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Renewable Energy Market Size, Share, Competitive Landscape and Trend Analysis Report by Type and End Use : Global Opportunity Analysis and Industry Forecast, 2021-2030

EP : Green/Alternative/ Renewable Energy

Report Code: A00060

Tables: 184

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Renewable Energy Market Outlook - 2030

The global renewable energy market was valued at $881.7billion in 2020, and is projected to reach $1,977.6 billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030. Renewable energy, even referred as clean energy, is usually derived from natural sources that are constantly replenished. Wind energy, a type of renewable energy, is used to generate electric energy from kinetic energy source. Wind turbine converts the wind energy into mechanical energy, which is further converted into electrical energy through generator. Wind energy can be generated offshore and onshore. Onshore wind energy is associated with onshore turbines that are located on land, whereas offshore wind turbines are found in ocean or sea. 

Renewable energy is derived from natural sources such as wind and sunlight. Solar, geothermal, wind, bioenergy, hydropower, and ocean power are some of the major sources of renewable energy. Currently, renewable energy is utilized in heating, electricity, cooling, and transport sectors. Renewable energy collectively provides around 7% of the world’s energy demand. Renewable energy is relatively more expensive than fossil fuel. Several factors are responsible to drive the usage of renewable energies, the most crucial being the attribution of global warming due to carbon dioxide (CO2) emission from the combustion of fossil fuels. The concern about the reduction of greenhouse gas emissions, increase in search for energy security along with the aversion to traditional nuclear power, and lack of progression in the application of the nuclear power are expected to drive the demand for geothermal power market during the forecast period. Governments of various developing and developed countries have focused on promoting renewable energy sources due to increase in output efficiency, less pollution, and low maintenance costs. All these factors collectively surge the demand for renewable energy, thereby augmenting the global renewable energy market growth.

However, developing new resources requires large initial investments to build infrastructure. These investments increase the cost of providing electricity, especially during early years. Initially, the developers need to find publicly acceptable sites with good resources and with access to transmission lines. Finding a potential solar site requires several years of monitoring to determine whether they are suitable or not. In addition, the workers need to be trained to install, operate, and maintain the new technologies. Some require operating experiences in certain climatic conditions, before the performance can be optimized. This factor is likely to restrain the growth of the renewable energy market during the forecast period. 

On the contrary, economies such as China and India are expected to drive the demand for geothermal power sector. A significant increase in energy demand owing to surge in investment in renewable energy projects has been witnessed in countries such as China and India. The residential and industrial sectors are expected to consume more energy during the forecast period in Asia-Pacific. Furthermore, India has significant growth potential; however, due to its inconsistent policy and business environment in past, the renewable energy share in total energy production was less. There has been an increase in investments in renewable energy projects in India, owing to which it is one of the countries experiencing rapid growth in the Asia-Pacific market. 

For instance, a shift in trend toward use of localized energy procurement can be seen in the recent years. Various government bodies in countries such as India have taken the advantage of community choice aggregation (CCA) policies, which permits government to procure renewable energy resources on behalf of their constituents while retaining their existing electricity provider for transmission and distribution services. All these factors are expected to offer future growth opportunities to the global renewable energy market. 

The renewable energy market analysis is done on the basis of type, end-use, and region. On the basis of type, the market is categorized into hydroelectric power, wind power, bioenergy, solar energy, and geothermal energy. The end-user covered in the study includes residential, commercial, industrial, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.  The major companies profiled in this report include ABB, Acciona, EDF, Enel Spa, General Electric, Innergex, Invenergy, National Grid Renewables, The Tata Power Company Limited (Tata Power), and Xcel Energy Inc.

The global market analysis covers in-depth information of the major renewable energy industry participants.

Renewable Energy Market, by Region

Asia-Pacific renewable energy market size is projected to grow at a CAGR of 9.6% during the forecast period and accounted for 35.2% of renewable energy market share in 2020. The region accounts for more than half of the global energy consumption, owing to rise in industrialization as well increase in population. The renewable energy market has grown considerably in countries such as China and India. China became the world’s largest producer of bioelectricity in 2017 and now it is one the key players in hydropower, onshore, wind power and solar photovoltaic, and.

Asia-Pacific would exhibit highest CAGR of 9.6% during 2021-2030.

Renewable Energy Market, by Type

In 2020, the hydroelectric power segment was the largest revenue generator, and it is anticipated to grow at a CAGR of 6.5% during the forecast period. A significant amount of hydropower development took place in Brazil. An increase in activity has been witnessed across the continent, with notable projects in Colombia and Peru. Surge in investments for off-grid energy generation and rural electrification across developing countries, such as India, China, Brazil, and Vietnam, has increased the demand for small hydropower plants. In addition, initiatives such as the Small Hydropower Programme by the Ministry of New and Renewable Energy and Rajiv Gandhi Grameen Vidyutikaran Yojana taken by the Government of India to electrify rural areas and promote the utilization of small hydropower energy for off-grid and mini-grid is expected to drive the growth of the market.

Solar energy type is the most lucrative segment

Renewable Energ Market, by End Use

By end use, the ryesidential segment acquired the top position of the global market in 2020, and it is anticipated to grow at a CAGR of 8.4% during the forecast period. Increase in use of geothermal heat pump in residential heating application is expected to drive the growth of the market. The requirement of geothermal power is expected to increase significantly with rise in demand for electricity. This factor is expected to drive the growth of the market. Several companies in the market offer geothermal power to the residential sectors. Enel Green Power is one such company that owns the power plants at a complex and serves approximately two million families, 8,700 residential & business customers, and 25ha of greenhouses. Implementation of government initiatives in developed as well as developing economies to curb carbon emission and to reduce the usage of conventional fuels to generate energy has increased the usage of rooftop solar energy systems to generate electricity for household purposes. 

Industrial end use is projected as the fastest growing segment

Key Benefits for Stakeholders

• Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• It outlines the current renewable energy market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
• The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
• The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
• The profiles of key players and their key strategic developments are enlisted in the report.

Impact Of Covid-19 On The Global Renewable Energy Market

• The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and economy around the globe. 
• The renewable energy market has been negatively impacted due to the wake of COVID-19 pandemic. The pandemic severely impacted the wind turbine manufacturing in countries such as China and Germany. 
• For instance, in 2020, Germany's Nordex SE reported negative EBITDA of $86.5 million down from positive EBITDA of $21 million in previous financial year (2019). The limited availability of spares and manpower for maintenance due to the pandemic is a major problem that affects the market growth. 
• During high wind season, planned maintenance has become a major issue for industry players, owing to reduced labor force and social distancing norms. Furthermore, project delays and cancellation of orders has affected the key markets for both blade production and wind turbine installations. 
• For instance, Siemens Gamesa Renewable Energy SA accounted for a net loss of $577 million during its fiscal third quarter in 2020. However, a shift in trend toward domestic supply chain may reduce the reliance on foreign imports and encourage domestic production of wind turbines. In addition, implementation of digitization is expected to aid in remote monitoring of project execution; thus, limiting the labor force as much as possible. 

