Renewable Energy Market Worth US$ 1,977 Billion by 2030

The global renewable energy market size was valued at $881.7 billion in 2020, and is projected to reach $1,977.6 billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030.

Key players operating in the global renewable energy market include ABB, Acciona, EDF, Enel Spa, General Electric, Innergex, Invenergy, National Grid Renewables, The Tata Power Company Limited (Tata Power), and Xcel Energy Inc.

Europe accounted for 35.5% of renewable energy market share in 2020, in terms of revenue, growing at a CAGR of 8.4%.

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The renewable energy market has grown considerably in countries such as China and India. China is one the key players in hydropower, onshore, wind power and solar photovoltaic, and became the world’s largest producer of bioelectricity in 2017.

The solar energy segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 13.3% from 2021 to 2030.

The industrial end use is anticipated to register the highest CAGR of 8.9% during the forecast period.

Renewable energy is derived from natural resources such as wind, solar, biomass, and geothermal that are constantly replenished.

The Asia-Pacific renewable energy market growth is projected to grow at the highest CAGR during the forecast period, owing to rise in industrialization as well increase in population.

Wind energy, a type of renewable energy, is used to generate electric energy from kinetic energy source. Wind turbine converts the wind energy into mechanical energy, which is further converted into electrical energy through generator.

Wind energy can be generated at offshore and onshore. Onshore wind energy is associated with onshore turbines that are located on land, whereas offshore wind turbines are found in ocean or sea.

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