Renewable Energy Market to Garner 2,152.9 Billion by 2025 at 4.9% CAGR, Says Allied Market Research
PORTLAND, Oregon, September 5, 2018 /PRNewswire/ --
Surge in demand for renewable energy sources such as wind and solar energy coupled with steady decline in costs of these resources would boost the growth of the global market.
A new report published by Allied Market Research, titled, Renewable Energy Market by Type (Hydro & Ocean Power {Wave Energy, Tidal Energy, and Other}, Wind Energy {Offshore, and Onshore}, Solar Energy {Solar PV, CSP}, Bioenergy {Bio-alcohol, Biomass, Bio-diesel, and Others}, and Geothermal Energy) and End User (Residential, Commercial, and Industrial & Others): Global Opportunity Analysis and Industry Forecast, 2017-2025 presents insights on the competitive landscape, impact analysis, Porter's five forces analysis, key segments, country-wise analysis, and recent developments of key manufacturers. The report projects that the global renewable energy market would reach $2,152.9 billion by 2025 from $1,469.0 billion in 2017, registering a CAGR of 4.9% from 2017 to 2025.
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Continuous depletion of non-renewable energy sources such as coal and petroleum, increase in demand for renewable energy, and long-term cost-effectiveness associated with use of renewable energy resources have propelled the growth of the industry. In addition, increase in awareness about environmental safety & sustainability and proactive government initiatives to promote adoption of renewable energy have augmented the growth of the market. On the other hand, high costs associated with initial infrastructural setup would impede the market growth. However, increase in government funding and measures to promote technological developments in this sector is expected to provide lucrative opportunities for the market in the future.
Hydro & ocean power to dominate, solar energy to grow rapidly
The hydro & ocean power segment contributed nearly 63% of the total market share in 2017 and is expected to maintain its dominance by the end of 2025. However, the solar energy segment would register the fastest CAGR of 13.4% from 2017 to 2025.
Industries & others segment accounted 44% of share in 2017
The industries & others segment accounted for nearly 44% of the total market share in 2017 and would remain dominant through 2025. In terms of growth rate, the commercial end user segment is projected to register the highest CAGR of 5.7% during the forecast period.
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Europe to spearhead the global market by 2025
Geographically, the report divides the global renewable energy market into North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). The Asia-Pacific region contributed nearly two-fifths share of the total market in 2017. However, Europe is expected to grow at the fastest CAGR of 6.2% from 2017 to 2025, owing to supportive government initiatives to promote the use of renewable energy resources.
Key leaders of the industry
The key players active in the global renewable energy market are General Electric (GE Power), CPFL Energia S.A., Terra-Gen, LLC, Tata Power Company Limited, IHI Corporation, Alstom SA, Shenzhen Energy Group Co., Ltd., ABB Ltd., Mitsubishi Heavy Industry, and Enel Green Power S.P.A. The report contains a comprehensive analysis of strategies including partnerships, new product launches, agreements, and expansions, which have been implemented by these players to sustain their position in the industry.
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