DUBLIN, May 9, 2023 /PRNewswire/ — The “Renewable Energy Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2018-2028 By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy), By End Use Industry, By Region, By Competition” report has been added to ResearchAndMarkets.com’s offering.
The Global Renewable Energy Market is anticipated to register a high CAGR during the forecast period.
Renewable energy is derived from resources that can be regenerated naturally over time and are thus considered to be renewable. It includes energy sources such as sunshine, wind, water currents, and geothermal heat. Although the fact that the majority of renewable energy sources are sustainable, some are not.
For instance, certain biomass sources are deemed unsustainable at the rate at which they are being used. Renewable energy is frequently used to power stand-alone power systems, air and water heating and cooling systems, and electricity generation for a grid. Large-scale renewable energy technology projects are usual, but they are also suitable for rural, isolated, and developing nations, where energy is frequently essential for human growth.
Advanced electrification, which has significant benefits, including the ability to transmit heat or things effectively and being clean at the point of use, is frequently used in conjunction with the deployment of renewable energy. Additionally, electrification using renewable energy is more effective and thus results in large reductions in the need for primary energy. Renewable energy increased from 20% to 28% of the world’s electrical supply between 2011 and 2021.
Nuclear energy dropped from 12% to 10%, while fossil energy dropped from 68% to 62%. Hydropower’s contribution declined from 16% to 15%, while solar and wind energy’s share rose from 2% to 10%. Geothermal energy and biomass both increased from 2% to 3%. In 135 nations, there are 3,146 gigawatts installed, while 156 nations have legislation governing the renewable energy industry. Nearly half of the growth in renewable power generated worldwide came from China in 2021.
Growing Industrialization and Commercialization
As the demand for coal and natural gas continues to rise because of expanding industrialization and commercialization, people are using equipment that consumes increasing amounts of electrical energy.
Additionally, a growing number of individuals worldwide are worried about the environment and want to do their share to reduce the carbon footprint left behind. These two factors are essential drivers of the market growth for renewable energy in this sector and company. As a result, it is expected that the market for renewable energy will grow steadily during the forecast period.
In 2022, transmission development was anticipated to play a significant role in the renewable energy sector’s agenda since it is essential for linking new, sometimes remote-located, renewable energy generation to electricity-consuming centers. Progress, which has frequently been hindered by permission delays of projects, will probably be unlocked with the aid of policy and regulatory support, investments, as well as innovation.
Transmission projects, particularly interregional ones, have so far continued to pose a significant barrier to the expansion of renewable energy because they find it difficult to obtain regulatory approval from every state they pass through, as well as opposition from environmental organizations and refusal from landowners.
Transmission interconnection backlogs are holding up around 844 GW of potential capacity, 90% of which is renewable or energy storage. This is especially true with offshore wind, which is expected to increase significantly, and which has to be connected to existing coastal infrastructure.
The transmission problem may be resolved by expanding the capacity of current lines as well as by constructing new lines. New transmission projects are either being planned for or are dependent upon by 76%, according to respondents from the electricity and utility industry, as per the survey.
The development of next-generation technology is gaining momentum. Investors in the renewable energy sector are thinking about investing in them, which might eventually support the confident integration of variable renewables such as wind and solar into the electric grid.
Private funding, pilot projects, and federal research funding might hasten the commercialization of cutting-edge technologies such as green hydrogen, enhanced batteries, and other types of long-duration storage for a market that has previously been mainly focused on solar and wind energy.
To achieve the goal of 100% clean energy, these technologies can offer zero-carbon electricity, longer-term seasonal electricity storage, reduce system congestion, stop renewable energy curtailment, increase dependability, and make it easier to integrate solar and wind power into the grid.
The falling prices of renewable energy, a vital component in the production process, have been a major factor in the emergence of green hydrogen. Owing to green hydrogen’s ability to serve as a long-term and seasonal fuel storage system that is readily accessible to create electricity on demand, it is anticipated that green hydrogen development will expand in 2022 as the grid’s penetration of renewable energy sources rises.
States and energy corporations are also seizing this opportunity and increasing the production of renewable hydrogen. A variety of developing mechanical and battery storage technologies that provide choices for long-term energy storage and assist the grid is also generating a lot of interest.
Company Profiles: Detailed analysis of the major companies present in the Global Renewable Energy Market.
- Canadian Solar Inc,
- General Electric Company
- Vestas Wind Systems AS
- First Solar Inc,
- Jinko Solar Holding Co. Ltd
- Tata Power
- Xcel Energy Inc,
- Siemens Gamesa Renewable Energy, S.A.
- Enel Spa
Global Renewable Energy Market, By Type:
- Hydroelectric Power
- Wind Power
- Solar Energy
- Geothermal Energy
Global Renewable Energy Market, By End Use Industry:
- Hotels & Resort
- Chemical & Petrochemical
- Oil & Gas
- Food & Beverage
Global Renewable Energy Market, By Region:
- North America
- Middle East & Africa
- South America
For more information about this report visit https://www.researchandmarkets.com/r/oehi27
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SOURCE Research and Markets