  Renewable Energy Market Report Highlights

Analyst Review

The global renewable energy market is expected to exhibit high growth potential owing to its use in residential, commercial, industrial, and others. There is a significant increase in energy demand in the residential sector owing to rise in population in Asia-Pacific. Renewable energy technologies that can be installed in building energy systems comprise: solar electric, or photovoltaic systems, solar thermal, including solar hot water and solar ventilation air preheating, geothermal heat pump, wind turbines, and biomass systems. Geothermal power is used in residential for heating and cooling, and electricity generation. In residential sector, geothermal energy is a good alternative of fossil fossils and can be used to produce electricity. Increasing use of geothermal heat pump in a residential heating application is expected to drive the growth of the market. As demand for electricity increases, it is expected that the requirement of geothermal power will increase significantly. This factor is expected to drive the growth of the market. Several companies in the market are offering geothermal power to the residential sectors. Enel Green Power is one such company that owns the power plants at the complex serving approximately two million families, 8,700 residential and business customers, and 25ha of greenhouses, which is predicted to offer lucrative growth opportunities in the future.

There has been a significant amount of hydropower development in Brazil. There is increase in activity across the continent, with notable projects in Colombia and Peru is the key market trend. Surge in investments in off-grid energy generation and rural electrification across the developing countries such as India, China, Brazil, and Vietnam have surged the demand for small hydropower plants. 

In addition, initiatives such as the Small Hydropower Programme by the Ministry of New and Renewable Energy and Rajiv Gandhi Grameen Vidyutikaran Yojana taken by the Government of India to electrify rural areas and promote the utilization of small hydropower energy for off-grid and mini-grid is expected to drive the growth of the market. Significant surge in demand for renewable power sources is expected to drive the floating wind turbine market growth which further propels the growth of the renewable energy market. In addition, such turbines reduce carbon emission, unlike conventional power sources. Furthermore, the floating wind turbine technology, a type of offshore turbine, removes the constraint of water depth which aids in selecting the best site possible for power generation.

• Hydro Power
• Wind Energy
• Solar Power
• Clean Energy
• Green Energy
• Waste To Energy
• Biomass Energy
• Geothermal Energy

Hydroelectric power segment holds the maximum share of the Renewable Energy Market.

Residential are the potential customers of Renewable Energy industry.

To get latest version of Renewable Energy market report can be obtained on demand from the website.

Acquisition, Partnership, Agreement, and Business Expansion are the key growth strategies of Renewable Energy Market players.

Europe region will provide more business opportunities for Renewable Energy in future.

The top ten market players are selected based on two key attributes - competitive strength and market positioning

Rise in demand for renewable energy, surge in electricity consumption, and increase in legislative & financial initiatives are the driving factors in the renewable energy market. Emerging economies such as India and China are driving the demand of renewable energy is the opportunity in the global market.

ABB, Acciona, EDF, Enel Spa, General Electric, Innergex, Invenergy, National Grid Renewables, The Tata Power Company Limited (Tata Power), and Xcel Energy Inc. are the leading global players in the Renewable Energy Market

It outlines the current trends and future estimations of the market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets are the key benefits of the Renewable Energy Market report.

The development of photovoltaic (PV) storage systems is essential to increase the ability of PV systems to replace the existing conventional sources. The demand for storage grids is expected to augment in the coming years with increase in demand for PV installations. Rise in need for grid systems for residential application further propels the demand for lithium ion-powered batteries for solar energy storage. In addition, market assisting programs and schemes are expected to play a significant role in boosting the demand for solar storage technologies. This current trends will influence the Renewable Energy Market in the next few years.

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Renewable Energy Market

Global Opportunity Analysis and Industry Forecast, 2021-2030

• Energy & Power
• Renewable Energy Market

"Actionable Insights to Fuel Your Growth"

Renewable Energy Market Size, Share & Industry Analysis, By Type (Solar Energy, Wind Energy, Bioenergy, Hydro Energy, Geothermal Energy), By End-User (Residential, Commercial, Industrial, Utility) And Regional Forecast, 2024-2032

Region :Global | Report ID: FBI105511 | Status : Ongoing

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KEY MARKET INSIGHTS

Key Market Driver -

Growing concern of rising carbon emissions and depletion of renewable resources

Key Market Restraint -

High Initial Cost

Key Players Covered:

Regional analysis:.

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Segmentation

Key industry developments.

• On Mar 10, 2021, Orange signed a corporate power purchase agreement (CPPA) with Total Quadran, which will supply Orange with 100 GWh/y of solar-generated electricity over 20 years and will enable the development of 12 new solar power plants in France, with a total capacity of 80 MW.
• On Mar 10, 2021, The Inter-American Development Bank (IDB) Energy Hub and the International Renewable Energy Agency (IRENA) Climate Investment Platform signed a partnership to drive the energy transition from petroleum to renewable in Latin America and the Caribbean under the 2030 Agenda for Sustainable Development and the Paris Agreement.
• PUBLISHING STATUS: Ongoing
• BASE YEAR: 2023
• HISTORICAL DATA: 2019-2022

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Renewable Energy Market Report Summaries Detailed Information By Top Key players include Ocean Power Technologies, Inc., Ørsted, GE, NextEra Energy, Inc., Enel Group, On Power, among others

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Renewable Energy Market Research Report Information By Type (Hydropower, Wind Energy, Solar Energy, Bioenergy, Geothermal Energy and Ocean Energy), By End-Use (Industrial, Residential and Commercial), and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) - Industry Size, Share, Trends & Forecast to 2030

• Segmentation
• Table of Content
• Methodology
• Infographic
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Renewable Energy Market Overview:

Renewable Energy Market Size was valued at USD 1.1 trillion in 2021. The renewable energy market industry is projected to grow from USD 1.2 trillion in 2022 to USD 2.4 Trillion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.10% during the forecast period (2024 - 2030). It is anticipated that main market drivers for market expansion over the projection period would include worries about decreasing greenhouse gas emissions, a rise in the hunt for power security, opposition to conventional nuclear energy, and a lack of advancement in nuclear power application.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

• Renewable Energy Market Trends

Rising investments by government of various countries to propel the renewable energy growth

