Market Research ReportDec 2, 2022

Renewable Energy Market

Renewable Energy Market Research Report: Size, Share, Trend Analysis Type (Hydropower, Wind Energy, Solar Energy, Bioenergy, Geothermal Energy, Ocean Energy), End-Use (Industrial, Residential, Commercial) and By Region (South America, North America, Europe, Asia Pacific, Middle East and Africa) - Growth Outlook & Industry Forecast To 2027

Vertical: EnPBase Year: 2018

Book Demo

Executive Summary

Renewable Energy Market — Snapshot

Market Size (2018)
—
Projected (2027)
—
CAGR (2017–2027)
N/A
Key Players
12+

The increasing demand for energy and the decrease of non-renewable energy sources are expected to drive the global renewable energy market during the forecast period. Renewable energy is generated from natural elements, such as sunlight, geothermal power, wind, and biomass as they are replenished, continuously.

The global renewable energy market is projected to grow at 8.53% CAGR during the forecast period, 2019–2027. In 2018, the global renewable energy market was led by Asia-Pacific with a 33.28% share, followed by North America and Europe with shares of 25.60% and 21.59%, respectively.

The global renewable energy market has been segmented based on type, end-use, and region. On the basis of type, the market has been segmented into, hydropower, wind energy, solar energy, bioenergy, geothermal energy, and ocean energy. The hydropower segment is expected to grow at the fastest rate during the forecast period, owing to the increasing hydropower generation in countries, such as China and India. In 2018, the hydropower segment held a 26.40% share of the global renewable energy market. On the basis of end-use, the global renewable energy market has been segmented into, industrial, residential, and commercial. The industrial segment held the largest market share of 44.32% in 2017, followed by the residential segment with a market share of 30.12%.

Key Insight

Renewable Energy Market is a key focus area for market intelligence and strategic research.

Market Performance Trend

Historical performance and future projections (2020–2030, USD Billion)

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Market Scope & Coverage

What this report covers

Geographic Coverage: This analysis covers 5 regions: South America, North America, Europe, Asia Pacific, Middle East and Africa.
Market Segmentation: The market is analyzed across key segments with forecasts from 2017 to 2027.
Competitive Landscape: 12 leading companies are profiled, covering market positioning, strategies, and recent developments.

Market Overview

Renewable Energy Market — Growth Trajectory

Renewable energy is generated from sources that do not have a finite end, such as solar, wind, and hydropower. These primary renewable energy resources are continuously replenished and never run out, unlike conventional energy sources, which are expensive and damaging to the environment. Solar energy is used for heating and lighting homes and commercial buildings. This form of renewable energy resource is also used for generating electricity, heating water, and several other industrial and commercial uses. On the other hand, wind power is also one of the prominent forms of renewable energy. Wind energy can be used to pump water or generate electricity. However, wind power generation requires extensive area coverage to produce a significant amount of energy. Hydroelectric energy sources use the gravitational potential of water bodies. Geothermal energy is a form of energy, which is trapped under the earth’s surface. It is used for various purposes, such as electric power production and heating and cooling buildings.

Market Share by Application

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Market Dimensions

How this market is segmented

Type is broken down into: Hydropower, Wind Energy, Solar Energy, Bioenergy, Geothermal Energy, Ocean Energy.
End-Use is broken down into: Industrial, Residential, Commercial.

Geographic Analysis

Regional market breakdown

South America is one of the key regions covered in this market analysis.
North America is one of the key regions covered in this market analysis.

Europe is one of the key regions covered in this market analysis.
Asia Pacific is one of the key regions covered in this market analysis.

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Research Methodology

Renewable Energy Market — How We Researched This Market

This report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.

Base Year
2018
Historical Period
2017 – 2017
Forecast Period
2019 – 2027
Primary Interviews
150+

Research Process

Historical data (2017–2018) and forecast period (2018–2027)

Problem Definition

Market scoping
Objective setting
Framework design

Secondary Research

Literature review
Data mining
Trend analysis

Primary Research

Expert interviews
Field visits
Surveys

Data Analysis

Quantitative modeling
Statistical testing
Validation

Insights & Reporting

Synthesis
Recommendations
Visualization

Research Depth

Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.

