Global Renewable Energy Market to reach USD 2,152.9 billion by 2025. Global renewable energy market valued approximately USD 1,486.3 billion in 2017 is anticipated to grow with a healthy growth rate of more than 4.90 % over the forecast period 2018-2025. Government funding and continuous technological advancements are considered among the major trends for the renewable energy market. Additionally, rising awareness about carbon footprint management is also expected to create lucrative growth prospects for the renewable energy market across the globe during the forecast period.
Government initiatives to promote renewable energy sources works as a key driving factor for the renewable energy market across the globe. International Renewable Energy Agency (IRENA) anticipates share of renewable energy to reach 36% of global energy mix by 2030, increasing from 19.2% in 2014. Government and public administration across the globe are investing in key projects related to renewable energy. According to Frankfurt School & United Nations Environment Programme Collaborating Centre (FS-UNEP), investment within renewable energy sector is bound to increase from $312 billion in 2015 to $392 billion by 2020. Solar and wind energy continues to be prime choice for investment. More than 37% of the total investment within renewable energy sector in 2016 were directed towards solar and wind energy projects across the globe, according to FS-UNEP estimate; of these wind energies accounted for 47% of the total investment in 2016.
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Global Wind Energy Council (GWEC) estimates that total installed capacity of wind energy across the globe is likely to reach 792GW by 2020 increasing from 497GW in 2016, adding an average 72GW per annum. According to GWEC, wind energy could supply over 20% of total global electricity by 2030 with an estimated installed capacity of 2,110GW renewable energy market across the globe. Thus, with the increasing investment in renewable sources of energy and increasing adoption, the global renewable energy market is expected to grow substantially over the forecast period. However, high cost of deployment is expected to hinder the growth of the Renewable Energy market during the forecast period.
On the basis of segmentation, the renewable energy market is segmented into type and end-user. The type segment of renewable energy market is classified into hydro & ocean power, wind energy, solar energy, bio energy and geothermal energy of which solar energy segment is anticipated to be the lucrative segment owing to the owing to the government initiatives promoting the solar energy. On the basis of end-user segment, the market is bifurcated into commercial, residential and industrial & others of which commercial segment is expected to dominate the market owing to the increasing demand of energy.
The regional analysis of Renewable Energy market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America and ROW. Asia-Pacific dominates the Renewable Energy market owing to government efforts to promote the renewable energy along with increasing demand of energy. Whereas, Europe is anticipated to emerge as the fastest growing market region during the forecast period 2018-2025 owing to stringent government environmental policies imposed on industrial sector along with government initiatives to promote renewable energy. Also, the growth of Asia-Pacific region is witnessed owing to the rapid industrialization and urbanization.
The leading market players mainly include-
CPFL Energia S.A.
ENEL GREEN POWER S.P.A.
Mitsubishi Heavy Industries
Shenzhen energy Group Co Ltd
Tata Power Company Ltd.