The “Global Renewable Energy Market” report includes comprehensive information regarding the market’s historical and current estimations, future projections, market trends, competition, market dynamics, and recent developments in the Renewable Energy market forecast from 2022 to 2030.
According to the study, the market accounted for around USD 885 billion in 2021 and is expected to grow at a CAGR of 8.5% during 2022-2030. The market for global Renewable Energy market is forecasted to account for nearly USD 1980 billion by 2030.
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Renewable Energy Market: Overview
With the growing innovation in the clean energy sector, the costs of these projects are declining, fueling the market for Renewable Energy. Solar and wind energy production is being incorporated into the electrical system without compromising reliability. This is resulting in fossil fuels being replaced with Renewable Energy sources in the power sector, which has the advantage of lowering carbon and other types of pollution emissions.
The primary driver for the usage of renewable energies is the reduction in CO2 emissions, which is resulting in global warming. During the forecast period, demand for geothermal power is anticipated to be driven by concerns over reducing greenhouse gas emissions, a rise in the quest for energy security, resistance to traditional nuclear power, and stagnation in the usage of nuclear power.
The increased output efficiency, reduced pollution, and cheap maintenance costs of Renewable Energy sources have drawn the attention of governments in both developed and developing nations. All of these elements work together to increase the demand for Renewable Energy, which fuels the expansion of the global Renewable Energy market.
The Rising Interest in Next-Generation Renewable Energy Technologies
The Renewable Energy market is segmented into energy type and end user. Based on end-user, the market for residential is expected to hold a dominant position in 2021. The market is anticipated to develop as more geothermal heat pumps are used for home heating applications. With rising electricity consumption, geothermal energy needs are anticipated to climb dramatically. This element is anticipated to fuel market expansion.
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Many businesses on the market provide geothermal energy to the residential sectors. One such business, Enel Green Power, owns the power plants at a complex and provides energy to almost 2 million families, 8,700 residential and commercial clients, and 25 acres of greenhouses. The use of rooftop solar energy systems has expanded due to government attempts in developed and emerging countries to reduce carbon emissions and use conventional fuels to generate energy.
North America Region to Offer Profitable Growth Opportunities
During the forecast period, the North American region is anticipated to have the fastest growth rate. The key reasons bolstering the growth of the North American Renewable Energy market are the rising awareness of the deteriorating environmental circumstances, rising government measures to reduce carbon footprint, and expanding investments in Renewable Energy sources.