Over the course of the forecast period, expanding investments in renewable energy sources and advantageous government policies are anticipated to propel market expansion. The first offshore wind farm in the United States was built by the National Ocean Industries Association in 2017. With 9,000 MW of additional capacity added in 2019, the United States' wind power additions are expanding rapidly. This increased the U.S.'s overall capacity to 105.6 GW. 2019 saw the installation of 2,166 units, or 18 M.W., of highly scalable wind capacity throughout 17 states, for a total cost of $67 million. From Pennsylvania to California, distributed wind systems have been developed to serve consumers in the agricultural, commercial, governmental, industrial, institutional, residential, and municipal sectors. The U.K. government also established a $1.2 billion package in September 2021 for public and private investment in India's green programmes and renewable energy. In order to raise private funding for environmentally friendly infrastructure in India, they have launched a Climate Finance Leadership Initiative (CFLI) India collaboration. These investments would aid India in achieving its 2030 goal of 450 Gw of renewable energy. Therefore, during the anticipated term, the government's investment in renewable energy sources will help the industry flourish. Thus, this factor is driving the market CAGR.

Furthermore, numerous governments have enacted laws to encourage the development and use of renewable energy sources. Policies that fit under this category include mandates, tax breaks, and subsidies. Solar photovoltaic installations will reach 143 GW by 2020, accounting for 43% of all renewable energy capacity worldwide. By the time it reaches 175 GW in 2023, this percentage is predicted to increase to 49%. The installed capacity of wind power will reach 103 GW in 2020 and 126 GW by 2023. The latter figure increased from the prior one by 24%.

However, the market for renewable energy is expanding in part as a result of decreasing costs. Direct writing or lithography can be used to produce 14-nm wafers instead of the older and more laborious 29-nm process lines. As a result of these advancements, processing times are being slashed and yield rates are rising, lowering the price of creating a PV module. These price reductions have made renewable energy more competitive with traditional fossil fuels. The steadily falling cost of renewable technology is another aspect that makes it more affordable for businesses and people. The Renewable Energy Market is projected to grow as a result of these trends, which are expected to last for the foreseeable future.

Furthermore, the cost of renewable energy is decreasing as a result of technological breakthroughs, and the competitiveness of battery storage systems is increasing, which is good for the growth of the renewable energy market. Additionally, due to mounting concerns about environmental, social, and governance (ESG) issues and global climate change, financing for renewable energy sources is surging. Governments in both developed and developing nations are giving subsidies to the corporate sector to encourage a shift toward clean and green energy in an effort to promote sustainability and protect the environment. The market for renewable energy is primarily driven by these factors. Thus, it is anticipated that this aspect will accelerate renewable energy market revenue globally.

Renewable Energy Market Segment Insights:

Renewable energy type insights.

The Renewable Energy Market segmentation has been segmented by type into Hydropower, Wind Energy, Solar Energy, Bioenergy, Geothermal Energy and Ocean Energy. The solar energy renewable segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Due to their ability to turn sunlight directly into power, solar panels are a fantastic solution for residences and businesses in sunny regions. Solar panels require a big amount of space to perform effectively, and the original cost and continuous maintenance of solar panels can be significant.

Renewable Energy Trends - End-Use Insights

The Renewable Energy Market segmentation, based on end-use is divided into Industrial, Residential and Commercial. The residential segment dominated the renewable energy market data in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The market is anticipated to expand due to the rising popularity of geothermal heat pumps for home heating applications. Along with the rise in electricity demand, there will likely be a major increase in the need for geothermal energy. This element will likely fuel the market's expansion.

Figure 2: Renewable Energy Market by End-Use, 2024 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Renewable Energy Forecast - Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific renewable energy market accounted for USD 0.5 billion in 2021 and is expected to exhibit a 43.60% CAGR during the study period. The region's increasing industrialization and urbanization were to blame for the sharp rise in pollution levels. The need for electricity is also being fueled by the region's rapidly growing population and residential development.

Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Renewable Energy Market Share By Region 2021 (%)

North America renewable energy market accounts for the fastest growing market share. The cooperation of the nations in the development of new power sources is accelerating regional growth. For instance, the United States and India resolved to structure their strategic power relationship in March 2021 to cooperate in cleaner power fields such as hydrogen generation and biofuels. The two nations would intensify their efforts to take advantage of cutting-edge American technologies and India's quickly growing electricity industry. Moreover, US renewable energy market held the largest market share, and the Canada renewable energy market was the fastest-growing market in this region.

Europe renewable energy market is expected to grow at a substantial CAGR from 2022 to 2030. Due to the market's availability of increasingly effective solar cells, power output from industrial sector solar cells has improved over time. Additionally, the industry's escalating competitiveness has aided in expanding solar panel options and lowering the cost of electricity production. Over the course of the projection period, these variables are anticipated to increase demand for renewable energy in the area. Further, the UK renewable energy market held the largest market share, and the Germany renewable energy market was the fastest-growing market in the region.

Renewable Energy Business Key Market Players & Competitive Insights

Major market players are spending a lot on R&D to increase their product lines, which will help the renewable energy industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.

One of the primary business strategies manufacturers adopt in the global renewable energy industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, renewable energy industry has provided medicine with some of the most significant benefits. The renewable energy market major player such as ABB Ltd., General Electric (GE), The Tata Power Company Limited (Tata Power), Innergex, Enel Spa (Enel), Xcel Energy Inc. (Xcel Energy), EDF, Geronimo Energy and Invenergy.

With its headquarters in Boulogne-Billancourt, Greater Paris, France, General Electric's American wind turbine manufacturing company, GE Renewable Electricity, focuses on the generation of energy from renewable sources. Its product line comprises power generating solutions for wind, hydropower, and solar energy. In June 2021, a contract for the procurement and installation of wind turbines for the 148.5 megawatts (MW) Bhuj wind park in Gujarat was given to GE Renewable Energy.

Also, an international power generation development and operations corporation with an American base is called Invenergy. In the Americas, Europe, and Asia, the firm develops, constructs, owns, and runs power production and energy storage projects, including wind, solar, and natural gas power generation and energy storage facilities.