Competitive Landscape & Porter's Five Forces

Renewable Energy Market — Competitive Analysis

In competitive landscape, the report covers growth strategies adopted by the companies between 2016 and 2018. Companies adopted various strategies to achieve leading positions in the global renewable energy market. The key strategies followed by most companies within the global renewable energy market were contracts & agreements and partnerships & collaboration.

The key players of global renewable energy market are Ocean Power Technologies, Inc (US), Ørsted A/S (Denmark), General Electric (US), NextEra Energy, Inc (US), Enel Spa (Italy), On Power (Iceland), Yingli Solar (China), Tocardo BV (the Netherlands), SynTech Bioenergy LLC (US), Vestas Wind Systems A/S (Denmark), Siemens AG (Germany), and Canadian Solar Inc. (Canada).

Partnerships & Collaboration is the key strategies adopted by the companies, such as Vestas Wind Systems A/S and Canadian Solar Inc to enhance their position in the market. These two companies held a share of approximately 60%, each during the period 2016–2018. For instance, in December 2017, Vestas Wind Systems formed a strategic partnership with Northvolt AB, which is a battery technology company. This strategic move has helped the company bring innovative battery storage solutions to the renewable energy market.

Furthermore, in January 2019, Canadian Solar partnered with Signal Energy to provide Engineering, Procurement, and Constructions (EPC) services and supply solar modules for the 333 MWp/275 MWac Darlington Point solar farm in New South Wales, Australia.

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Analytics

Renewable Energy Market — Key Findings

Analytical insights on Renewable Energy Market covering market dynamics, competitive landscape, and strategic outlook.

Key Analytical Findings

Renewable Energy Market represents a significant market opportunity with multiple growth drivers across regions and segments.

Market Dynamics

The global renewable energy market is expected to witness growth during the forecast period, owing to the growing population and the need for clean energy. The global renewable energy market is driven by rising energy consumption levels. Efficient power supply and the need to curb carbon emission, has led to an increasing demand for renewable energy. However, the high cost associated with installing renewable energy devices and lower capacity of power generation than other energy sources hinder the growth of the renewable energy market.

Market Drivers

According to the New Energy Outlook 2018 by Bloomberg NEF, the global electricity demand would reach 38,700 terawatt-hours by 2050 as compared to 25,000 terawatt-hours in 2017, owing to the growing urbanization, increasing population, rise in infrastructure activities, and enhanced access to electricity. According to a UN report, the world population is projected to increase by 1 billion between 2016 and 2026 and reach 9.6 billion by 2050. Moreover, the advancements in technology across industrial, commercial, and residential sectors are further increasing the availability of products, which consume more energy. Growth in energy demand primarily comes from developing economies. These countries contribute to more than two-thirds of the increase in energy consumption.

Furthermore, the rising concern regarding the reduction of carbon emission drives the need for an increasing share of clean energy in the power generation mix. Renewable energy sources, such as wind, hydropower, solar, bioenergy, and others are experiencing growth in demand, since they help reduce carbon emissions. Renewable energy sources, such as wind and hydroelectricity, are less prone to large-scale failure as the installation of these power plants is spread out over a large area, avoiding power cut in the entire area, in the event of a severe weather event occurs in any location. Wind, solar, and hydroelectric energy systems generate electricity without any air pollution emissions, which the non-renewable energy sources, such as coal and natural gas, emit. All these factors coupled with an increase in awareness about environmental safety and security have fuelled the market growth for renewable energy, globally.

Market Opportunities

With the increase in research and development activities related to renewable energy, renewable energy sources, such as solar power plants, can provide sufficient energy to power buildings, especially in the remote locations of underdeveloped areas. Globally, billions of people stay in secluded areas without access to power supply. It is difficult to establish new utility lines in these isolated areas, as they can be extremely challenging and expensive. Due to the advancements in solar panel technology, it is advantageous to have solar panel systems in remote areas, as they provide a very reliable and cost-effective source of power.

Additionally, the grid-stabilizing system, including control systems, batteries, inverters, and virtual generator control software, enable the use of renewable generation in remote areas. It provides electrical power support to isolated communities and industrial zones, such as mines and construction sites, where the fuel cost plays a significant role. This makes the global renewable energy market flexible, cost-effective, and interconnected. It could also help balance the growing need for power and the associated environmental concerns. This is because renewable energy does not have any adverse effect on the ecology. Thus, with government support and continuous investment in renewable energy can pave the way for economic development in remote areas. Therefore, the scope for renewable energy use in remote areas is an opportunity in the market.

