Renewable Energy: Technologies and Global Markets

Renewable Energy: Technologies and Global Markets

  • May 2022 •
  • 429 pages •
  • Report ID: 3323197 •
  • Format: PDF
Report Scope:
This report covers the major sources of renewable energy as primary fuels: hydroelectric, wind, solar, geothermal, oceanic sources (wave, tidal and thermal), and bioenergy.This study is helpful for both renewable technology and material suppliers and power generation companies that produce power through renewable resources.

It will be beneficial for companies making decisions such as estimating the market demand for technologies and materials, making expansion and upgrade plans for existing facilities, deciding on investments in renewable energy sectors, etc.

This report deals intensively with power generation through renewable resources and therefore does not focus on other applications of renewable resources. However, it provides essential data on applications such as heating and lighting.

The scope of this report is intentionally broad.We cover the major sources of renewable energy as primary fuels—hydroelectric, wind, solar, geothermal, oceanic sources (wave, tidal and thermal), bioenergy, and focus on liquid biofuels for transportation.

There is no shortage in the marketplace of reports on each source. However, what the existing marketplace lacks and what this report intends to provide is a global perspective that places each source in a relevant context for decision-makers in both the public and private sectors.

In particular, this report includes -
- An overview of the global market for renewable energy and technologies.
- Analyses of global market trends, with data from 2019 to 2021 and projections through 2027.
- Coverage of the major renewable energy sources as primary fuels, including hydroelectric, wind, solar, geothermal, oceanic (wave, tidal and thermal) and bioenergy.
- Examination of the impact on the renewable energy market brought about by surging global demand for energy, the impact of climate change on alternative fuels, improvements in technology and the availability of new materials.
- Comprehensive profiles of major players in the various renewable energy fields and technology patents.

Report Includes:
- 150 data tables and 74 additional tables
- An up-to-date review and analysis of the global markets for renewable energy (or green energy) technologies
- Analyses of the global market trends, with data from 2021, estimates for 2022 and projections of compound annual growth rates (CAGRs) through 2027
- Evaluation and forecast the global renewable energy market size both in value and volumetric terms, and corresponding market share analysis by type of energy, technology, application and region
- Discussion of the major sources of renewable energy as primary fuels, including hydroelectric, wind, solar, liquid biofuels for transportation, geothermal and oceanic sources (wave, tidal and thermal)
- Highlights of market potential for renewable energy technologies, opportunities and gaps estimating current and future demand, and COVID-19 implications on the progress of this market
- Assessment of the impact on the renewable energy technologies market brought about by the surging global demand for energy, the impact of climate change on alternative fuels, improvements in technology and the availability of new materials
- Emphasis on the factors influencing the demand for renewable energy, economics and cost implications for solar PV installation, and government regulations for energy policy and taxation
- Review of the patents granted for innovations in renewable energy technology and assessment of new developments within the industry
- Insight into the competitive landscape for key market participants in the renewable energy industry
- Descriptive company profiles of the leading global players, including ABB Ltd., Fuji Electric Co. Ltd., Hitachi Ltd., Mitsubishi Heavy Industries Ltd. and Toshiba Corp.

Summary:
Renewable energy sources have had an intense decade of growth. In 2019, almost 11% of global primary energy came from renewable energy sources.However, the market environment for renewable energy is likely to be more challenging in the years ahead. As the prices for some renewable energy sources become more competitive, suppliers will be forced to compete as the price of natural gas declines, and they will be challenged, particularly in the wind power industry, to find ways to lower costs, even as future projects focus on more expensive offshore installations. With its much more extensive customer and manufacturing base, solar powerwill be able to respond more quickly. However, suppliers will find
declining prices and difficult margins, due to declining volume of wind power industry. The workhorse of renewable energy—hydropower—will continue to grow mainly due to contracts signed and financing secured before the recent covid pandemic situation.

Asia-Pacific has emerged as the leading regional market with the largest installed renewable energy capacity, with REDACTED of global installed renewable energy capacity in 2021. In addition to being the largest installed capacity market, the Asia-Pacific region is also expected to be the fastest-growing regional market for renewable energy, with an estimated compound annual growth rate (CAGR) of REDACTED from 2022 to 2027.

China is leading the renewable energy market in Asia-Pacific and is expected to remain a key driving factor for the Asia-Pacific market over the forecast period.Additionally, increasing governmental interventions to promote electricity generation using renewable resources in India will increase the Asia- Pacific market’s growth over the forecast period.

From 2013 to 2020, India invested around REDACTED in renewable energy, and it is expected to increase its installed capacity to REDACTED by 2022.

Regional demand for renewable electricity in Europe is expected to increase mainly due to government policies, particularly in Germany, France and the U.K., to increase the share of renewable energy to REDACTED by 2030 (which replaces the previous target of REDACTED). The cumulative installed capacity of all renewable energy resources in Europe is expected to reach REDACTED by 2027, growing at an estimated CAGR of REDACTED.

Efforts to reduce or minimize reliance on conventional energy resources such as oil, natural gas and coal due to growing environmental hazards caused during their use for power generation are expected to remain a key driving factor for the global market. In addition, governmental support in terms of tax benefits and financial incentives in nations such as the U.S., Germany, Iceland, France, the U.K., China and India are expected to drive renewable energy production. However, the high costs of renewable energy production are expected to hinder market growth over the forecast period.

Hydroelectric power has emerged as the leading renewable energy technology and accounted for REDACTED of cumulative installed capacity in 2021, followed by wind power, which accounted for REDACTED of total installed capacity.However, hydroelectric is one of the slowest-growing renewable resources.

The industry has shifted its focus toward developing other high-growth technologies such as solar, wind and ocean and accounted for around REDACTED of cumulative inst alled capacity in 2020.