List of the Key companies in the renewable energy sector includes

• General Electric (GE)
• The Tata Power Company Limited (Tata Power)
• Enel Spa (Enel)
• Xcel Energy Inc. (Xcel Energy)
• Geronimo Energy

Renewable Energy Analytics - Industry Developments

• August 2023-  Adani Energy Solutions, on 7th August, declared the successful financial closure for its USD1 billion Green HVDC link project, which will allow the supply of more renewable power to the city and support it's ascending electricity demand. The credit facility is part of the USD 700 million revolving project finance initiative tied up in October 2021 for AESL's continuing transmission assets portfolio. This unique platform infrastructure financing framework guarantees consistent access to capital for future projects in AESL's transmission portfolio by utilizing funds paid back by other projects.
• April 2021:  Walmart said that it had installed 6.5 MW of solar power systems, created by Sol Customer Solutions, at seven of its stores in California. Additionally, Bank of America (BOA) was the tax-equity partner, and the portfolio included a combination of solar power systems installed on parking lot rooftops and carports that cost around US$10 million.
• April 2020:  Engie and Eocycle-XANT formed a collaboration so that Engie could offer wind turbines in Belgium. Engie is tasked for gathering customer demands and requirements and transmitting them to Eocycle-XANT, who will handle the installation and upkeep of the wind turbines the customer is provided.

Global Renewable Power Industry Scenario

The International Renewable Energy Agency (IRENA) estimates that 90 percent of the world’s electricity can and should come from renewable energy by 2050. Renewables offer a way out of import dependency, allowing countries to diversify their economies and protect them from the unpredictable price swings of fossil fuels, while driving inclusive economic growth, new jobs, and poverty alleviation. About 80% of the global population lives in countries that are net-importers of fossil fuels -- that’s about 6 billion people who are dependent on fossil fuels from other countries, which makes them vulnerable to geopolitical shocks and crises.

Renewable Energy World Sources –

A large chunk of the greenhouse gases that blanket the Earth and trap the sun’s heat are generated through energy production, by burning fossil fuels to generate electricity and heat. Fossil fuels, such as coal, oil and gas, are by far the largest contributor to global climate change, accounting for over 75% of global greenhouse gas emissions and nearly 90% of all carbon dioxide emissions. The science is clear: to avoid the worst impacts of climate change, emissions need to be reduced by almost half by 2030 and reach net-zero by 2050. about $4 trillion a year needs to be invested in renewable energy until 2030 – including investments in technology and infrastructure – to allow us to reach net-zero emissions by 2050. The reduction of pollution and climate impacts alone could save the world up to $4.2 trillion/year by 2030.

Geo Energy - Geothermal energy utilizes the accessible thermal energy from the Earth’s interior. Reservoirs that are naturally sufficiently hot and permeable are called hydrothermal reservoirs, whereas reservoirs that are sufficiently hot but that are improved with hydraulic stimulation are called enhanced geothermal power systems. The technology for electricity generation from hydrothermal reservoirs is mature and reliable and has been operating for more than 100 years.

Solar Energy - The cost of manufacturing solar panels has plummeted dramatically in the last decade, making them not only affordable but often the cheapest form of electricity. Solar energy is the most abundant of all energy resources and can even be harnessed in cloudy weather. Solar technologies convert sunlight into electrical energy either through photovoltaic panels or through mirrors that concentrate solar radiation. Although not all countries are equally endowed with solar energy, a significant contribution to the energy mix from direct solar energy is possible for every country. (More Details on - www.un.org)

Renewable Energy Market Segmentation

Renewable energy type outlook (usd billion, 2024-2030).

• WIND ENERGY
• Solar Energy
• Geothermal Energy
• Ocean Energy

Renewable Energy End-Use Outlook (USD Billion, 2024-2030)

• Residential

Renewable Energy Regional Outlook (USD Billion, 2024-2030)

• Rest of Europe
• South Korea
• Rest of the World
• Middle East
• Latin America

Renewable Energy Market Highlights:

• Renewable Energy Market Size
• Renewable Energy Market Analysis
• Renewable Energy Market Share
• US Renewable Energy Market
• Renewable Energy Companies

Frequently Asked Questions (FAQ) :

The Renewable Energy market size was expected to be USD 1.1 Trillion in 2021.

The Renewable Energy market is expected to register a CAGR of 10.10% over the next ten years.

Asia Pacific held the largest market share in the Renewable Energy sources market.

ABB Ltd., General Electric (GE), The Tata Power Company Limited (Tata Power), Innergex, Enel Spa (Enel), Xcel Energy Inc. (Xcel Energy) are the key players in the Renewable Energy Market.

The solar energy category led the segment in the market.

The residential category had the largest market share in the renewable energy market.

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Global Energy Perspective 2023

This article was updated on november 21, 2023.

Global Energy Perspective 2023 – Executive Summary

The Global Energy Perspective 2023 offers a detailed demand outlook for 68 sectors, 78 fuels, and 146 geographies across a 1.5° pathway, as well as four bottom-up energy transition scenarios with outcomes ranging in a warming of 1.6°C to 2.9°C by 2100.

As the world accelerates on the path toward net-zero, achieving a successful energy transition may require a major course correction to overcome bottlenecks and reach the goals aligned with the Paris Agreement.

View overview

For leaders seeking greater granularity on the most significant trends, challenges, and opportunities facing their sectors, we are complementing our macro perspective with a series of deep dives across the energy value chain.

Wide-ranging scenarios point to an unclear path ahead

The energy transition has gathered pace, but the path ahead is full of uncertainty in everything from technology trends to geopolitical risk and consumer behavior—making it difficult to shape resilient investment strategies that work in multiple scenarios. It is therefore increasingly challenging for decision makers to address multiple objectives at once, such as meeting long-term goals for decarbonization as well as short-term expectations for economic returns.

The Global Energy Perspective 2023 explores the outlook for demand and supply of energy commodities across a 1.5° pathway (modelled as part of McKinsey’s Climate Math effort) and four bottom-up energy transition scenarios. These scenarios sketch a range of outcomes based on varying underlying assumptions—for example, about the pace of technological process and the level of policy enforcement. Despite significant reductions in carbon emissions, all energy transition scenarios remain above the 1.5° pathway and result in warming of between 1.6° and 2.9°C.

These estimates include non-CO 2 emissions, building in assumptions on non-energy emissions from sectors like agriculture, forestry, and waste.

To stay within the carbon budget necessary for the 1.5° pathway, a much steeper reduction in emissions would be required, particularly in the next ten years.

Fossil fuel demand is projected to peak soon, but the outlook remains uncertain

Total demand for fossil fuels is projected to peak by 2030 in all scenarios. Although a sharp decline in coal demand is expected under all scenarios, natural gas and oil are expected to grow further in the next few years and then remain a core part of the world’s energy mix for decades to come.

Total natural gas demand to 2040 is projected to increase under most scenarios, driven in large part by the balancing role that gas is expected to play for renewables-based power generation until batteries are deployed at scale. In the decade to 2050, the outlook for gas demand differs widely by scenario, from a steady increase under slower transition scenarios to a steep decline under scenarios in which renewables and electrification advance faster.

