According to the recent research report titled ‘Global Renewable Energy Market Size study, by Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy and Geothermal Energy), by End-use (Residential, Commercial, Industrial and Others) and Regional Forecasts 2022-2028’, available with MarketStudyReport, global renewable energy market is estimated to witness a modest CAGR through 2028.
The rising demand for renewable energy sources coupled with growing investment & projects for sustainable energy generation are some of the prime factors driving the growth of global renewable energy market.
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For the uninitiated, renewable energy, also known as clean energy, is usually derived from natural sources that are constantly replenished. Electricity is produced from the kinetic energy source using wind energy, a renewable resource.
Apart from this, mounting electricity consumption and the rising adoption of renewable energy sources are likely to add traction to the overall market size. However, high investment costs will impede the market expansion over the forecast period.
The global renewable energy market report elaborates on the current business scenario, key development trends, and growth drivers. Besides, the report also provides an exclusive insight into the market size, share, volume, competitive terrain, and growth rate during the study period.
Additionally, the research report offers crucial insights pertaining to several market segmentations such as type, end-user terrain, and regional bifurcation.
Speaking of type, the market is divided into geothermal energy solar energy, bioenergy, bring power, and hydroelectric power segments. With respect to the end-user terrain, the industry is fragmented into industrial, commercial, residential, and others
The geographical reach of this business vertical extends to North America, Asia-Pacific, Europe, along with Latin America with key emphasis on the U.S., Canada, U.K., Germany, France, Italy, Spain, India, China, Japan, South Korea, Brazil, Australia, and Mexico, and the rest of the world.
The report claims that Latin America is estimated to lead in terms of market share throughout the forecast period, on account of the sizeable amount of hydropower expansion in Brazil. There has also been an uptick in renewable energy generation activity, with significant projects being established in Colombia and Peru.
Meanwhile, Asia-Pacific renewable energy market is likely to showcase a strong CAGR through 2028, owing to rising industrialization and increasing population.
Tata Power Company Limited, Innergex Renewable Energy, Invenergy, Geronimo Energy, General Electric Company, Enel S.p.A., Électricité de France S.A., Acciona S.A., ABB, and Xcel Energy Inc. are the leading players influencing global renewable energy market trends.