Energy, Automobile, EV, Renewable News | Worldwide Renewable Energy Industry is Predicted to Reach $2,025 Billion by 2030

Worldwide Renewable Energy Industry is Predicted to Reach $2,025 Billion by 2030

January 4, 2023

DUBLIN–(BUSINESS WIRE)–The “Renewable Energy Market by Type and End User – Global Opportunity Analysis and Industry Forecast, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.

Renewable Energy Market size was valued at USD 856.08 billion in 2021 and is predicted to reach USD 2,025.94 billion by 2030 with a CAGR of 9.6% during the forecast period from 2022 to 2030.

Demand for sustainable energy has increased across the world owing to factors such as the growing concerns related to climate change and increasing pollution levels. In addition, the decline in the cost of solar panels serves as a great contribution to an increase in the use of solar energy, which fuels the renewable energy industry growth.

However, the high initial capital investments and lack of resources in several countries are expected to hamper the market growth. On the contrary, technological advancements in solar PV manufacturing and solving intermittency problems using energy storage systems are expected to create ample opportunities for the key players operating in the renewable energy market during the coming decade.

Segment Overview

The global renewable energy industry is segmented on the basis of type, end user, and geography.

Based on type, the market is classified into wind power, hydroelectric power, solar power, bio energy, and geothermal.
Based on end user, the market is categorized into residential, industrial, and commercial.
Region wise, the market is segmented into North America, Europe, Asia-Pacific, and RoW.

Recent Developments

September 2022

GE Renewable Energy received orders from Continuum Green Energy Limited in order to supply, install, and commission 81 of its 2.7-132 onshore wind turbines for the 218.70 MW wind power projects spread across India. These projects aim to power various industries and commercial establishments in Tamil Nadu and Madhya Pradesh, India.

September 2022

August 2022

The Italian energy agency, Gestore dei Servizi Energetici (GSE) launched a 1.5 billion euro rebate scheme aimed at helping farming businesses install rooftop PV systems on agricultural buildings. The Italian government is expected to deploy 375 MW of new solar PV capacity through this program.

July 2022

Moroccan Agency for Sustainable Energy (MASEN) launched a tender to seek Engineering, Procurement, and Construction (EPC) contractors for its Noor Atlas solar program. The call for expression of interest seeks to construct several solar photovoltaic plants across several regions in Africa.

February 2022

ABB collaborated with IBM and Worley to sign a memorandum of understanding on helping energy companies build and operate green hydrogen facilities more efficiently and at scale. The planned three-party partnership intends to create an integrated, digitally enabled solution enabling facility owners to construct green hydrogen assets more rapidly, affordably, and safely, and to operate them more efficiently.

January 2022

A new utility-scale solar power project, Fox Coulee Solar Project was unveiled in Alberta, Canada. The 85.6-MW solar PV power project was planned and developed by two companies, Aura Power Developments and Subra GP, in a single phase. Its construction was started in 2022 and is expected to be in service by 2023

December 2021

Solar Philippines Nueva Ecija Corporation started the construction of its 500 MWp Nueva Ecija solar farm in Centrl Luzon, Philippines. The plant is expected to be constructed in phases, and the first 50 MWp solar farm is slated to go online by the end of 2022

Market Dynamics

Drivers