Renewable Energy Market to Surpass USD 3637.99 Billion by 2031, Witnessing 16.80% CAGR Growth | SkyQuest Technology

Westford, July 01, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global renewable energy market will attain a value of USD 3637.99 billion by 2031, with a CAGR of 16.80% during the forecast period (2024-2031). The renewable energy market has been growing rapidly over the past few years, driven by various factors such as government support and incentives, technological advancements, and increasing environmental concerns. Governments on a global level are putting into practice policies and rewards encouraging the use of renewable sources and lowering the carbon footprint.

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Browse in-depth TOC on “Renewable Energy Market” 

  • Pages – 178
  • Tables – 65
  • Figures – 75

Renewable Energy Market Overview:

Report Coverage Details
Market Revenue in 2023 $ 1050.31 Billion
Estimated Value by 2031 $ 3637.99 Billion
Growth Rate Poised to grow at a CAGR of 16.80%
Forecast Period 2024–2031
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, and Application
Geographies Covered North America, Europe, Asia-Pacific, Middle East & Africa, Latin America
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunities Expansion of Solar Energy in Both Residential and Commercial Spaces 
Key Market Drivers Environmental Concerns and Climate Change Mitigation 

Consistent Energy Supply Offered by Hydropower Makes it the Dominating Segment

The hydropower segment had the largest share of the global renewable energy market. Hydropower provides several benefits to societies and is vital for managing climate change through storage, power and flexibility services. But the main factor driving its demand in this global market is the consistent and reliable energy supply offered by this segment. The growth of this segment is expected to remain stable between 2024 and 2031.

Solar Energy to be the Fastest Growing Segment Due to Growing Demand in Both Commercial and Residential Spaces

The solar power segment is expected to grow at the highest aggregated yearly growth rate during the forecast period owing to its low cost, ability to offer green label to homes and businesses, as well as low disruption in electricity supply. When compared with other renewable energy resources, solar systems have more effective transmissions, and this is also the reason to push up the demand.

Asia-Pacific Leads the Renewable Energy Market Due to Growing Investments in Solar Power Projects

Asia-Pacific region dominated the global renewable energy market due to the increasing number of solar power projects in the far eastern countries especially in China and India, which make the two countries among the biggest markets of solar panels globally. Other countries in this region such as Australia and Japan, also hold huge prospects because of their higher investment in solar power generation in the last few years.  

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Renewable Energy Market Insights:

Drivers

  • Environmental Concerns and Climate Change Mitigation 
  • Energy Security and Lower Dependency on Traditional Energy Resources
  • International Commitment to Climate Change

Restraints

  • High Initial Capital Costs 
  • Grid Infrastructure Limitations 
  • Lack of Expertise and Skilled Professionals

Prominent Players in Renewable Energy Market  

The following are the Top Renewable Energy Companies

  • Enel 
  • NextEra Energy 
  • Iberdrola 
  • EDP Renováveis 
  • China Three Gorges Corporation 
  • Orsted 
  • SSE 
  • Invenergy 
  • Brookfield Renewable Partners
  • Canadian Solar

View Report Summary and Table of Contents (TOC):
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Key Questions Answered in Renewable Energy Market Report

  • How big is the Renewable Energy Market?
  • What are the key market trends in the Renewable Energy Market?
  • Which region is the fastest growing in the Renewable Energy Market?

This report provides the following insights:

  • Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of renewable energy market.
  • Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
  • Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the renewable energy market. 
  • Market Development: Detailed analysis of potential regions where the market has potential to grow. 
  • Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets. 
  • Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.

Related Reports:

Solar Energy Market

Green Technology And Sustainability Market

Wind Energy Market

Distributed Energy Generation Market

Solar PV Module Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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Skyquest Technology

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