Renewable Power Market

The global Renewable Power market was valued at USD 880 Billion in 2020 and is projected to reach USD 1.6 Trillion by 2028, growing at a CAGR of 8.40%% from 2021 to 2028.

Renewable energy, even referred 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 kinetic energy source.

The global Renewable Power market is segmented based on by Product, Application, Regions, and Countries. This report provides an analysis of the global Renewable Power market for the historic period of 2016–2019 and forecasts for 2021–2028 while 2020 is considered as a base year for estimations. The report covers exhaustive analysis on the global Renewable Power industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. The report provides a detailed study on various product types and their applications in different industry verticals at the global/regional/country level. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2021 to 2028. 

COVID-19 pandemic led to government of numerous countries across the globe to impose stringent lockdown measures during the primary stages. This led to numerous challenges owing to the supply chain. However, the market witnessed steady growth over the later stages as the governments lifted restrictions on construction activities. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long-term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

The rise in demand for renewable energy, coupled with increasing investment in solar and wind energy is creating a positive scope for the overall market.

The surge in electricity consumption has increased carbon emission, posing a threat to nature, this has alerted the need for renewable energy resources thereby propelling the market growth.

Huge investments are mainly restraining the market growth.

Product Analysis: Preview

On the basis of Product, the market is segmented into Solar Energy, Wind Energy, Hydro Energy, Biomass Energy, Ocean Energy, Geothermal Energy,. Solar Energy held the highest share in the global Renewable Power market and is projected to witness the same trend during the forecast period. Companies in this sector are opting to advanced technologies in their supply chain to cater the end user requirements effectively.

Application Analysis: Preview

Based on Application, the market is segmented into Residential, Commercial, Industrial, Other,. Industrial accounted for the highest market share and is expected to grow at a significant CAGR from 2021 to 2028. 

Based on region, the global Renewable Power market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region led the market with the largest share in 2020. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. Developing economies in the Asia Pacific region such as China and India are expected to make notable contributions in the growth over the coming years. Thus, it is expected that the Renewable Power market is anticipated to rise over the forecast timespan.

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Renewable Power market are Alstom SA, IHI Corporation, CPFL Energia S.A., Mitsubishi Heavy Industries, General Electric, ENEL GREEN POWER S.P.A., ABB LTD, TERRA-GEN LLC, Shenzhen energy Group Co Ltd, Tata Power Company Ltd.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

• The global Renewable Power market was valued at USD 880 Billion in 2020
• The global Renewable Power Market is projected to reach USD 1.6 Trillion by 2028
• North America held the highest share of the Renewable Power market in 2020
• Some of the major companies operating in the Renewable Power market are Alstom SA, IHI Corporation, CPFL Energia S.A., Mitsubishi Heavy Industries, General Electric, ENEL GREEN POWER S.P.A., ABB LTD, TERRA-GEN LLC, Shenzhen energy Group Co Ltd, Tata Power Company Ltd.