According to a new report published by Allied Market Research, titled, Renewable Energy Market by Type and End User: Global Opportunity Analysis and Industry Forecast, 2014-2025, the global renewable energy market was valued at $1,469,078 million in 2017, and is projected to reach $2,152,903 million by 2025, growing at a CAGR of 4.9% from 2017 to 2025. The renewable energy produced by hydro & ocean power accounted for more than two-thirds share of the global market in 2016.
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Worldwide, the concept of using renewable energy as an alternative to conventional fossil fuel, such as gasoline and diesel, is growing rapidly. Renewable source of energy, such as solar, hydropower, biomass, wind, and geothermal, can provide sustainable energy services. Improvement in technology and the feasibility in using renewable sources to produce energy have been the key in successfully using renewable energy in resent time.
At present, the market is driven by increase in demand for energy across the world and decline in non-renewable source of energy such as petroleum, coal, and natural gas. In addition, it is fueled by the increase in awareness about environmental safety and security. Though, the high initial cost of investment for the infrastructural setup is a major restraint in renewable energy market. However, the continuous development of technology has led to the use of new technologies to extract energy from renewable source and increased government funding has paved the way for new opportunities for market growth.
By type, the market is segmented as hydro & ocean power, wind energy, solar energy, bioenergy, and geothermal energy. By end user, it is classified into residential, commercial, and industrial and others.
Key Findings of the Renewable Energy Market:
- The solar energy market is expected to grow at the highest CAGR of 13.4%, in terms of revenue, during the forecast period.
- The commercial segment is projected to grow at a significant CAGR of 5.7% from 2017 to 2025.
- Europe is expected to witness highest growth rate, in terms of revenue, with a CAGR of 6.2%.
- South Africa is one of the major country in the market and expected to grow at the highest CAGR of 27.6% by value in the LAMEA.
- Asia-Pacific accounted for 41.1% share in 2016, and is anticipated to grow at the significant CAGR of 4.8% by revenue.
Asia-Pacific and Europe collectively accounted for more than two-third of the global market share by revenue in 2016.
The major companies profiled in this report are GE Energy, CPFL Energia S.A., Terra Gen, Tata Power Solar, IHI Corporation, Alstom Hydro, China Hydroelectric Corporation, ABB Ltd., Mitsubishi Heavy Industry, and Enel Green Power.