Global Renewable Energy Market is expected to reach the market valuation of US$ XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ million in 2019. Renewable Energy Renewable energy, often referred to as clean energy, comes from natural sources or processes that are constantly replenished. Renewable energy use energy sources.
The global renewable energy, the market is proliferating on account of rising concern about the ever-rising emission of greenhouses (GHGs) particularly CO2. As per GCP, Emissions from fossil fuel and industry (FF&I) reached 36.81bn tones of CO2 (GtCO2) in 2019, which is .6% up from 2018. However, due to the temporary halt in the industrial sector, the global emissions plunged by almost 2 billion tones in 2020, the largest absolute decline in history., as revealed by IEA. Also, the limited presence of fossil fuel on the earth and the fluctuating prices is a key factor that is driving the demand for renewable energy, globally. As per outworld data, In 2019, around 84% of global primary energy came from coal, oil, and gas.
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COVID-19 brought a significant decline in energy generation using fossil fuel, while renewable power gained new momentum. As the lockdown measures were introduced, global energy demand dropped precipitously at levels not seen in 70 years. As per IEA, the overall energy demand contracted by 6% and energy-related emissions will decrease by 8% for 2020. Oil demand is expected to drop 9% and coal 8% for this year, while crude oil is at record-low prices.
Based on Type, the market is fragmented into Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy. The Hydroelectric segment dominated the market in 2020 accounted for XX% and is anticipated to maintain its dominance during the forecast period. As per IEA, hydropower is the largest source of renewable electricity generation, accounted for around 60.7% of the global renewable energy power generation in 2019. However, the wind energy segment would witness a considerable CAGR in the forthcoming years.
Based on the End-use Type, the market is mainly fragmented into Residential, Commercial, Industrial, and Others. The Industrial segment dominated the market in 2020 and gathered XX% in 2020. Moreover, the segment is anticipated to maintain its dominance during the analyzed period. The market of the industrial segment is witnessing an uptick on account of the rising demand for energy for the manufacturing sector. As per IEA, the Manufacturing industry accounts for more than 30% of total energy use worldwide.
Additionally, the report provides detailed initiatives that are being taken in the field of Renewable Energy. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. Asia-pacific dominated the market with US$ XX million in 2020 owing to the emerging demand for clean energy in the region. However, the North America region is expected to grow remarkably in the forthcoming years as the companies are launching renewable energy projects across the region. For instance: Amazon announced nine renewable energy projects across Europe and North America in 2021. The company now producing 8.5GW of renewable energy across more than 200 projects.
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Global Renewable Energy Market Segmentation
Market Insight, by Type
- Hydroelectric Power
- Wind Power
- Bioenergy
- Solar Energy
- Geothermal Energy
Market Insight, by End-use
- Residential
- Commercial
- Industrial
- Power
- Chemicals & Petrochemicals
- Oil and Gas
- Food & Beverage
- Others
Market Insight, by Region
- North America Renewable Energy Market
- United States
- Canada
- Rest of North America
- Europe Renewable Energy Market
- France
- Germany
- Spain
- Italy
- United Kingdom
- Rest of Europe
- Asia-Pacific Renewable Energy Market
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of World Renewable Energy Market
Top Company Profiles
- General Electric
- ABB Ltd
- The TATA Power Company Limited
- Innergex
- Enel Spa
- Xcel Energy Inc.
- EDF
- Geronimo Energy
- Invenergy
- ACCIONA
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