Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Renewable Energy Market is segmented by Type (Solar, Wind, Hydro, Bioenergy, and Other Types (Geothermal, Tidal, etc.)), and Geography (North America, Asia-Pacific, Europe, South America, and Middle-East and Africa). The report offers the installed capacity and forecasts in gigawatts (GW) for all the above segments.

Market Snapshot

Renewable Energy Market Summary
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: 7.63 %
Renewable Energy Market Major Players

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Market Overview

The global renewable energy market is expected to reach 3368.32 GW by the end of this year and is projected to register a CAGR of about 7.63% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the long term, the major driving factors of the market are the favorable government policies, increasing adoption of renewable energy with the declining price of solar panels and wind turbines installations.
  • On the flip side, the rising adoption of alternate clean power sources, such as gas-fired power plants and nuclear energy projects are likely to slow down the market growth.
  • Technological advancements in solar PV manufacturing and solving intermittency problems using energy storage systems are likely to provide huge opportunities for the market studied.
  • Asia-Pacific is expected to be the fastest-growing market during the forecast period, with the majority of the demand coming from China and India.

Scope of the Report

Renewable energy is the energy collected from renewable resources such as sunlight, wind, the movement of water, and geothermal heat that are naturally replenished. The Global renewable energy market is segmented by type and geography. By type, the market is segmented into solar, wind, hydro, bioenergy, and other types. The report also covers the installed capacity and forecasts for the renewable energy market across major regions. For each segment, the installed capacity and forecasts have been done based on gigawatts (GW).

Type
Solar
Wind
Hydro
Bioenergy
Other Types (Geothermal, Tidal, etc.)
Geography
North America
Asia-Pacific
Europe
South America
Middle-East and Africa

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Key Market Trends

Hydropower Segment to Dominate the Market

  • Hydroelectric power (hydropower) is a renewable energy source where electrical power is derived from the energy of water moving from higher to lower elevations. Hydropower projects also supply clean water for agriculture, homes, and business and help mitigate the impacts of extreme weather events, such as floods and drought.
  • Hydropower is the single largest source of renewable electricity globally. In 2021, renewable electricity generation from hydropower achieved a record of 4,370 terawatt-hours (TWh), the largest contribution from hydropower in the global renewable-based electricity generation.
  • In 2021, the global hydropower installed capacity reached 1,360 gigawatts (GW), representing a rise of 2.21% compared to 2020, down on the five-year annual average of 2.1% and well below an estimated 2.0% annual growth required to meet the Paris Agreement targets.
  • In February 2021, the International Renewable Energy Agency (IRENA) and the International Hydropower Association (IHA) collaborated to advance sustainable hydropower development. Under the terms of the partnership, the two organizations are expected to work together to accelerate the financing, development, and deployment of sustainable hydropower. 
  • Moreover, in August 2022, the Government of India announced the development of two hydropower projects in Nepal, namely West Seti Hydropower Project and the Seti River Hydropower Project. The total cost of these projects is expected to be around USD 2.4 billion.
  • Thus, the hydropower segment is expected to dominate the market during the forecast period.
Renewable Energy Market : Total Hydropower Installed Capacity, in GVW, Global, 2016-2021

Asia-Pacific to Dominate the Market

  • The Asia-Pacific region dominated the renewable energy market in recent years. It is likely to maintain its dominance during the forecast period.
  • As of 2021, China is the global leader in renewable energy deployment. The country’s total renewable energy capacity reached 1020.2 GW in 2021, representing an increase of approximately 13.4% compared to the previous year. Hydropower, solar, and wind are the major renewable energy sources in the country.
  • India’s power demand increased significantly in line with its expanding economy and increasing population. In 2021, the country generated 150.3 TWh electricity through hydro power up from 114.3 TWh in 2011.
  • Also, India has become the world’s third-largest power consumer, after China and the United States. Further, India’s net power generation capacity increased significantly in the last decade, most of which came from renewable energy sources, including large hydro.
  • The Government of India has set a target of installing 175 GW of renewable energy capacity by FY 2022, including 100 GW from solar, 60 GW from wind, 10 GW from bio-power, and 5 GW from small hydro-power. Moreover, the Indian Ministery for New and Renewable Energy expects investment of USD 15 billion in renewable energy, electric vehicles, manufacturing of solar equipment, and green hydrogen in 2022.
  • Moreover, In January 2022, SJVN (Satluj Jal Vidyut Nigam Ltd) bagged a solar project of 125 MW in Uttar Pradesh through a bidding process held by the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). It includes a 75 MW grid-connected solar project in Jalaun and a 50 MW solar project in Kanpur Dehat districts.
  • Hence, such developments will likely make Asia-Pacific the dominant player in the renewable energy market during the forecast period.
Renewable Energy Market: Growth Rate By Region, 2022-2027

