Renewable Energy Market Size is Expected to Grow Rapidly with a Considerable Valuation of USD 2.06 Trillion by 2032; As Favorable Governmental Policies Increase, States Extrapolate


The renewable energy market is projected to exhibit a CAGR of 8.6% during the projection period. Major factors attributing to the market’s growth include rising favorable governmental policies and promoting the use of clean renewable resources.

Dubai, UAE, July 04, 2023 (GLOBE NEWSWIRE) — According to the recent report published by Extrapolate, the global Renewable Energy Market was worth around USD 0.90 trillion in 2022 and is likely to grow to USD 2.06 trillion by 2032, exhibiting a CAGR of 8.6% from 2023 to 2032. The numerous factors contributing to the growth of the renewable energy market include increasing government policies encouraging the use of clean, renewable resources for power generation.

The transition to low-carbon fuels and strict environmental legislation in most developed nations have given the renewable energy market a significant boost. As a result of the increased environmental concerns and pressure to mitigate the adverse impacts of Greenhouse Gases (GHG), the renewable energy market has seen an increase in the installed capacity of renewable sources over the past few years. This has played a significant role in the growth of the solar and wind energy industries.


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Competitive Landscape

Key industry players are concentrating on technological improvements and innovation to reduce the cost of renewable energy generation. Additionally, market participants have implemented a number of strategic initiatives into practice to strengthen their market position.

Leading companies operating in the global renewable energy market include:

  • ABB
  • Acconia
  • General Electric
  • Innergex
  • Invenergy
  • Schneider Electric
  • Siemens Gamesa Renewable Energy, S.A.
  • Tata Power
  • Iberdrola SA
  • Xcel Energy, Inc.
  • Suzlon Energy Ltd.

Global Renewable Energy Market Segmentation:

By Source

  • Hydropower
  • Wind power
  • Solar power
  • Bioenergy
  • Geothermal

Increasing Adoption of Hydropower to Provide Electricity in Rural Regions to Gain Traction

The hydropower segment dominated the global renewable energy market in 2022, accounting for over 30% of total revenue. Hydropower is primarily utilized to provide electricity in rural regions and is produced by capturing the energy of moving water. Major contributions to the rising adoption of hydropower include developing nations such as China, India, Vietnam, Colombia, and Brazil. Hydroelectric power plants incur significant initial expenses but benefit from relatively low ongoing operating and maintenance costs. This cost advantage contributes to the growing acceptance and adoption of hydropower.

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By Application

  • Industrial
  • Residential
  • Commercial

Accelerated Demand and Utility of Power in Industrial Applications to Fuel Renewable Energy Market Growth

The industrial segment dominated the global renewable energy market in 2022, accounting for a market share of over 53.7%. The segment’s growth is primarily attributable to the increased demand for and utility of power in industrial settings. The price of solar equipment and setups has dropped by over 50% due to the overabundance of demand for solar energy. Solar energy-related industrial objectives have further bolstered the market. According to the Solar Energy Industries Association, there were over 149 GW of operating power plants in the United States in 2020. These factors are anticipated to fuel demand for solar PV panels in the industrial application segment throughout the projection period.

Rising Shift from Fossil Fuel to Clean Energy to Promote the Renewable Energy Market Growth

Utilizing alternative energy sources that exhibit carbon neutrality or low carbon emissions has gained popularity due to rising environmental concerns about carbon emissions. On account of the overuse of resources, especially conventional energy sources, including coal, natural gas, fossil fuels, and others, they are depleted and are not sustainable in the long run. There has been a noticeable shift towards endlessly available energy sources, such as geothermal, biomass, and renewable energy. The active participation of several nations in efforts to mitigate the effects of carbon emissions has slowly led to the development of trends in the market for alternative energy sources.

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Pressing Demand for Profitable and Cheaper Alternatives to Traditional Energy Sources to Fuel Market Growth

Traditional, non-renewable energy sources can be replaced by more affordable ones like hydro, wind, and solar. The cost differential between renewable and non-renewable energy continues to increase as technology progresses, making renewable energy an attractive investment option for businesses and individuals. In addition, renewable energy sources are environmentally friendly and sustainable, lowering carbon emissions and protecting natural resources, which further bolsters market growth.

Recent Trends

One trend that Extrapolate expects to witness in the renewable energy market is energy storage. Identifying an approach to storing extra energy while conditions are favorable for production is an important development in the renewable energy market. In an effort to address this issue, numerous businesses have entered the power grid energy storage market.

Some businesses have been concentrating on producing more robust, lower-priced batteries. This relates to other green energy applications, including electric vehicles, where battery capacity is crucial. This issue has received attention from prominent companies such as Tesla, Toshiba, General Electric, and NextEra Energy.

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Europe to Experience Significant Growth Due to High Capital Investments by Leading Companies

Europe is the second-largest market for global renewable energy and has witnessed significant growth in recent years, mainly propelled by technological advancements that have led to more efficient and innovative products. The region has experienced higher capital expenditures due to increased competitiveness spurred on by the decrease in the cost of energy-generating products, particularly in the European Union. Additionally, a trend towards environmentally friendly investments has sped up the expansion of renewable energy in the region.

The solar photovoltaic (PV) sector has experienced significant growth in the renewable energy market, with notable progress in projects in Germany, Poland, Spain, and France. The installed capacity of solar PV in the region has significantly increased due to the favorable policies and regulations that these nations have established to assist the deployment of solar power.

Key Points from TOC:

Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Renewable Energy Market
Chapter 5. Global Renewable Energy Market Overview, By Source, 2018 – 2032 (USD Million)
Chapter 6. Global Renewable Energy Market Overview, By Application, 2018 – 2032 (USD Million)
Chapter 7. Global Renewable Energy Market Overview, By Geography, 2018 – 2032 (USD Million)
Chapter 8. North America Renewable Energy Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 9. Europe Renewable Energy Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 10. Asia Pacific Renewable Energy Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 11. Middle East & Africa Renewable Energy Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 12. South America Renewable Energy Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 13. Competitive Landscape
Chapter 14. Key Vendor Analysis
Chapter 15. Sourcing Strategy and Downstream Buyers
Chapter 16. Marketing Strategy Analysis, Distributors/Traders
Chapter 17. Market Effect Factors Analysis
Chapter 18. Future Outlook of the Market

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Extrapolate is a Global Market Research, Advisory, and Consulting firm that works closely with Industry experts from various industries to bring the latest and most accurate research reports.

In an era of breakneck change and a low tolerance for missed or misread opportunities, businesses need astute guidance to shape markets – not merely respond to them. Extrapolate helps clients develop market perspectives that drive success.

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