New York, November 09, 2021 (GLOBE NEWSWIRE) – Renewable Energy Market Snapshot: According to a Comprehensive Research Report from Market Research Future (MRFR), “Renewable energy market Research report, type, end use and region – Forecast to 2030 », The market size is expected to reach USD 2,172.37 billion by 2030, registering a CAGR of 10.13% during the forecast period (2022 – 2030). , The market was valued at 907.79 billion USD in 2021.

List of Companies Featured in Global Renewable Energy Industry Report Include –

• Ørsted A / S
• General Electric
• Spa Enel
• Under pressure
• Solar yingli
• NextEra Energy Inc.
• Ocean Power Technologies Inc.
• Tocardo BV
• Vestas Wind Systems A / S
• SynTech Bioenergy LLC
• Siemens AG
• Canadian Solar Inc.
• Among others.

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The global renewable energy market is both fragmented and competitive for the presence of different international and national key players. These players have integrated innovative strategies to stay at the forefront and also respond to growing customer demand, including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches, etc. In addition, they also invest in various research and development activities.

Market Research Future review on the renewable energy market

COVID-19 analysis

The COVID-19 outbreak has had a negative impact on the renewable energy market. During the high wind season, planned maintenance has become a key issue for key players in workforce reduction and social distancing standards. Besides, the delay in the production and installation of electrical equipment for the crisis is likely to slow the growth of the market globally. Postponement of renewable projects for production shutdown and delays and delays in order completion can slow market growth.

Supply chain disruptions, economic situations, fluctuations in the share of demand, as well as the long-term and immediate effect of the COVID-19 pandemic have had a negative effect on the growth of the market for renewable energies. The pandemic slowed economic activity and plunged the economy into a deep recession. With roots in China, supply chains around the world are facing unprecedented shutdown and disruption. Besides the initial setback, the industry is expected to return to normal during the forecast period and continue to grow well beyond that as well.

Browse the in-depth Renewable Energy Market Research Report (188 pages)

https://www.marketresearchfuture.com/reports/renewable-energy-market-1515

Conductors

Growing demand for energy and fuel to drive market growth

The ever increasing need for energy and fuel in today’s world will increase the value of the renewable energy market during the forecast period. The increasing commercialization and industrialization have led people to a technology that needs more power every day.

Opportunities

Increase in strict regulations to provide solid opportunities

The increase in strict regulations and rules regarding climate change, especially in developed and developing economies, could increase the global renewable energy market share during the forecast period.

Constraints

Unpredictable weather conditions to act as a market restriction

Unpredictable climatic conditions and high costs involved may act as a restriction of the market during the forecast period.

Challenges

Unavailability of renewable sources to act as a market challenge

Unavailability of renewable sources may pose a challenge for the market during the forecast period.

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Market segmentation

The global renewable energy market is divided on the basis of type and end use.

By type, the hydropower segment will dominate the market during the forecast period. It is expected to hit $ 381.2 billion at a CAGR of 11.02% by 2027.

In terms of end use, the residential segment will dominate the market during the forecast period. It is likely to grow at a CAGR of 8.4% for the increased use of ground source heat pumps in residential heating applications.

Regional analysis

APAC will hold a dominant position in the renewable energy market

The APAC region will maintain its dominant position in the renewable energy market during the forecast period. Rising industrialization, increasing population, growing demand in India and China, with China being the largest producer of bioelectricity in the world, the region being the key player in solar photovoltaic, wind power, onshore and hydropower, and the shift to unconventional energy Conventional energy sources, because they are not sufficient to meet growing energy needs, are contributing to the growth of the global renewable energy market in the region. In addition, the growing need for energy, rapid industrialization and urbanization, the burgeoning middle class, the expanding consumer base and the implementation of environmentally friendly power generation solutions in China and India to cope with population growth are also adding to the growth of the market.

Some countries in Europe and the United States are heavily dependent on cheap solar modules and cells from China. In addition, the United States depends on different countries to import wind power equipment. As a result, COVID-19 crises across the globe have disrupted component manufacturing operations that are ultimately expected to create an unprecedented barrier to global supply.

Market segmentation covered by research:

Renewable Energy Market by Type (Hydropower, Wind Energy, Solar Energy, Bioenergy, Geothermal Energy, Ocean Energy), End Use [Industrial (Power, Chemicals & Petrochemicals, Oil & Gas, Food & Beverage), Residential and Commercial] – Forecast until 2030

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