Please Wait.....
Report
Renewable Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 125 Pages I Mordor Intelligence
The global renewable energy market is expected to reach 3368.32 GW by the end of this year and is projected to register a CAGR of about 7.63% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
Key Highlights
Over the long term, the major driving factors of the market are the favorable government policies, increasing adoption of renewable energy with the declining price of solar panels and wind turbines installations.
On the flip side, the rising adoption of alternate clean power sources, such as gas-fired power plants and nuclear energy projects are likely to slow down the market growth.
Technological advancements in solar PV manufacturing and solving intermittency problems using energy storage systems are likely to provide huge opportunities for the market studied.
Asia-Pacific is expected to be the fastest-growing market during the forecast period, with the majority of the demand coming from China and India.
Renewable Energy Market Trends
Hydropower Segment to Dominate the Market
Hydroelectric power (hydropower) is a renewable energy source where electrical power is derived from the energy of water moving from higher to lower elevations. Hydropower projects also supply clean water for agriculture, homes, and business and help mitigate the impacts of extreme weather events, such as floods and drought.
Hydropower is the single largest source of renewable electricity globally. In 2021, renewable electricity generation from hydropower achieved a record of 4,370 terawatt-hours (TWh), the largest contribution from hydropower in the global renewable-based electricity generation.
In 2021, the global hydropower installed capacity reached 1,360 gigawatts (GW), representing a rise of 2.21% compared to 2020, down on the five-year annual average of 2.1% and well below an estimated 2.0% annual growth required to meet the Paris Agreement targets.
In February 2021, the International Renewable Energy Agency (IRENA) and the International Hydropower Association (IHA) collaborated to advance sustainable hydropower development. Under the terms of the partnership, the two organizations are expected to work together to accelerate the financing, development, and deployment of sustainable hydropower.
Moreover, in August 2022, the Government of India announced the development of two hydropower projects in Nepal, namely West Seti Hydropower Project and the Seti River Hydropower Project. The total cost of these projects is expected to be around USD 2.4 billion.
Thus, the hydropower segment is expected to dominate the market during the forecast period.
Asia-Pacific to Dominate the Market
The Asia-Pacific region dominated the renewable energy market in recent years. It is likely to maintain its dominance during the forecast period.
As of 2021, China is the global leader in renewable energy deployment. The country's total renewable energy capacity reached 1020.2 GW in 2021, representing an increase of approximately 13.4% compared to the previous year. Hydropower, solar, and wind are the major renewable energy sources in the country.
India's power demand increased significantly in line with its expanding economy and increasing population. In 2021, the country generated 150.3 TWh electricity through hydro power up from 114.3 TWh in 2011.
Also, India has become the world's third-largest power consumer, after China and the United States. Further, India's net power generation capacity increased significantly in the last decade, most of which came from renewable energy sources, including large hydro.
The Government of India has set a target of installing 175 GW of renewable energy capacity by FY 2022, including 100 GW from solar, 60 GW from wind, 10 GW from bio-power, and 5 GW from small hydro-power. Moreover, the Indian Ministery for New and Renewable Energy expects investment of USD 15 billion in renewable energy, electric vehicles, manufacturing of solar equipment, and green hydrogen in 2022.
Moreover, In January 2022, SJVN (Satluj Jal Vidyut Nigam Ltd) bagged a solar project of 125 MW in Uttar Pradesh through a bidding process held by the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). It includes a 75 MW grid-connected solar project in Jalaun and a 50 MW solar project in Kanpur Dehat districts.
Hence, such developments will likely make Asia-Pacific the dominant player in the renewable energy market during the forecast period.
Renewable Energy Market Competitor Analysis
The renewable energy market is fragmented in nature. Some of the major players in the market (in no particular order) include First Solar Inc., Vestas Wind Systems A/S, Canadian Solar Inc., Jinko Solar Holding Co. Ltd, and General Electric Company.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Scope of the Study
1.2 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Renewable Energy Mix, 2021
4.3 Renewable Energy Generation Trend
4.4 Renewable Energy Installed Capacity and Forecast in GW, till 2027
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.7.1 Drivers
4.7.2 Restraints
4.8 Supply Chain Analysis
4.9 Porter's Five Forces Analysis
4.9.1 Bargaining Power of Suppliers
4.9.2 Bargaining Power of Consumers
4.9.3 Threat of New Entrants
4.9.4 Threat of Substitutes Products and Services
4.9.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Solar
5.1.2 Wind
5.1.3 Hydro
5.1.4 Bioenergy
5.1.5 Other Types (Geothermal, Tidal, etc.)
5.2 Geography
5.2.1 North America
5.2.2 Asia-Pacific
5.2.3 Europe
5.2.4 South America
5.2.5 Middle-East
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 EPC Developers/Operators/Owners
6.3.1.1 Orsted AS
6.3.1.2 EDF SA
6.3.1.3 NextEra Energy Inc.
6.3.1.4 Duke Energy Corporation
6.3.1.5 Berkshire Hathway Energy
6.3.1.6 Acciona Energia SA
6.3.2 Equipment Suppliers
6.3.2.1 First Solar Inc.
6.3.2.2 Vestas Wind Systems A/S
6.3.2.3 Canadian Solar Inc.
6.3.2.4 Jinko Solar Holding Co. Ltd
6.3.2.5 General Electric Company
6.3.2.6 Siemens Gamesa Renewable Energy, S.A.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security