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Renewable Energy Market: 2019 Global Share, Size, Key Players, And Regional Forecast To 2023

Author: Abhijeet Bendre
by Abhijeet Bendre
Posted: Mar 25, 2019

Renewable Energy Market Information Report: Information by Type (Hydropower, Wind Energy, Solar Energy, Bioenergy, Geothermal Energy, and Ocean Energy) End-Use (Industrial, Residential, and Commercial) And by Region - Global Forecast to 2023.

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Renewable energy is generated from sources that do not have a finite end, such as solar, wind, hydropower, and so on. These primary renewable energy resources are continuously replenished and never run out, unlike conventional energy sources, which are expensive and damaging to the environment. Solar energy is used for heating and lighting homes and commercial buildings. This form of renewable energy resource is also used for generating electricity, heating water, and several other industrial and commercial uses. On the other hand, wind power is also one of the prominent forms of renewable energy. Wind energy can be used to pump water or generate electricity. However, wind power generation requires extensive area coverage to produce a significant amount of energy. Hydroelectric energy sources use the gravitational potential of water bodies. Geothermal energy is a form of energy, which is trapped under the earth’s surface. It is used for various purposes, such as electric power production and heating and cooling buildings.

The key drivers of renewable energy market include rising energy demand coupled with increasing share of renewable energy in the power generation mix and favorable government initiatives. The rising concern regarding the reduction of carbon emission drives the need for an increasing share of clean energy in the power generation mix. Renewable energy sources, such as wind, hydropower, solar, bioenergy, and others are experiencing growth in demand, since they help reduce carbon emissions. Renewable energy sources, such as wind and hydroelectricity, are less prone to large-scale failure as the installation of these power plants is spread out over a large area, avoiding power cut in the entire area, in the event of a severe weather event occurs in any location. Wind, solar, and hydroelectric energy systems generate electricity without any air pollution emissions, which the non-renewable energy sources, such as coal and natural gas, emit. All these factors coupled with an increase in awareness about environmental safety and security have fueled the market growth for renewable energy, globally. Moreover, government initiatives and policies primarily drive the global renewable energy market. The renewable investment record shows that the focus on reducing global dependence on coal and other fossil fuels, is well underway. This is due to rising investments in wind, solar and other renewable energy sources, which is leading to reduced reliance on non-conventional power plants. Moreover, the development of clean energy sources from financial institutions, such as International Finance Corporation (IFC), Asian Development Bank (ADB) and the World Bank, could also cause a surge in the market share of renewable energy sources.

Renewable Energy market has been segmented on the basis of type, end-use, and region. Based on type, the market is classified into hydropower, wind energy, solar energy, bioenergy, geothermal energy, and ocean energy. Hydropower is the leading source of renewable energy and contributes major share to the total renewable energy produced, globally. In 2017, the global hydropower installed capacity reached 1,200 GW. Globally, there are several opportunities available for the development of hydropower generation, including almost 10,000 TWh/year unutilized hydropower potential. Some of the leading countries using hydropower generation are China, India, Canada, and Russia.

Renewable Energy market by region is segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific is expected to hold the largest share during the forecast period due to increased demand for energy and because of the growing population and rising per capita disposable income in the region. Moreover, these rapidly growing economies in this region are also the top polluters in the world. According to the International Renewable Energy Agency, Asia accounted for around two-thirds of the worldwide increase in renewable generating capacity in 2017. Renewable energy capacity doubled over the past five years, reaching nearly 9,168 GW in 2017, with China and India contributing the highest in the region. Also, countries in Asia-Pacific are focusing on renewable energy sources such as wind, bioenergy, solar, and hydropower due to the environmental concerns, price volatility, and security of supply. Moreover, Asia-Pacific alone accounted for 64% of new capacity from solar panels in 2017, which was 58% in the previous year, summing up to a total of 919 GW, which contributes to 42% of global solar capacity. Solar energy is identified as the best alternative to other conventional fossil fuel energy sources and can be used to reduce carbon emission by effectively meeting the electricity needs.

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Author: Abhijeet Bendre

Abhijeet Bendre

Member since: Oct 30, 2018
Published articles: 174

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