Renewable Energy Market

Renewable Energy Market: Overview 

It is already a known fact that all renewable energies are cost-effective, environment-friendly, and clean. While many regions are engrossed with armed conflicts and geopolitical tensions, clean renewable energy can offer extra relief, i.e., energy security and independence. Considering the many benefits of renewable energy, emerging nations are concentrating more on using available sources of renewable energy. 

As the security of energy is the need of the hour, many nations are taking efforts to minimize their reliability on fossil fuels. The availability, affordability, and accessibility of fossil fuels varies from geography to geography, which has propelled the use of renewable energy. At present, wind energy is the most used and most mature renewable energy, followed by solar energy. The global demand for renewable energy is increasing at a significant pace. 

The report briefs readers about the global renewable energy market by highlighting key companies, changing competitive dynamics, future prospective, product segments, and key competitors. Industry-standard tools such as SWOT analysis and Porter’s five force analysis are used to evaluate vital factors driving and restricting the global renewable energy market. The report further briefs readers about the macro and micro factors affecting the growth of the global market. 

Renewable Energy Market: Trends and Opportunities 

The trends in renewable energy are changing at a significant pace and key companies are focusing on using various sources to generate energy. Some of the leading sources of renewable energy are solar energy and wind. Ocean energy, biomass, and geothermal have also gained acceptance as other forms of renewable energy. Many leading companies are currently concentrating on geothermal energy that has the capacity to supply base load requirements. 

Although the global renewable energy market is expected to undergo a smooth growth, it is likely to face a few challenges. Renewable energy generates electricity at a high tariff, which is one of the biggest factor expected to challenge the global renewable energy market. However, technological developments and advancements in the manufacturing procedures have led to the maturity of the global renewable energy market.   

Renewable Energy Market: Region-wise Outlook 

The global renewable energy market is regionally divided into Europe, Asia Pacific, North America, and Rest of the World. At present, the global market for renewable energy is dominated by Asia Pacific owing to the mandates issued by governments of many nations for minimizing the emissions of greenhouse gas. Europe is predicted to be the second largest market for renewable energy owing to the advancement in the technology and the availability of new forms of energy across the region. Ocean energy and offshore wind energy are two of the forms of renewable energy sources in Europe. 

Key Players mentioned in the Report: 

Vestas Wind Power A/S, Enel Green Power, Yingli Solar, Calpine Corporation, and Pelamis Wave Power are some of the leading companies operating in the global renewable energy market. Key companies are taking efforts to reach the untapped market, which will help them maintain their dominance throughout the forecast period. The entry of new companies is predicted to make the global renewable energy market highly competitive.