Renewable Energy Market

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%.