For oil, total demand is projected to continue growing for much of this decade and then to fall after 2030—but the extent of the decline differs significantly across scenarios. In the Achieved Commitments scenario, oil demand almost halves by 2050, mainly driven by the slowdown in car-parc growth, enhanced engine efficiency in road transport, and the continued electrification of transport. In the Fading Momentum scenario, oil demand would decline by just 3 percent over the same period; this reflects much slower electrification of the global car parc and lower penetration of alternative fuels in the aviation, maritime, and chemicals sectors as bottlenecks on materials and infrastructure limit their growth.

Renewables will make up the bulk of the power mix by 2050

Renewables are expected to continue their rapid growth, driven in part by their cost competitiveness—in many regions they are already the lowest-cost option for incremental new-build power generation. Renewable energy sources are expected to provide between 45 and 50 percent of global generation by 2030, and between 65 and 85 percent by 2050. In all scenarios, solar is the biggest contributor of renewable energy, followed by wind.

The ramp-up of renewables could see emissions from power generation reduced by between 17 and 71 percent by 2050 compared to present levels, despite a doubling or even tripling of demand. However, the renewables build-out faces challenges, from supply-chain issues to slow permitting and grid build-out implications.

The uptake of nuclear and carbon capture, utilization, and storage (CCUS) technologies could lower the burden on the renewables build-out, but depends on the political landscape and future cost development.

Coal (without CCUS) is expected to be phased out gradually. Power generation from hydrogen-ready gas plants—which support grid stability—is likely to increase.

Major investments in the energy sector will be needed, but remain stable as a share of GDP

Total annual investments in the energy sector are projected to grow by between 2 and 4 percent per annum—roughly in line with global GDP growth—to reach between $2 trillion and $3.2 trillion in 2040.

Despite the increasing regulatory push for decarbonization and a declining demand for fossil fuels, between 25 and 40 percent of energy investments in 2040 will still be deployed in fossil fuels and conventional power generation to meet demand, offset declines in existing production fields, and balance the energy system.

There will be a gradual but continued shift of investment focus from fossil fuels to green technologies and electric transmission and distribution. In 2015, power renewables and decarbonization technologies accounted for only 20 percent of total investments, while that figure is projected to reach 40 to 50 percent by 2040.

Decarbonization technologies show the highest growth at between 6 and 11 percent per annum, mainly driven by the strong uptake of EV charging infrastructure and CCUS, which together are projected to account for the bulk of decarbonization investments by 2040.

In the more progressive scenarios, higher energy investments are mostly offset by lower total operating expenditure for fuels like coal and gas due to the shift towards more capital expenditure-intensive technologies like renewables.

Despite the absolute increase, energy investments as a share of GDP remain stable at between 1.2 and 2.2 percent across all years and scenarios.

Achieving a successful energy transition would require a major course correction to overcome bottlenecks and reach the goals aligned with the Paris Agreement

To deliver on the steep climate commitments made globally, substantial pivots are needed across industries and geographies. Even the more modest transition scenarios require that multiple bottlenecks are overcome.

Potential bottlenecks include land availability, energy infrastructure, manufacturing capacity, consumer affordability, investment willingness, and material availability.

The adoption of green hydrogen faces steep challenges mainly due to infrastructure needs and the high investments required to achieve large-scale deployment.

Rare materials are required for most energy transition technologies, with EVs and wind generation both highly impacted by materials bottlenecks.

Costs continue to be a barrier, but EVs and heat pumps are expected to become economically viable. Despite the big upfront investments needed, renewables become cost competitive in the Further Acceleration and Achieved Commitments scenarios.

While these bottlenecks could limit growth of some of the technologies known today, shortages are also likely to lead to price spikes that create additional investment opportunities and innovation.

The energy transition is well underway, but how it will unfold in the decades ahead is difficult to predict. Decision makers in government and business face a challenging time planning for a future energy mix that remains unclear.

Leaders might be tempted to “wait and see”, but this approach would be a big risk. Even if the exact trajectory of the energy transition is unknown, the changes ahead will be immense—and faster than many expect. A look at the past two years underscores this: despite massive and unprecedented uncertainties, the growth in several low-carbon technologies has continued and even accelerated.

Organizations can work now to shape transition strategies that account for uncertainty and are robust under a range of future scenarios. Those strategies, aggregated across countries and sectors, will determine how the global energy landscape takes shape in the years ahead. They will also be crucial in driving progress on sustainability while safeguarding energy security, affordability, and industrial competitiveness.

To request access to the data and analytics related to our Global Energy Perspective, or to speak to our team, please contact us .

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Home ➤ Energy and Power

Energy and Power Market Research Reports

The global Energy and Power sector was valued at USD 995.5 billion by the end of 2022 and is expected to increase to USD 2,701.87 billion by 2032.  This growth was projected at a CAGR of 10.5% during the period 2022-2032.

We assist utilities, renewable groups, new entrants, start-ups, and developers, as well as oil majors and power-generation companies, in accelerating sustainable and inclusive growth during the energy transition. Companies can realize this through digitization, automation, AI, and other means to gain lasting value and keep up with consumer trends and market dynamics.

The Energy and Power sector is highly regulated and commercially competitive. The world is constantly changing and engineers and large organizations are crucial in managing that change. They can implement short-term solutions quickly, and safely, or develop long-term solutions.

The Energy and Power industry is seeing a lot of growth thanks to trends like decarbonization, distributed energy generation on-site, and digital service solutions.

The Energy and Power industry has three main priorities: affordability, security, and decarbonization. However, most energy sources can’t meet all three.

This is where Market.us comes into play.

We use the power of analytics and research for our clients to create and implement platform-based business models, along with making informed decisions.

Market.us has established itself as a reliable source of verifiable business information. We offer extensively valuable insights on various business data needs that professionals in Energy and Power may then use to address potential challenges, thus positively influencing the growth trajectory of their respective organizations or business.

We analyze and comprehend the key trends and developments in the sector to support our clients’ key strategic plans and business decisions. We can provide the right help which our clients can leverage. They can then gain the right business intelligence needed and build more efficient and economically-sound strategies.

We utilize primary and secondary information sources when formulating comprehensively quantifiable strategies that address our clients’ areas of interest.

Market.us provides a short gist on this Energy and Power Industry.

Many governments have been preparing their energy sector to transition to emissions-free sources in recent years. The demand for sustainable energy is increasing as the public becomes more aware of the environmental impact of human activities.

