Renewable Energy Market is Gaining an Upward Trend Due to its Rising Demand in Chemicals and Petrochemicals Segments

Renewable Energy Market is Gaining an Upward Trend Due to its Rising Demand in Chemicals and Petrochemicals Segments

Renewable Energy Market
Renewable Energy Market By Type (Hydropower, Wind Energy, Solar Energy, Bioenergy, Geothermal Energy, Ocean Energy), End-Use [Industrial (Power, Chemicals & Petrochemicals, Oil & Gas, Food & Beverage), Residential and Commercial], & Region – Forecast Till 2027

Market Highlights

Market Research Future (MRFR) in its latest report projects that the Global Renewable Energy Market will post a CAGR of 8.53% from 2019 to 2027 and surpass a valuation of USD 2, 900 Bn. Unlike the energy generated for fossil fuel, the production of renewable energy makes a minimum impact on the environment. The fact that renewable energy is eco-friendly and replenishable is its best marketable factors. Solar, wind, and hydropower are the primary sources of renewable energy. Advances in technology has made renewable energy affordable, making it a frontrunner in the race to replace fossil fuel in the future. It is inexpensive and do not harm the environment, which is considerable proposition. The aforementioned factors are likely to play an important role in the supporting the global renewable market during the projected period.

Rising concern over carbon emission is prompting policy makers to implement laws that facilitate a faster adoption of renewable energy. At the same time, increased demand for energy across the globe is creating market opportunities for renewable energy. It is important to seek solutions that ensure efficient and uninterrupted power supply.

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MRFR’s report includes a thorough segmental analysis of the market on the basis of type, end-use and region.

By type, the market has been segmented into wind energy, bioenergy, ocean energy, hydropower, geothermal energy and solar energy. Of these, the hydropower segment accounts for a considerable market share and is likely to remain highly attractive over the next several years. In addition, the segment is expected to witness a CAGR of 11.02% during the assessment period. In terms of revenue, the wind energy segment holds the second largest share of the market. In 2017, the segment was valued at USD 262.4 Bn and is expected to witness a healthy growth over 2027. By end-use, the market has been segmented into industrial, residential and commercial. The industrial segment is further sub-segmented into power, chemicals & petrochemicals, iron & steel, food & beverage, oil & gas, automotive and others. In 2018, the chemicals and petrochemicals sub-segment held 19.07% share in the market. The segment is likely to make a significant contribution to the growth of the global renewable energy market during the projection period. The chemical and petrochemical sector is a major consumer of energy and hence presents significant market opportunities. Renewable energy is gaining traction in the sector owing to operation cost benefits and environmental viability.

Regional Analysis

Region covered in the report include North America, Europe, the Middle East & Africa (MEA), Latin America, and Asia Pacific (APAC). Asia Pacific is expected to dominate the global renewable energy market over 2027. The market in the region was valued at USD 480.5 Mn in 2018 and is expected to grow at a CAGR of 8.90% from 2019 to 2027. Renewable energy market is growing rapidly in APAC. The region’s growing need for power has resulted in installation of renewable energy generation grids. Countries such as China and India are witnessing expansion of cities and rural development where energy is viewed as the key element supporting such undertakings. Asia is one of the largest consumers of electricity and is likely to post a greater requirement in the coming years. APAC is followed by North America and Europe, respectively in terms of market size of renewable energy. Favorable policies and efforts to reduce CO2 emission is driving the market in these regions.

Key Players

MRFR in its report has profiled companies such as Ørsted A/S, NextEra Energy, Inc., On Power, Tocardo BV, Vestas Wind Systems A/S, Canadian Solar Inc., Ocean Power Technologies, Inc., Enel Spa, SynTech Bioenergy LLC, General Electric, Yingli Solar, and Siemens AG.

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