Renewable Energy Global Market Report 2024

Renewable energy refers to energy derived from natural sources such as the sun and wind, which are continually replenished. This type of energy is employed for various purposes, including space and water heating and cooling, electricity generation, and transportation. Renewable energy is associated with several benefits, including reduced global warming, enhanced public health, a virtually limitless energy supply, stable energy prices, reliability, and resilience.

The primary types of renewable energy include solar energy, wind energy, bioenergy, hydro energy, and geothermal energy. Solar energy harnesses sunlight to power homes, buildings, water heating, and solar lights. It is categorized by different capacities, such as 0-1,000 kWh, 1,100-5,000 kWh, and more than 5,000 kWh, catering to residential, commercial, industrial, utility, and other applications.

The renewable energy market research report is one of a series of new reports from The Business Research Company that provides renewable energy market statistics, including the renewable energy industry global market size, regional shares, competitors with a renewable energy market share, detailed renewable energy market segments, market trends and opportunities, and any further data you may need to thrive in the renewable energy industry. This renewable energy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The renewable energy market size has grown strongly in recent years. It will grow from $1025.93 billion in 2023 to $1109.41 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The expansion observed during the historical period can be attributed to robust growth in emerging markets, an increasing shift towards the use of renewable energy over other energy sources, growing investments in renewable energy sources, and rapid industrialization.

The renewable energy market size is expected to see strong growth in the next few years. It will grow to $1554.65 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period can be attributed to the increasing demand for electricity, rising urbanization, government initiatives, and the growing concerns about greenhouse gas emissions. Key trends expected during the forecast period include a focus on developing innovative technologies, the launch of renewable energy platforms, the integration of blockchain technology, the use of advanced robotics, product launches, partnerships and collaborations, as well as new investments in the renewable energy sector.

The growth of renewable energy is anticipated to be driven by an increase in power consumption globally. This surge in energy demand is attributed to heightened industrial activity and technological advancements in both developing and developed nations. The expanding global population further accelerates energy consumption. Consequently, there is a pressing need to generate renewable energy due to its advantages in enhancing energy security, reducing the risk of fuel spills, eliminating greenhouse gas emissions from fossil fuels, and mitigating certain types of air pollution. Enerdata's 2022 report reveals a 5.5% increase in global electricity consumption in 2021, rebounding from a 0.7% contraction in 2020 amid the COVID-19 crisis. The International Energy Agency predicts a 5% increase in worldwide electricity demand in 2021 and a subsequent 4% rise in 2022. Hence, the escalating power consumption is poised to propel the renewable energy market.

The growth of the renewable energy market is expected to be supported by the rise in greenhouse gas emissions. The increase in these emissions, particularly carbon dioxide (CO2), contributes to global warming. A report from the International Energy Agency in March 2023 highlights a 0.9% growth in global energy-related CO2 emissions in 2022, reaching over 36.8 billion tons. This surge in greenhouse gas emissions underscores the urgency of transitioning to renewable energy sources to curb environmental impacts, thereby fostering the growth of the renewable energy market.

A prominent trend in the renewable energy market is technological advancement. The sector is witnessing innovative developments such as bio-mass energy and dual-module solar systems aimed at minimizing environmental consequences and producing sustainable energy. Major companies in the market are investing in research and development to advance their technologies. For instance, Gautam Solar, an India-based solar panels manufacturer, launched the G-2X dual-generation monocrystalline technology solar modules in March 2022. These modules harness power from both the front and back, making them ideal for rooftop and ground-mounted solar power plants. The G-2X mono series achieves combined front and back efficiency of up to 25.72%, providing additional power generation of 10%-30% in the same available space.

Prominent players in the renewable energy market are prioritizing cutting-edge innovations to fortify their market standing. For instance, in September 2022, Serentica Renewables, an India-based company offering end-to-end energy management solutions, unveiled plans to introduce a Renewable Energy Platform in India. This eco-friendly energy company aims to deliver continuous carbon-free power to major energy consumers in India. Its focus lies in providing comprehensive green solutions, including seamless connectivity to the relevant transmission network.

In February 2022, Chevron Corporation, a US-based energy industry giant, completed the acquisition of Renewable Energy Group, Inc., for a substantial sum of $3.15 billion. This strategic acquisition bolsters REG's growing renewable fuel production and advanced feedstock capabilities, leveraging Chevron's extensive production, distribution, and commercial marketing expertise. Renewable Energy Group, Inc., is a biodiesel production company based in the United States.

Major companies operating in the renewable energy market report are Orsted AS, Iberdrola SA, Enel Spa, Brookfield Corporation, Acciona SA, NEXTERA ENERGY Inc., EDF SA, Xcel Energy Inc., The Tata Power Company Limited, Innergex Renewable Energy Inc., Adani Green Energy Limited, NTPC Limited, ReNew Power Private Limited, Suzlon Energy Limited, Sinohydro Corporation, China Yangtze Power Co. Ltd., Xinjiang Goldwind Science Technology Co. Ltd., JinkoSolar Holdings Co. Ltd., Tina Solar Ltd., Japan Renewable Energy Co. Ltd., JinkoSolar Holding Co. Ltd., Enova Community Energy Ltd., AGL Energy Ltd., Origin Energy, Voltlage, EOLFI, ABO Wind AG, EnviTec Biogas, CropEnergies, Siemens Energy, Peimar Srl, Edison SpA, Siemens Gamesa Renewable Energy SA, Gruppo STG Srl, OG (Ofer Global) Energy, Virtual Power Plant, ?EZ Group, RusHydro, Hevel LLC, Fortum Oyj, Rosseti PJSC, Enel S.p.A, Energias de Portugal S.A, General Electric Company, First Solar Inc., Northland Power, Tesla, SunPower Corporation, National Grid Renewables, Duke Energy Corporation, Inventure Renewables Inc., Algonquin Power & Utilities Corp, TransAlta Renewables, Arrebeef SA, 360 Energy SA, Genneia SA, YPF Luz, Pampa Energia SA, Atlas Renewable Energy, ArcelorMittal, Elera Renovaveis, Enel Green Power, Akuo Energy SAS, Enerwhere, Yellow Door Energy, BELECTRIC Solar & Battery GmbH, Doral Group, Energix Renewable Energies Ltd., Enlight Renewable Energy Ltd., Econergy Renewable Energy Ltd., BioTherm Energy, Sasol Solar Power, Lake Turkana Wind Farm, Tarfaya Wind Farm, Ras Ghareb Wind Farm, West Bakr Wind Project, Adama I & Ii Wind Farm, Taiba N'diaye Wind Farm

Asia-Pacific was the largest region in the renewable energy market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the renewable energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the renewable energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The renewable energy market includes revenues earned by entities by nuclear energy, biomass and bioenergy, and applied energy. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Renewable Energy Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on renewable energy market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for renewable energy? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The renewable energy market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Solar Energy; Wind Energy; Bio Energy; Hydro Energy; Geothermal Energy
• 2) By Capacity: 0-1,000 Kwh; 1,100-5,000 Kwh; More Than 5,000 Kwh
• 3) By End User: Residential; Commercial; Industrial; Utility; Others
• Companies Mentioned: Orsted AS; Iberdrola SA; Enel Spa; Brookfield Corporation; Acciona SA
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.