The renewable energy is expected to meet nearly 13% of the total energy demand and is expected to grow at an estimated CAGR of around 5%, during the forecasting period. Investments in the wind power sector increased by 3% in 2018, compared to that in the previous year, reaching USD 129.
New York, Dec. 16, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Renewable Energy Market – Growth, Trends, and Forecast (2020 – 2025)” – https://www.reportlinker.com/p05986857/?utm_source=GNW
7 billion. The growing investment indicates the growth in the renewable energy market across the globe. The drivers of the renewable energy market primarily include the policies from the national and international bodies to stabilize or to control CO2 emission and the growing focus on alternative fuels to achieve an imperishable form of energy. For instance, the Paris Agreement contracting all nations to combat the changing climate and to adopt a sustainable, low-carbon source of energy is one of the significant drive factors. However, power grid expansion, delay in renewable energy connection, and financing access to the projects are the major restraints that slowdowns the market to expand.
– The wind energy market is expected to expand as the world’s significant source of renewable electricity generation by 2025 and is expected to play a critical role in decarbonizing the power system and improving flexibility.
– By 2050, solar PV, wind, and hydro, together, are estimated to produce approximately 80% of the global electricity generation, which in turn is expected to create an opportunity for the market to grow in the future.
– Asia-Pacific region is one of the largest regions in the renewable energy market, which is concentrating on the cleaner version of fuels rather than just focusing on crude oil and its products. The deviation of energy sources would not only reduce the dependency of fossil fuels but would also help to control the rising air pollution within the region.
Key Market Trends
Wind Energy as a Significant Electricity Source
– Harvesting energy from wind has been done for several decades, but it is only in the last few years that it has become more concerned about global climate change. The usage of wind power has reached a point where it has become a noticeable contributor to the world’s energy mix.
– The depleting fossil fuel reserves, declining cost of wind power generation, growing sensitivity toward environmental issues, and support from various governments across the world, through financial incentives support the exponential growth in the wind energy market,
– Global wind power installations increased from 14.86 GW in 2006 to 591 GW in 2018. The overall growth of the number of turbine installations made between 2006-2018 was primarily driven by declining costs due to improved materials and design and favorable government policies for wind power in major wind power countries, such as China, the United States, Germany, the United Kingdom, and India.
– Government policies and targets play a crucial role in wind power development. As countries become increasingly concerned about climate change and the role of renewable energy in curtailing it, wind power, along with other renewable energy types, is expected to have more focus from all the countries, during the upcoming years.
Asia-Pacific to Dominate the Market
– Asia-Pacific renewable energy market majorly consists of 18 countries, with 52% of the world’s population, represent 88% of the people living in the region and account for nearly 39% of the global primary energy supply. China and India dominate the region, with 28% of the global energy supply.
– In 2018, the region has dominated the renewable energy market with the highest installed capacity of around 1000 gigawatts and generating more than 2000-terawatt hour of electricity. China is the dominating country within the region, with a majority share in electricity generation from the renewal sources.
– Among all the available renewable technology, hydropower dominates the region with maximum market share. During 2018, hydropower installed capacity exceeds 500 gigawatts, follows by the wind with installed capacity more than 200 gigawatts.
– During 2018, an investment of around USD 288 billion was put into the renewable energy sector, with China as the primary investor, accounting for 32% of the global investment. Investment in solar energy decreased drastically by 54%, while in wind energy investment declined by 6%.
The renewable energy market is fragmented. Some of the key companies in the market include Siemens AG, Vestas Wind Systems A/S, General Electric Company, NextEra Energy Inc., Orsted A/S, Suzlon Energy Limited, Berkshire Hathaway Energy Co., and Avangrid Inc. among others
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