What Has Been The Evolution of the Clean and Renewable Energy Market in Recent Years?
The clean and renewable energy market has seen considerable growth due to a variety of factors.
• The market size for clean and renewable energy has witnessed a remarkable expansion in the recent past. It is projected to surge from a substantial $343.15 billion in 2024 to an impressive $428.7 billion in 2025, showcasing a compound annual growth rate (CAGR) of 24.9%.
Factors contributing to this significant growth during the historic period include heightened awareness and apprehensions about the environment, enhanced energy security and sovereignty, competitive pricing, escalated policy backing and incentives, an upsurge in public and private investment, broadened access to energy and fairness, and a rise in corporate sustainability initiatives.
What Is the Forecasted Market Size and Growth Rate for The Clean and Renewable Energy Market Size In The Coming Years?
The clean and renewable energy market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for clean and renewable energy is anticipated to experience a substantial increase in the coming years, scaling up to $931.47 billion by 2029 with a compound annual growth rate (CAGR) of 21.4%.
This upswing during the predictive phase can be credited to factors such as heightened climate change mitigation targets, a rise in the electrification of transport, a shift towards energy transition in burgeoning markets, a focus on resilience and disaster readiness, adaptation of a circular economy and resource proficiency, as well as community and stakeholder participation. Expansions of decentralized production initiatives, advances in energy storage technologies, incorporation into Intelligent electrical networks, offshore wind and floating solar innovations, and the enlargement of microgrid deployments are among the notable trends forecasted within this period.
What Factors Are Driving Growth In The Clean and Renewable Energy Market?
The clean and renewable energy market is predicted to surge owing to increased investments in the energy industry. The term 'increased investments in the energy sector' signifies the earmarking of financial resources for activities tied to the manufacturing, distribution, and evolution of energy sources. These could incorporate investments in renewable energy sources like solar, wind, hydroelectric and geothermal power, as well as conventional energy sources such as oil, natural gas, and coal. Investments in clean and renewable energy are critical for climate change mitigation and creating a sustainable future by lessening reliance on fossil fuels and advocating for eco-friendly substitutes. For instance, per the International Energy Agency (IEA), a France-based intergovernmental body, the worldwide energy investment climbed to $1,740 billion in 2023 from $1,617 billion in 2022 as of May 2023. The total investment in energy in 2023 is projected to be around $2.8 trillion. Over $1.7 trillion is slated for clean energy programs, comprehensive of renewable power, nuclear, grids, storage, low-emission fuels, efficiency improvements, end-use renewables, and electrification. Hence, the rise in investments in the energy sector is fuelling the expansion of the clean and renewable energy market.
What Are The Main Segments Of The Global Clean and Renewable Energy Market?
The clean and renewable energy market covered in this report is segmented –
1) By Type: Hydroelectric Power, Wind Power, Bio Energy, Solar Energy, Geothermal Energy, Other Types
2) By Application: Power Generation, Heating And Cooling, Transportation, Rural Electrification, Desalination, Other Applications
3) By End-Use: Residential, Commercial , Industrial, Other End-Uses
Subsegments:
1) By Hydroelectric Power: Large-Scale Hydroelectric, Small-Scale Hydroelectric, Pumped Storage Hydroelectric
2) By Wind Power: Onshore Wind Power, Offshore Wind Power
3) By Bio Energy: Biomass Power, Biofuels, Biogas
4) By Solar Energy: Photovoltaic (PV) Solar Power, Concentrated Solar Power (CSP), Solar Thermal Energy
5) By Geothermal Energy: Geothermal Power Plants, Direct Use Applications, Geothermal Heat Pumps
6) By Other Types: Ocean Energy (Tidal And Wave Power), Hydrogen Energy, Hydrogen Fuel Cells
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How Are Emerging Trends Reshaping The Dynamics Of The Clean and Renewable Energy Market?
Leading corporations in the clean and renewable energy market are prioritizing the development of innovative solutions, including solar panels and combiner boxes, to enhance their competitive advantage. A solar panel is a gadget that transforms sunlight into electrical power using photo-voltaic cells, generally constructed from semiconductor materials. A combiner box is a protective case that simplifies and safeguards the electrical connections among several solar panels. For instance, in February 2023, Green World Renewable Energy LLC, a US-based renewable energy firm, unveiled a unique solar panel and combiner box. The novel system of the solar panel and combiner box is designed to deliver a reliable and efficient means of collecting solar energy, presenting a sustainable, cost-effective, and eco-friendly alternative to traditional energy sources. The combiner box is a crucial part of the system, regulating and maximizing the electricity produced by merging the output from multiple panels into a single flow.
Who Are the Key Players In The Clean and Renewable Energy Market?
Major companies operating in the clean and renewable energy market are:
• Électricité de France S.A.
• Panasonic Corporation
• Hanwha Group
• Sharp Corporation
• LONGi Green Energy Technology Co. Ltd.
• Xcel Energy Inc.
• Trina Solar Co. Ltd.
• JinkoSolar Holding Co. Ltd.
• Acciona S.A.
• Canadian Solar Inc.
• Kaneka Corporation
• Risen Energy Co. Ltd.
• National Grid Renewables
• First Solar Inc.
• Abengoa SE
• JA Solar Technology Co. Ltd.
• SolarWorld AG
• Tata Power Systems Limited
• Yingli Solar
• Hevel Group
• GreenBrilliance
• ReneSola Ltd.
• GAF Energy LLC
• SunEdison Inc.
• Indosolar Limited
• United Renewable Energy LLC
What Is The Most Dominant Region In The Clean and Renewable Energy Market?
Asia-Pacific was the largest region in the clean and renewable energy market in 2024. The regions covered in the clean and renewable energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