Multiple commodities have seen price increases as a result of the economic recovery following the COVID-19 pandemic. The conflict in Ukraine has triggered an increase in energy prices and security of supply concerns. The transition to a lower carbon energy system is continuing and accelerating. In the next decade, we will likely witness a rapidly changing energy landscape.

Our Energy and Power category segmentation encompasses:

Green/ Renewable Energy Non-Renewable/Conventional Energy Power Equipment and Devices Transmission, Storage, and Distribution Energy Efficiency and Conservation Utility

Report Categories

• Automotive and Transportation
• Chemicals & Materials
• Consumer Goods
• Energy and Power
• Food and Beverage
• Information and Communications Technology
• Life Science
• Manufacturing
• Semiconductor and Electronics

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Market Overview The Marine Engine Market size is expected to be worth around USD 18.5 billion by 2033, from USD 12.6 Bn in 2023, growing at a CAGR of 3.9% during the forecast period ...

Global Solid-State Car Battery Market, Component(Cathode Materials, Electrolyte, Anode Materials), Material Type(BEV (Battery Electric Vehicle), PHEV (Plug-in Hybrid Electric Vehicle), Technology(Ceramic Electrolytes, Polymer Electrolyte, Sulfide Electrolyte), Vehicle Type(Passenger Electric Vehicle, Electric Two-Wheelers, Commercial Vehicles), and by Regionand Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

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Global Sodium-Sulfur Battery Market By Product(Private Portable, Industrial), By Power(Up To 10 MW, 11 MW-25 MW, 2 /6 MW-50 MW, 2Above 50 MW), By Application(Ancillary Services, Load Leveling, Renewable Energy Stabilization, Others), By End-Use(Grid and Standalone Systems, Space, Transport & Heavy Machinery, Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Market Overview The Sodium-Sulfur Battery Market size is expected to be worth around USD 2323.4 Mn by 2033, from USD 232.2 Mn in 2023, growing at a CAGR of 25.9% during the forecast ...

Global Solar Charge Controller Market By Type(Pulse Width Modulation, Maximum Power Point Tracking (MPPT), Others), By Battery Compatibility(Lead-Acid, Lithium-Ion, Nickel-Cadmium, Others), Application(Industrial, Commercial, Residential), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Market Overview The Solar Charge Controller Market size is expected to be worth around USD 10.1 billion by 2033, from USD 2.4 Bn in 2023, growing at a CAGR of 15.5% during the foreca...

Global Energy Retrofit Systems Market; By Product(Envelope, LED Retrofit Lighting, HVAC Retrofit, Appliances), By Type(Quick Win Retrofit, Deep Retrofit), By Application(Residential, Non-Residential) as well as By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast: 2024-2033

Report Overview The Energy Retrofit Systems Market size is expected to be worth around USD 293 billion by 2033, from USD 159 Bn in 2023, growing at a CAGR of 6.3% during the forecast...

Global Industrial Agitators Market By Product Type(Top Entry, Side Entry, Bottom Entry, Portable, Static), By Model Type(Large Tank, Portable, Drum, Others), By Mounting(Top Mounting, Side Mounting, Bottom Mounting), By Form(Solid Sloid Mixture, Solid-liquid Mixture, Liquid Gas Mixture, Liquid Liquid Mixture), By Application(Chemical, Water and Wastewater Treatment, Oil, Other Applications), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Market Overview The Industrial Agitators Market size is expected to be worth around USD 4 billion by 2033, from USD 3 Bn in 2023, growing at a CAGR of 4% during the forecast period f...

Global Natural Gas Generator Market By Power Rating (Medium Power Genset, High Power Genset and Low Power Genset) By Application (Standby, Peak Shaving and Prime/Continuous) By End-use (Commercial, Industrial and Residential) By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Market Overview The Global Natural Gas Generator Market size is expected to be worth around USD 26 Billion by 2033, from USD 8.8 Billion in 2023, growing at a CAGR of 11.4% during th...

Global Green Hydrogen Market By Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer), By Application(Power Generation, Transport), By End-User(Food & Beverages, Medical, Chemical, Petrochemicals, Glass), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview The Green Hydrogen Market size is expected to be worth around USD 62.9 Billion by 2032 from USD 0.7 Billion in 2022, growing at a CAGR of 58.6% during the forecast p...

Global Floating Power Plant Market By Power Source [Non-renewable (Gas Turbines, IC Engines) Renewable (Solar and Wind)] By Power Rating (Low-power FPP, Medium-power FPP and High-power FPP) By Type (Ships, Barges and Others (Platforms. Etc.)), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Market Overview The Global Floating Power Plant Market size is expected to be worth around USD 2 Billion by 2033, from USD 1 Billion in 2023, growing at a CAGR of 9.3% during the for...

Global Coin Cell Batteries Market By Type(LR (Alkaline)/ Alkaline Watch Batteries, SR (Silver Oxide) / Silver Oxide Cell, CR (Lithium) / Lithium cells battery, ZnAir, Other Types), Category(Non Rechargeable, Rechargeable), By Application(Hearing Aid, TWS Bluetooth Headset, Medical Device, Traditional Watch, Other applications), By Distribution Channel(OEM Demand, Retail, Other Distribution Channel), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview The Coin Cell Batteries Market size is expected to be worth around USD 6.3 billion by 2033, from USD 4.5 Bn in 2023, growing at a CAGR of 3.5% during the forecast per...

Global Steam Turbine Market Capacity(Up to 150 MW, 151 to 300 MW, More than 300 MW), Design(Reaction, Impulse), Fuel Type(Fossil Fuel, Biomass, Geothermal), End-user(Power and Utility, Industrial, Oil and Gas, Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Market Overview The Steam Turbine Market size is expected to be worth around USD 23.5 billion by 2033, from USD 17.8 billion in 2023, growing at a CAGR of 2.8% during the forecast pe...

Global Chemical Distribution Market By Product (Specialty Chemicals and Commodity Chemicals), By End-Use (Automotive & Transport, Agriculture, Construction, Consumer Goods, Industrial Manufacturing), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Market Overview The global chemical distribution market size is expected to be worth around USD 35.3 billion by 2033, from USD 10.3 billion in 2023, growing at a CAGR of 13.1% during...

Global Variable Frequency Drives Market By Product Type (AC Drives, DC Drives, and Servo Drives), By Power Ranges (Micro (0-5 kW), Low (6-40 kW), and Others), By Application(Pumps, Electric Fans, Conveyors, HVAC, Extruders, Others), By End-Use(Oil & Gas, Power Generation, Industrial, Infrastructure, Automotive, Food & Beverages, Others), and by Region and Companies Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2033.