Market Restraints

Setting up a renewable energy plant includes high capital costs for solar panels, batteries, installation costs, and wind turbine components, such as rotors, blades, nacelles, towers, and transformers. Although, countries around the world are introducing schemes, such as FIT, renewable portfolio standard (RPS), tax credits, pricing laws, production incentives, quota requirements, and trading systems, for encouraging the adoption of renewable energy sources. Additionally, the lack of customer information regarding subsidies and technologies hampers the growth of the global renewable energy market. However, the initial costs associated with setting up renewable energy plants have decreased considerably in the last ten years due to a decline in the prices of renewable energy equipment. Thus, the high capital investments for sound renewable energy infrastructure is a restraint in the market.

Strategic Outlook and Future Directions

Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.

Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.

Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.

Companies

Key companies profiled in Renewable Energy Market

Profiles of 109 companies operating in the Renewable Energy Market market, including revenue, employee count, and market positioning where available.

Region

Industry

Founded Year

Showing 109 of 109 companies

Canadian S

Canadian Solar Inc.

Energy & Power

Canadian Solar Inc. (Canadian Solar) operates in 20 countries, worldwide. The company’s major operations are in India, with over 1 GW of premium and high-efficiency solar modules spread across the country. Some of its subsidiaries include Canadian Solar South Africa Pty. Ltd., Recurrent Energy, LLC, and SpectraWatt Inc. The company has manufacturing facilities in Canada, Brazil, China, and South East Asian Countries. The company has its expert team which is specialized in system design, project debelopment, engineering and financing of the project. Additionally, the company handles deployment pf photovoltaic project system from commercial system to few hundred kilowatts to utility scale solar projects across the world in faster and efficient manner. The company’s solar modules work efficiently in both, hot and humid desert regions and coastal regions. Canadian Solar has more than 26 GW cumulative shipments of solar panels and filed more than 1,000 patents. The company offers products, such as solar panels, energy solutions, off-grid applications, and PV energy storage.

Yingli Solar

Headquarters: Baoding, China Founded: 1998 Workforce: Approximately 9,217 Company Working: Yingli Solar manufacturers silicon solar cells and photovoltaic products, fans, thermal power generation products, controllers, and inverters. It has exported more than 65 million solar panels to countries including Germany, Spain, Italy, Greece, France and United States. The company has operations in countries such as Germany, Spain, France, Italy, Netherlands and the U.K. Yingli offers solar power solutions for residential, commercial business, power plant and off-grid applications. In China, the company has more than 30 regional subsidiaries and branch offices and has distributed more than 15 GW of solar panels to customers, worldwide. Some of the subsidiaries of the company are Yingli China, Hainan Yingli, Yingli Tianjin, Yingli Lixian, and Yingli Hengshui’s HNTE. The company is one of the members of the Global Silicon Module Super League that supplies modern solar PV’s worldwide. Yingli Solar is a part of WWF Climate Savers Initiative that spearheads the global shift towards low carbon economy and is committed to reducing its operational carbon footprint.

United States, North America

Ørsted A/S

Energy & Power

Ørsted A/S is one of major providers of renewable wave-energy technology that develop, construct, and operate offshore wind farms, waste to energy solutions, and bioenergy plants. In 2017, its name changed from DONG Energy to Ørsted A/S as it divested from its oil & gas business and became a fully green energy company. The company operates in three business segments, namely, wind power, bioenergy & thermal power, and distribution & customer solutions. The company offers it renewable energy products in two segments namely, wind power and bioenergy & thermal power. It procured residues such as straw, wood pellets and wood chips from agricultural farms and forestry in their bioenergy plants, which help reduce carbon emissions, per year. Its subsidiaries are Gunfleet Sands Holding Ltd and Walney (UK) Offshore Windfarms Ltd.