Competitive Landscape

The renewable energy market is fragmented in nature. Some of the major players in the market (in no particular order) include First Solar Inc., Vestas Wind Systems A/S, Canadian Solar Inc., Jinko Solar Holding Co. Ltd, and General Electric Company.

Major Players

  1. Canadian Solar Inc.

  2. General Electric Company

  3. Vestas Wind Systems AS

  4. First Solar Inc.

  5. Jinko Solar Holding Co. Ltd

Renewable Energy Market Concentration

Recent Developments

  • In May 2022, NJR Clean Energy Ventures (CEV) started construction on an 8.9-MW floating solar installation in Millburn, New Jersey, which is expected to be the largest floating array in the United States. The project uses a floating racking system, 16,510 solar panels ware likely to be installed on a reservoir located at the New Jersey American Water Canoe Brook Water Treatment Plant. The clean power generated by the array will provide approximately 95% of the facility’s annual power needs through a power purchase agreement with CEV.
  • In February 2022, China’s second-largest wind manufacturer said it received 1.9 gigawatts of turbine orders from India, highlighting companies’ efforts to seek overseas sales as the domestic market becomes increasingly competitive. Envision Energy Co.’s combined orders amount to the largest capacity that a Chinese wind manufacturer has sold to a single foreign country.
  • In January 2022, Huaneng Power International commissioned a 320 MW floating solar PV array in China’s Shandong province. The project is being deployed in two phases on a reservoir near its 2.65 GW Dezhou thermal power station.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Renewable Energy Mix, 2021

    3. 4.3 Renewable Energy Generation Trend

    4. 4.4 Renewable Energy Installed Capacity and Forecast in GW, till 2027

    5. 4.5 Recent Trends and Developments

    6. 4.6 Government Policies and Regulations

    7. 4.7 Market Dynamics

      1. 4.7.1 Drivers

      2. 4.7.2 Restraints

    8. 4.8 Supply Chain Analysis

    9. 4.9 Porter's Five Forces Analysis

      1. 4.9.1 Bargaining Power of Suppliers

      2. 4.9.2 Bargaining Power of Consumers

      3. 4.9.3 Threat of New Entrants

      4. 4.9.4 Threat of Substitutes Products and Services

      5. 4.9.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Solar

      2. 5.1.2 Wind

      3. 5.1.3 Hydro

      4. 5.1.4 Bioenergy

      5. 5.1.5 Other Types (Geothermal, Tidal, etc.)

    2. 5.2 Geography

      1. 5.2.1 North America

      2. 5.2.2 Asia-Pacific

      3. 5.2.3 Europe

      4. 5.2.4 South America

      5. 5.2.5 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 EPC Developers/Operators/Owners

        1. 6.3.1.1 Orsted AS

        2. 6.3.1.2 EDF SA

        3. 6.3.1.3 NextEra Energy Inc.

        4. 6.3.1.4 Duke Energy Corporation

        5. 6.3.1.5 Berkshire Hathway Energy

        6. 6.3.1.6 Acciona Energia SA

      2. 6.3.2 Equipment Suppliers

        1. 6.3.2.1 First Solar Inc.

        2. 6.3.2.2 Vestas Wind Systems A/S

        3. 6.3.2.3 Canadian Solar Inc.

        4. 6.3.2.4 Jinko Solar Holding Co. Ltd

        5. 6.3.2.5 General Electric Company

        6. 6.3.2.6 Siemens Gamesa Renewable Energy, S.A.

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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Frequently Asked Questions

The Renewable Energy Market market is studied from 2019 - 2027.

The Renewable Energy Market is growing at a CAGR of 7.63% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Canadian Solar Inc. , General Electric Company, Vestas Wind Systems AS, First Solar Inc., Jinko Solar Holding Co. Ltd are the major companies operating in Renewable Energy Market.

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