Market Overview The global Variable Frequency Drives market size is expected to be worth around USD 37.6 billion by 2033, from USD 23.3 billion in 2023, growing at a CAGR of 4.9% dur...

Global Battery Energy Storage Systems Market By Battery Type(Lithium-Ion Battery, Lead Acid Battery, Flywheel Battery, Other Battery Types), By Connection Type(On-grid, Off-grid), By Ownership (Customer-Owned, Third-Party Owned, Utility-Owned), By Energy Capacity(Below 100 MWh, Between 100 to 500 MWh, Above 500 MWh), By Application (Residential, Commercial, Utility) as well as By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast: 2023-2033

Market Overview The global Battery Energy Storage Systems market size is expected to be worth around USD 56.2 billion by 2033, from USD 5.4 billion in 2023, growing at a CAGR of 26.4...

Global Solid Oxide Fuel Cells Market By Type (Tubular, Planar, and Other Types), By Application (Transportation, Portable, and Stationary) By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2033

Market Overview The global Solid Oxide Fuel Cells Market size is expected to be worth around USD 21.3 billion by 2033, from USD 1.4 billion in 2023, growing at a CAGR of 31.3% during...

Global Biodiesel Market By Feedstock (Vegetable Oils and Animal Fats), By Application (Fuel, Marine, Automotive, Power Generation, Agriculture, and Other Applications), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2033

Market Overview The global biodiesel market size is expected to be worth around USD 101.6 billion by 2033, from USD 38.8 billion in 2023, growing at a CAGR of 10.1% during the foreca...

Global Carbon Capture and Storage Market By Technology (Pre-combustion, Post-combustion, Oxy-combustion, and Industrial Process), By End-Use Industry (Power Generation, Oil & Gas, and Other End-Use Industries), By Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023 – 2032

Report Overview In 2022, the Global Carbon Capture and Storage Market size was valued at USD 5.5 Billion. This market is estimated to reach USD 18.1 Billion in 2032 the highest CAGR ...

Global Lithium Ion Battery Market By Product (Lithium Cobalt Oxide, Lithium Iron Phosphate) By Battery Capacity (Upto 3,000 mAh, 3,001-10,000 mAh) By Application(Automobile, Consumer Electronics, Industrial, Energy Storage Systems, Medical Devices, Other Applications), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview In 2022, the Global Lithium Ion Battery Market was valued at USD 59.8 billion and it is expected to reach USD 307.8 billion in 2032. Between 2023 and 2032, this marke...

Global Electric Screwdriver Market By Type (Corded Electric Screw Driver and Cordless Electric Screw Driver), By Electric Current (DC Electric Screw Driver and AC Electric Screw Driver), By Application (Commercial, Industrial, and Residential), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview In 2022, the Global Electric Screwdriver Market was valued at US$ 337.1 Million and is expected to reach USD 568.2 Million by 2032. Between 2023 and 2032, this market...

Global Battery Recycling Market By Chemistry (Lead-Acid Based Battery, Lithium-Ion Based Battery, and Other Battery Types), By Source (Automotive Batteries, Industrial Batteries, and Other Sources), By Application, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview In 2022, the global battery recycling market was valued at USD 11 billion and it is expected to reach USD 23.7 billion by 2032. Between 2023 and 2032, this market is ...

Global Power Tools Market By Tool Type (Drilling and Fastening Tools, Sawing and Cutting Tools, and Other Tool Types), By Mode of Operation (Engine Driven, Electric, Pneumatic, and Hydraulic), By Applications, By Region and Companies - Industry Segment Outlook, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview In 2022, the Global Power Tools Market size was valued at USD 33.8 Billion, and this market is estimated to reach USD 52.4 Billion growing at a CAGR of 4.6% during th...

Global Drilling Fluids Market By Fluid Type (Water-based, Oil-based, Synthetic, and Other Types), By Well Type (Conventional Wells and High-pressure High-Temperature Wells), By Application, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview In 2022, the global drilling fluids market accounted for USD 9.8 billion. This market is estimated to reach USD 16.1 billion in 2032 at a CAGR of 5.2% between 2023 an...

Global Biogas Market By Source (Municipal, Industrial, and Agricultural), By Application (Electricity Generation, Biofuel Production, and Other Applications), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview In 2022, the biogas market size accounted for USD 44.7 billion. This market is estimated to reach USD 71.3 billion in 2032 growing at a CAGR of 4.9% between 2023 and ...

Global Energy Storage Systems Market by Technology (Pumped Hydro Storage, Electro-Chemical Storage, Electro-Mechanical Storage, and Thermal Storage), By Application (Transportation and Grid Management), By End User (Residential, Non-Residential, and Utilities), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview In 2022, the global energy storage systems market was valued at USD 230 Billion and is expected to grow to USD 542 Billion in 2032. Between 2023 and 2032, this market...

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Renewable energy market research, how renewable energy solutions may be incorporated into country programs.

This report presents the existing and emerging renewable energy solutions for low resource settings, the challenges and barriers faced by companies and organizations expanding energy solutions to rural communities in the developing world, approaches and business models that have been developed to provide long-term sustainable solutions in these communities, and an estimate of the size, distribution and segmentation of the markets for renewable energy solutions. Since this project is being performed for UNICEF, the report particularly focuses on how renewable energy access solutions offer the potential to dramatically improve the lives of the world’s children.

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Conversations around the financing and business models for renewable energy solutions in sub-Saharan Africa

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Renewable energy transforming the landscape

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Renewable energy, if supported by governments, can “truly change the landscape” in terms of achieving equitable access to affordable and clean energy, but only if they can move from “commitment to action”, according to the Director-General of the International Renewable Energy Agency (IRENA).

Renewable energy is generally defined as any energy source that is continuously replenished. It includes solar and wind power as well as bioenergy (organic matter burned as fuel) and hydroelectric power. 

IRENA* chief Francesco La Camera spoke to UN News ahead of a special meeting on Friday on transitioning to sustainable sources of energy which is taking place at the UN Headquarters in New York as part of the first ever  Sustainability Week .

Ensuring access to affordable reliable, sustainable and modern energy for all people, wherever they are in the world, is the aim of  Sustainable Development Goal 7 (SDG 7).

UN News: What challenges have you faced when trying to persuade governments, international organisations and other stakeholders to embrace renewable energy?

Francesco La Camera: There are no difficulties in persuading governments to adopt renewable energy, but from the commitments to the action, there is always something lagging.  

What is important in relation to the countries, with our members, is to support them in finding the right way to translate commitment into action. I think this is the challenge we have to face: how we can move to tripling renewable installation capacity by 2030? Now what is at stake is how we can really achieve this goal.

