Global Renewable Energy Market is valued at approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2022-2028. Renewable energy even referred to as clean energy, is usually derived from natural sources that are constantly replenished. Wind energy, a type of renewable energy, is used to generate electric energy from the kinetic energy source. The rise in demand for renewable energy, growing investment and projects for sustainable energy has led to the adoption of renewable energy across the forecast period. For Instance: Vijayawada will be one of the 60 cities in the country that would be called solar cities, in the next five years. The project, for which the Centre has allocated over USD 6.44 million with each city getting US$ 107,330, is part of the 11th Five Year Plan. GeoSyndicate Power Pvt Ltd, a Mumbai-based energy company, plans to set up the country’s first geothermal power plant of 25 megawatts (MW) in the Khammam district of Andhra Pradesh (AP) at an investment of US$ 64.7 million. Also, with the surge in electricity consumption, the adoption & demand for Renewable Energy is likely to increase the market growth during the forecast period. However, huge investments impede the growth of the market over the forecast period of 2022-2028.
The key regions considered for the Global Renewable Energy Market study include Asia Pacific, North America, Europe, Latin America and Rest of the World. Latin America is the leading region across the world in terms of market share owing to the significant amount of hydropower development that took place in Brazil. An increase in activity has been witnessed across the continent, with notable projects in Colombia and Peru. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2022-2028. Factors such as rise in industrialization as well as increase in population would create lucrative growth prospects for the Renewable Energy market across Asia-Pacific region.
Major market players included in this report are:
Xcel Energy Inc
The Tata Power Company Limited (Tata Power)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028
Target Audience of the Global Renewable Energy Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers