The 2020 Renewable Energy Market overview through 2026 is identified as a promising market and is estimated to grow at a CAGR of 4.52% to meet the energy demand of rising population toll.
The diminishing of energy sources including petroleum, coal, and fossil as well as the ongoing environmental crisis shapes the renewable energy market growth in terms of market value and volume. Further, environmental concerns, awareness of carbon footprint triggers the demand for green and clean energy. Accordingly, the governing countries are investing in green infrastructures and electrification of transport. Thus, the renewable energy market is influenced by the growing investments in renewable energy and technological development for future growth.
Investments in innovative technologies by market participants for sustainable and cost-effective energy production are among the key market trends to drive the global renewable energy market.
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A strong wave of consolidation is being observed in the renewable energy industry over the past decade. Intense competition in the industry coupled with the dominance of large companies, subsidized projects supporting renewable energy, and the emergence of innovative technology to harness renewable energy boost market growth.
However, adoption of these technologies is limited by individual countries, to addition, huge infrastructure investments and increased maintenance costs of renewable grids tend to restrain the market growth.
Driven by low maintenance cost and abundance, strong solar resourced renewable energy market growth is observed during the forecast
The renewable energy market segment follows hydro & ocean power, wind energy, solar energy, bioenergy, and geothermal energy. Amidst trending, solar energy is expected to be the fast growing renewable energy resource driven by availability, low maintenance cost, and high ROI. In addition, solar energy meets customer requirements such as reliability, safety, and efficiency.
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The influx of industrialization drives the renewable energy market growth during the forecast through 2026
As industries come into growth, the rates of production increases and quality of life rise, the demand for more energy increases as well. The growing energy consumption drives the renewable energy market with green and sustainable production, cost-efficient manufacturing, and regulated industrial assembling and activity.
Environmental concerning regions with rising energy demands harness the market growth opportunities during the forecast
The renewable energy market growth across the Asia Pacific is driven by rising population and the presence of a large number of manufacturing utilities. The rapid industrialization is proportional to the high adoption of renewable energy resources.
With China as a leader in many renewable energy fields, the country peers with strong market share during the forecast. It is the world’s third-largest ethanol producer, the largest producer of photovoltaic cells which are used in the production of solar panels, and the world’s top wind turbine producer.
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In developing regions, from popular initiatives to provincial regulations, to central government directives, there is an increased awareness of environmental degradation which drives the renewable energy market.
Followed by the Asia Pacific region, Europe is the major region in the global renewable energy market due to high support from a government initiative to subsidize solar roofing buildings, renewable projects, smart green power grids, as well as stringent environmental policies imposed on companies in this region.
Key players pioneering the renewable energy market growth during the forecast through 2026
The advancement in technology to deliver sustainable and reliable energy by adapting renewables in line with innovation are amidst key market strategies observed to trigger the renewable energy market growth.
Key players leading the renewable energy market share include ABB Ltd., General Electric, CPFL Energia S.A., Enel Green Power S.p.A., IHI Corporation, Mitsubishi Heavy Industries, Ltd., Shenzhen Energy Group Co., Ltd., Terra-Gen, LLC, Siemens Aktiengesellschaft, and Calpine Corporation among others.
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