Renewable Energy Market Size:
The global renewable energy market, valued at USD 1.1 trillion in 2022, is projected to soar to USD 2.0 trillion by 2030, demonstrating a robust compound annual growth rate (CAGR) of 8.4% from 2023 to 2030. This surge is driven by increasing global investment and adoption of renewable energy sources. Notably, the European Union (EU) has earmarked €210 billion (USD 223 billion) for renewable energy investments by 2027.
Renewable Energy Market Trends and Projections
According to the International Renewable Energy Agency (IRENA), renewable energy sources are anticipated to account for 85% of global energy generation by 2050. This growth is particularly evident in major economies like India, China, and the United States, which are rapidly expanding their renewable energy capacities.
Global Commitments and Investments Boost Renewable Energy Adoption
Global agreements such as the Paris Agreement are driving ambitious targets for reducing greenhouse gas emissions and promoting renewable energy use. For instance, China has pledged to install over 1200 GW of solar and wind energy capacity by 2030 as part of its strategy to achieve carbon neutrality by 2060.
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Renewable Energy Market Dynamics:
Smart grids are transforming traditional electricity grids by integrating advanced technologies and communication systems. These modern grids replace outdated infrastructure with digital, interconnected systems designed to accommodate the evolving energy landscape. This includes the seamless integration of renewable energy sources, energy storage, electric vehicles, and other emerging technologies.
Smart grid technologies play a crucial role in the integration of energy storage systems with renewable energy sources. By storing excess energy during peak production times and releasing it during periods of low generation, energy storage solutions address the intermittent nature of renewable energy. This capability enhances the reliability and dispatchability of renewable energy, making smart grids a pivotal factor in the global adoption of renewable energy sources.
Renewable Energy Market Segment Analysis:
The Global Renewable Energy Market is segmented based on type, end-user, and region.
Hydroelectric energy holds a significant share in the global renewable energy market, accounting for nearly 16% of the total installed power generation capacity worldwide in 2022, as reported by the International Renewable Energy Agency (IRENA). Hydropower is a well-established and mature technology with a long history of development and deployment. Over the decades, the technology for harnessing energy from flowing or falling water has been refined, resulting in reliable and efficient hydropower systems.
The high reliability and energy density of hydroelectric energy make it a major contributor to the global renewable energy market. As a mature and efficient technology, hydropower continues to play a crucial role in meeting the world's energy needs and supporting the transition to sustainable energy sources.
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By Type
- Hydroelectric Energy
- Solar Energy
- Wind Energy
- Geothermal Energy
- Bioenergy
- Others
By End-User
- Commercial
- Residential
- Industrial
Renewable Energy Market Companies:
The major global players include Acciona Energia, EDF Renewables, Vestas, Orsted A/S, First Solar, Adani Green Energy, Tata Power, Duke Energy Corporation, Iberdrola, S.A. and NextEra Energy, Inc.
Key Investments and Developments in the Renewable Energy Market:
ONGC's Major Investment in Renewable Energy
In May 2023, India's state-owned oil and gas company, ONGC, announced a significant investment of USD 12 billion in renewable energy. This substantial investment aims to add 10 GW of renewable energy generation capacity to ONGC's portfolio by 2030. This move underscores the company's commitment to diversifying its energy mix and contributing to the global renewable energy transition.
China's Rapid Expansion of Wind and Solar Energy
As of May 2023, China's installed wind and solar energy capacity reached an impressive 820 GW, representing nearly 31% of the country's total installed power generation capacity. This milestone, reported by the Chinese government, highlights China's aggressive push towards expanding its renewable energy infrastructure. The country's rapid deployment of wind and solar power is a critical component of its strategy to reduce carbon emissions and enhance energy security.
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