As renewable energy is the best and environment-friendly alternative to oil, the demand for renewable energy and related projects is likely to increase in the near future. This renewable energy market will be less impacted during the COVID-19 period.
The global renewable energy market size is projected to grow from USD 184.3 billion in 2020 to USD 226.1 billion by 2021, at a CAGR of 22.7% in the realistic scenario from 2020 to 2021. The major factors driving the growth of the renewable energy industry include the slowdown in oil consumption due to the COVID-19 outbreak as many utilities are trying for a 100% transition into renewables.
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The demand for energy from the residential and commercial sectors is continuously increasing as the majority of the population is staying at home and working from home. Hence, adopting new technologies is expected to be cost-effective for the companies as well as end-users.
The solar energy is estimated to be the fastest growing segment followed by the wind energy in the renewable energy market
The solar energy is estimated to be the largest renewable energy market, followed by the wind energy. The adoption of new solar technologies such as floating solar farms and Building-Integrated Photovoltaics (BIPV) solar technology is likely to increase during the forecast period (from 2019 to 2021). The installation cost of floating solar farms is lesser than that of traditional land-based solar panels as there is no need to clear land or treat the soil.
In the wind segment, wind energy producers are likely to shift toward producing energy through their offshore wind farms during the forecast period. Offshore wind farms attract higher O&M costs in comparison to onshore wind farms due to higher turbine maintenance costs, higher logistics costs, and a lack of a skilled workforce.
The Asia Pacific is expected to be the largest market for renewable energy
The Asia Pacific region is expected to be the largest market for renewable energy during the forecast period. There will be no shortage of renewable energy parts in the Asia Pacific region as China has already relocated some of its production capacity in neighboring countries such as Vietnam and India. Also, the Asia Pacific region is close to the optimistic scenario because China holds the majority of renewable energy market share, and only a few areas in the country are affected by the COVID-19 outbreak.
The utilities/power producers segment is projected to be the largest segment for renewable energy
Utilities/power producers who had already shifted or are planning to shift to the renewable energy sector will be the gainers during the forecast period. Also, the long-term and reliable government policies and increased energy independence are expected to be the key motives for utilities making the transition to 100% renewables in the future.
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Some of the Key Players in the global Renewable Energy Market include Siemens Gamesa (Spain), Goldwind (China), General Electric (US), Orsted (Denmark), Canadian Solar (Canada), Jinko Solar (China), Vestas (Denmark), and SolarEdge (Israel).
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