The Global Renewable Energy Market was valued at $ 1,405,646 million in 2016, and is projected to reach at $2,152,903 million by 2025, growing at a CAGR of 4.9% from 2017 to 2025. In recent years, the share of renewable energy in the global energy mix is on a continuous rise. Renewable energy is generated from natural processes that are constantly 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 rise in the environmental issues such as climatic changes and depleting ozone layer.
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Ever-increasing demand for energy and continuous decrease of non-renewable sources of energy, such as petroleum, coal, and natural, drive the renewable energy market. Furthermore, increase in awareness about environmental safety & security and government initiatives has fueled the market growth. High cost of investment for the infrastructural setup restrains the market growth. However, increased government funding and development in the technologies present new opportunities for future growth.
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The global renewable energy market is segmented based on type, end user, and geography. On the basis of type, it is divided into hydro & ocean power, wind energy, solar energy, bioenergy, and geothermal energy. By end user, it is classified into residential, commercial, and industrial & others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Renewable Energy Market, by Geography
The Asia-Pacific region dominated the global renewable energy market, accounting for 41.1% share in 2016, registering a significant CAGR of around 4.8% during the forecast period. Europe accounted for the highest growth rate in the overall global renewable energy market, owing to government initiative to use renewable energy and stringent environmental policies imposed on companies in this region. South Africa witnessed the growth rate of 27.6%, in terms of value, during the forecast period.
Key market players in this industry include General Electric (GE Power), CPFL Energia S.A., Terra-Gen, LLC, Tata Power Company Limited, IHI Corporation, Alstom SA, Shenzhen Energy Group Co., Ltd., ABB Ltd., Mitsubishi Heavy Industry, and Enel Green Power S.P.A.
The other players in the value chain include Vestas Wind Systems A/S, UpWind Solutions, Inc., Senvion S.A., Sinovel Wind Group Co., Ltd, ENERCON GmbH, Siemens Wind Power GmbH & Co.KG, Nordex SE, Suzlon Energy Limited, Vestas Wind Systems A/S, and SIEMENS GAMESA RENEWABLE ENERGY, S.A.
Key benefits for Stakeholders
- This report provides a quantitative analysis of the current trends, estimations, and dynamics through 2014-2025, which assist to identify the prevailing market opportunities.
- Major countries in each region are mapped as per key trends and opportunities of the market and presence of major players.
- Region- and country-wise market conditions are comprehensively analyzed in the report.
- Key players of the renewable energy market are also listed.
- This study evaluates value chain to understand the competitive environment across geographies.
- An in-depth analysis of segmentation is provided to elucidate the dominant opportunities…
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