Market Research Future (MRFR), in its recently published study report foretells that the global renewable energy market is expected to garner an exponential growth by 2027, registering a phenomenal CAGR during the forecast period from 2017 to 2027. The increasing prices of natural gas and electricity are nurturing the market growth.
Additional factors substantiating the growth in the market include consumer awareness towards the advantages of Renewable Energy generation & its sources and the rising consumption of electricity. Furthermore, automotive applications of solar energy are enabling Electric Vehicles to generate electricity to power up its electronics or charge its battery on the go or while standing in the parking lot, making the EVs self-sufficient & greener. Resultantly, the uptake of solar energy generation for automotive applications are increasing rapidly, and are in turn, driving the market growth of renewable energy by leaps & bound.
Conversely, factors such as the initial installation cost of renewable energy which is slightly on the higher are obstructing the market growth during the forecast period. Nevertheless, technological advancements expected to get transpired in the recent future will undoubtedly provide cost-effective solutions which will fuel the market growth continually.
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Globally, the North America renewable energy market is expected to retain its dominance throughout the forecast period. Factors substantiating the market growth in this region include favorable government regulations and the integration of Renewable Energy projects.
Asia Pacific region is emerging as one of the lucrative markets for renewable energy growing rapidly. Factors such as the increasing demand for power, fuelled by the growing population, industrialization, urbanization is supporting the market growth in the region.
Europe too is expected to emerge as one of the promising markets for the renewable energy owing to the factors such as technological advancements and the boosting manufacturing sector in the region.
Study Objectives of Renewable Energy Market:
• To provide detailed analysis of the market structure along with forecast for the next 10 years of the various segments and sub-segments of the global Renewable Energy market.
• To provide insights about factors affecting the market growth.
• To Analyze the Renewable Energy market based on various factors- price analysis, supply chain analysis, Porters five force analysis.
• To provide historical and forecast revenue of the market segments and sub-segments with respect to six main geographies and their countries- North America, Europe, Asia-Pacific, South America, Middle East, and Africa.
• To provide country level analysis of the market with respect to the current market size and future prospective.
• To provide country level analysis of the market for segment by Application, by Type by End User, and by region as well as its sub segments.
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, and new product developments in the global Renewable Energy market.
The Renewable Energy Market has been segmented into following basis;
On the basis of energy sources as Solar Energy, Wind Energy, geothermal Energy, Bio Energy, hydropower Energy and others.
On the basis of application the market has been segmented as Automotive, Construction, Transportation and chemical & Petrol chemical among others.
On the basis of end user the market has been segmented as residential, commercial and industrial.
Global Key Players:
Some of the key players available in the Renewable Energy Market are; Calpine Corporation, Enel Green Power, Vestas Wind Power A/S, Pelamis Wave Power, and Yingli Solar.
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