United States, North America

NextEra En

NextEra Energy Inc

Energy & Power

NextEra Energy Inc is engaged in the business of offering equipment and solutions for power & energy and renewable energy sector. NEE operates through two subsidiaries, namely, Florida Power & Light Company (FPL) and NextEra Energy Resources, LLC (NEER). FPL offers electrical utility services in the US, and NEER is among one of the largest operators of wind and energy projects. NEER operates and maintains long term renewable energy assets spread across Canada, Spain, and the US. As of December 2017, NEER had a net generating capacity of 19,060 MW, which is distributed among the three countries where the US accounts for about 80% of the company’s power generating capacity. NEER produces about 94% of its total electricity from renewable energy sources, including wind and solar energy. The company has wind facilities in 21 US states and 4 provinces in Canada, generating about 14,255 MW of electricity as of December 2017. Additionally, the company generated about 355 MW of new wind energy capacity in 2017 and about 1,500 MW of wind repower generating capacity. The company has a net generation capacity of 2,024 MW through solar facilities spread across 16 US states, Canada, and Spain.

United States, North America

Ocean Powe

Ocean Power Technologies Inc.

Energy & Power

Ocean Power Technologies Inc. provides renewable wave-energy technology that converts ocean wave energy into electricity. It offers two products in renewable energy, namely, Powerbouy Technology and PB3. The PB3 powerbouy is a fully commercialized product that generates energy by harnessing renewable energy from ocean waves. The company offers its powerbouy technology to serve the offshore power requirement in defense, oil & gas, ocean observing & monitoring, and communication to support maritime activities. A few of the major subsidiaries of Ocean Power Technologies Inc. are Reedsport OPT Wave Park LLC, and Ocean Power Technologies (Australasia) Pty Ltd. The company has offices located across North America, Europe, Asia, and Australia. As of December 2017, Ocean Power Technologies had presence in Monroe Township, and New Jersey.

United States, North America

General El

General Electric Company

Equipment & Machinery

United States, North America

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About the Author

Energy & Power Equipment Research Team

Energy & Power · Energy & Power Equipment

This report comes from Wantstats' energy team — analysts who spend their days tracking utility filings, generation capacity, and grid investment plans across markets most research glosses over. Every number here has been checked against our own databases and validated through conversations with people actually running these projects. This report specifically covers the Energy & Power Equipment space within that portfolio.

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This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.

Michael Robert

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Thanks, I am so happy that we worked together. Maybe we still can work together in the future.

Joseph Aguayo

Sales Operations & Pricing Manager, Intel

Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.

Bong Lau

Sales Leader, Bamberg

We bought your "2025 report" in 2020. Everything is fine and very good.

Peter Groot Koerkamp

Account and Business Manager, EFS-Holland BV

Thanks for sending the report it gives us a good global view of the Betaïne market.

Younghwan Choi

Senior Retail Manager, LG Chem

We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.

Mark Irwin

Management Consultant, Level 21

I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.

Rob Kooiker

Group Product Manager HVAC & Fire Protection GMA, Rockwool

I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!

Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.

Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Renewable Energy Market

Renewable Energy Market Research Report: Size, Share, Trend Analysis Type (Hydropower, Wind Energy, Solar Energy, Bioenergy, Geothermal Energy, Ocean Energy), End-Use (Industrial, Residential, Commercial) and By Region (South America, North America, Europe, Asia Pacific, Middle East and Africa) - Growth Outlook & Industry Forecast To 2027

Starting from

$4,950

Renewable Energy Market

Key Insight

Market Performance Trend

Market Scope & Coverage

What this report covers

Market Share by Application

Market Dimensions

How this market is segmented

Geographic Analysis

Regional market breakdown

Problem Definition

Secondary Research

Primary Research

Data Analysis

Insights & Reporting

Research Depth

Competitive Landscape & Porter's Five Forces

Renewable Energy Market — Competitive Analysis

Save over 20% onAnnual Subscription

Key Analytical Findings

Market Dynamics

Market Drivers

Market Opportunities

Market Restraints

Strategic Outlook and Future Directions

About the Author

Energy & Power Equipment Research Team

Market Performance Trend

Market Share by Application

Market Dimensions

How this market is segmented

Geographic Analysis

Regional market breakdown

Problem Definition

Secondary Research

Primary Research

Data Analysis

Insights & Reporting

Research Depth

Competitive Landscape & Porter's Five Forces

Renewable Energy Market — Competitive Analysis

Save over 20% onAnnual Subscription

Key Analytical Findings

Market Dynamics

Market Drivers

Market Opportunities

Market Restraints

Strategic Outlook and Future Directions

About the Author

Energy & Power Equipment Research Team

Save over 20% on
Annual Subscription

Save over 20% on
Annual Subscription