 to 2027.
is projected to reach $50.1 billion by 2027, growing at a CAGR of 4.6% from 2020 to 2027.
is expected to reach $217.8 billion by 2030, registering a CAGR of 7.6% from 2021 to 2030.
was valued at $4.6 billion in 2018, and is projected to reach $6.8 billion by 2026, growing at a CAGR of 5.0% from 2019 to 2026.
is projected to reach $141.1 million by 2027, growing at a CAGR of 17.8% from 2020 to 2027.
is projected to reach $9.8 billion by 2028, growing at a CAGR of 54.7% from 2021 to 2028.
is projected to reach $126.2 billion by 2030, growing at a CAGR of 8.5% from 2021 to 2030.
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