Renewable Energy Market to Grow at 9.6% CAGR by 2030

Increase in output efficiency, low maintenance costs along with favorable government policies to curb the carbon footprint has been very significant for the growth of the renewable energy industry growth.

According to a new research report by Next Move Strategy Consulting, the global Renewable Energy market was valued at USD 856.08 billion in 2021, and is expected to reach USD 2,025.94 billion by 2030, with a CAGR of 9.6% during the forecast period.

Governments of various developing and developed countries have focused on promoting sustainable energy sources to advance economic development, improve energy security, improve access to energy, and mitigate climate change. In addition, reduction in cost of solar panels serves as a great contribution to increase in the use of solar energy and significantly fuels the market growth.

Various governments and organizations are indulging in numerous strategies such as new initiatives, energy usage policies, collaborations, awareness campaigns, and others to increase demand for clean energy.

On the contrary, high initial investments associated with generation of electricity from renewable sources and less availability of resources hinder the market growth. However, rise in technological advances in solar PV manufacturing and usage of energy storage systems to solve intermittency problems provide opportunities for the renewable energy market trends.

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According to the report, leading players in the renewable energy industry include General Electric, ABB, ACCIONA, Enel Spa, Schneider Electric, Xcel Energy Inc., Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Limited, Innergex, and Tata Power.

Key Insights from the Renewable Energy Market Report:

• Information related to key drivers, restraints, and opportunities and their impact on the renewable energy market is provided in the report.

• Value chain analysis in the market study provides a clear picture of role of each stakeholder.

• The market share of the players in the global renewable energy market along with their competitive analysis.

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