Renewable Energy Market Analysis: Share, Size, and Forecast
Renewable Energy Market Overview
Renewable energy investments are expected to exceed USD 350 billion by 2020, as the ever-increasing demand for energy and the continuous decrease of non-renewable sources of energy, such as petroleum, coal, will drive the growth of the renewable energy market. Renewable energy is generated from natural processes that are continually replenished, including sunlight, geothermal heat, water, wind, tides, and various forms of biomass. Many nations across the globe have started using renewable energy for power production, owing to the rise in environmental issues such as climatic changes and the depleting ozone layer.
Nearly 60% of the renewable energy investment market comes from the Asia-Pacific. This region's large market share is attributed to the rising integration of renewable grids with smart grid technology. This integration will help reduce carbon footprints of electric power systems and will enhance investment and financing opportunities for renewable energy vendors.
Renewable Energy Market Insights
- Investments in renewable energy generation have risen significantly in recent years due to the rising instances of power crisis and the growing need for cleaner power resources. Renewable resources, such as wind and sunlight, enable power generation with minimal greenhouses gasses emissions. Such high demand for renewable power has triggered a flurry of investments in renewable power generation by companies across the globe.
- The focus of governments towards implementing new policies to support the growth of green energy is one of the primary factors that will trigger the growth of the automation solutions market in the renewable power generation industry. The inception of the new business models will be one of the critical trends gaining traction in this market during the next few years. With the increasing awareness and adaptability of renewable resources for generating power, the renewable energy industry will witness the emergence of new business models.
- One of the latest trends gaining traction in the renewable energy market is the increase in demand for clean power. As there is a rise in the number of countries implementing climate change policies, the shift towards low-carbon or no-carbon technologies such as solar, wind, and hydropower has gained pace. With depleting conventional sources of energy and growing greenhouse gases (GHG) emissions, countries worldwide are slowly shifting their focus toward renewable sources to produce power. Among all the renewable energy sources, wind power is considered to be the most efficient source of power generation among all renewable energy sources.
Renewable Energy Market Share and Segmentation
Within our renewable energy industry analysis, we provide deep insights into the market landscape, its segments, and their market share. Our research experts segment this market by renewable energy type and application.
Hydro and ocean power market
The hydro and ocean power market is the leading segment within the renewable energy industry. Ocean power is gaining popularity because it does not emit greenhouse gases and is easy to install. Ocean power is also predictable, unlike other renewable energy alternatives, allowing operators to harness the wave motion into electricity because the coastlines experience two low tides and two high tides in a day. The size of the global ocean power market will increase 795 GWh between 2017-2022.
The hydropower turbines market will experience much less incremental growth than the ocean power market, however, growth will still accelerate at a steady rate. Between 2018-2022, the global hydropower turbines market is expected to grow at a CAGR of over 4%, owing to the increased adoption of renewable energies for power production acting as a solution to reduce power shortages. We expected hydropower turbines market size to increase 303 GW between 2017-2022.
Wind energy market
Lower carbon emissions and the competitive cost of generating electricity from wind energy are some of the advantages which are driving investments in the generation of wind power. Between 2017-2022, the global wind energy market is expected to grow almost USD 39 billion, accelerating at a CAGR of 6%. Wind power systems contain two major technology types being wind turbines and T&D. Of these two major technology segments, wind turbines own the largest market share accounting for nearly 72% of the market. This segment will continue to dominate the market through 2022.
Our renewable energy market segmentation research offerings include:
- Renewable Energy Market by Type
- Hydro and Ocean power market
- Wave energy market
- Tidal energy market
- Wind energy market
- Offshore wind energy market
- Onshore wind energy market
- Solar energy market
- Solar PV energy market
- CSP energy market
- Bioenergy market
- Biomass energy market
- Biodiesel energy market
- Geothermal energy market
- Hydro and Ocean power market
- Renewable Energy Market by Industry
- Residential renewable energy market
- Commercial renewable energy market
- Industrial renewable energy market
- Renewable Energy Market by Application
- Electricity generation market
- Renewable energy for heating market
- Renewable energy for transportation market
- Renewable Energy Market by Equipments
- Renewable energy robots market
- Articulated robots market
- Cartesian robots market
- SCARA robots market
- Delta/parallel robots market
- Renewable energy applications market
- Material handling market
- Welding and soldering market
- Assembly market
- Dispensing market
- Renewable energy robots market
We at Technavio, with our comprehensive understanding of the renewable energy market, have been monitoring the latest renewable energy market trends and developments to create an in-depth portfolio of renewable energy market research reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our renewable energy market reports offer the following insights:
- Renewable energy industry overview
- Renewable energy industry statistics
- Renewable energy market share
- Renewable energy market size
- Renewable energy market growth
- Renewable energy market forecast
- Renewable energy market trends