UN News: How can these challenges be overcome to ensure that countries commit and take action?

Francesco La Camera: All the countries have made commitments. We have to rewrite the way international cooperation works. In this respect, all different entities involved must make an effort.  

For example, at IRENA, we have been working with President William Ruto of Kenya to forge a partnership to accelerate the renewable energy deployment in Africa. This initiative – Accelerated Partnership for Renewables in Africa’ (APRA) – was launched during the first Africa Climate Summit in Nairobi last year, and a joint statement was signed by leaders of APRA at COP28 to drive the renewable energy transition as a strategic solution to energy access, security and green growth in Africa. 

We now have seven African countries, including Kenya, as well as developed countries such as Denmark, Germany, the US, and we also have the [United Arab Emirates] UAE involved. This is an example of how we are trying to rewrite the landscape of international cooperation. We are building the plan and supporting these countries in creating their own plans for fostering renewables. Together we transform to a new international cooperation mechanism to turn their plans into reality.

UN News: Are there notable differences in approaches, commitments and reactions between developing and developed countries when it comes to the energy transition?

Francesco La Camera:  The developed world has to change the system. But, the developing countries can leap forward and transition directly to a new energy system as there is a lack of real energy systems. The main difference lies in the status of the energy system in these different parts of world, which is reflected largely in the existing inequality.

The other aspect is that the developed countries may have the tools, instruments and financial resources to drive the changes. 

The developing world needs support in many aspects. Countries require financial and technological support to exchange experiences and technology. These are barriers that need to be overcome today to speed up the transition, especially in Africa. 

In this respect, Africa is probably the most important powerhouse in the world for renewable energy and green hydrogen [a clean and renewable energy carrier]. But, Africa lacks the infrastructure to make this potential beneficial to its people, which would also benefit the world. Infrastructure such as ports, pipelines and civil infrastructure are decisive and crucial.

UN News: Could you give us an example of a site visit where you witnessed the critical role of renewable energy in achieving SDG 7 by 2030?

Francesco La Camera: One example that impressed me was Mauritius, where our support for solar panel installation in private houses, private buildings and public buildings has been truly transforming the landscape, giving a big push for achieving SDG 7. 

UN News: Do you think the examples you mentioned can be replicated elsewhere in the world?

Francesco La Camera: To speed up the transition, we need to overcome some structural barriers that exist today. Infrastructure is the first barrier to overcome. Without efficient electricity and without providing storage interconnectivity, flexibility and balancing the grids, we cannot progress. Modernising and building infrastructure where it is absent is the top priority. 

There are also the problems linking to the existing legal framework. The market is still designed in a way that does not favour the deployment of renewables. There are still a lot of subsidies for fossil fuel projects which I think should be tackled immediately. 

Additionally, power purchase agreements are designed in a way that discourages renewable energy development. Market pricing mechanisms often do not support renewables because renewables need long-term contracts for stability and security in the electricity provided and the cost to be paid. 

Finally, we need skilled professionals and a skillful workforce to be deployed on the ground.

We have to overcome these three barriers if we truly want the energy system to accelerate the transition from fossil fuels, as called for at COP28 in Dubai a few months ago.

UN News: How can normal citizens contribute to the renewable energy transition?

Francesco La Camera: We are striving to be more efficient in all our choices, but what is more important is the legal environment where everyone feels compelled to take action. We cannot only call for the moral imperatives. Society also makes an easier and simpler environment for people to make the right choices in terms of efficiency and energy conservation.

This interview has been edited for length and clarity.

* IRENA is an intergovernmental agency aiming to support countries in their transition to a sustainable energy future. Earlier this year on 26 January, the UN observed the first International Day of Clean Energy, which coincides IRENA’s founding anniversary.

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Addressing risk from renewable energy intermittency in power markets.

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Understanding the implications of the intermittency of renewable energy is essential

Authored by Brian McIntosh - Research Director, Power and Renewables at Wood Mackenzie

Electricity demand is set to surge over the coming decades as addressing climate change becomes a key focus for societies globally and the energy transition advances. At the same time, traditional fossil fuel powered generation will increasingly be phased out in favour of renewable sources.

On the face of it, that’s good news for power markets, but the rising use of renewables has added a new factor into the supply-demand equation: the intermittency of renewable energy.

The risks from increased usage of renewables

While renewable generation has obvious environmental advantages over fossil fuels for electricity generation, it does have an Achilles heel. Provided suitable fuel is available, coal and gas fired power stations are a highly flexible resource. When required they can provide continuous generation 24 hours per day; alternatively, they can be kept on standby and brought quickly into use to provide additional load on demand as and when required.

In contrast, renewable power plants can only generate electricity when the conditions are right; solar can only generate when the sun is shining, while wind turbines can only provide power when the wind is blowing – and they can even have to be shut down if wind speeds get too high. The intermittent nature of renewable energy sources creates reliability challenges when it comes to managing the available electricity in the grid, since it’s much harder to predict the available load on a given day.

Energy storage, in the form of industrial scale batteries and other solutions, will eventually largely resolve this issue. However, in the short term, energy storage innovation and capacity growth can’t keep up with the pace at which societies want to increase the use of renewables. As a result, when electricity networks with a high percentage of renewable resource are put under unexpected pressure, for example as a result of an extreme weather event, the system can struggle to cope.

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How can we address these risks?

Utilities used to plan for expected peak gross demand. For about 90% of the US, this traditionally came from air conditioning use in the summer months , although for cooler regions the need for heating in winter can be the key issue. However, as an ever-greater percentage of generation comes from renewables, ‘net load’ has become more important.

Net load is calculated as gross load minus power provided by intermittent generation, i.e., renewables. This is a critical measure when managing the grid since it represents how much demand must be met by non-intermittent sources – usually gas or coal.

On a day-to-day basis, industry stakeholders need to understand not only what level of resource is online to provide supply and what the expected demand for power is, but also what additional generating capacity is available if needed; this is known as the reserve margin. When a high percentage of capacity is provided by renewables, the reserve margin becomes much harder to predict.

Accurate data and predictions regarding weather patterns, from hours and intensity of sunlight to wind speed and direction, can help address the risks and opportunities. At the same time, industry stakeholders need to be able to assess the real-world situation and consequences with up-to-the-minute monitoring of capacity fluctuations, outages and congestion.

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Challenges and opportunities beyond 2021

• Electricity markets
• Transport biofuel markets
• Renewable heat markets
• 2020 was expected to be another record year for renewables
• Covid-19 is expected to delay renewables deployment
• Delaying projects under construction
• Impacts on existing assets
• Bioenergy for power
• CSP and geothermal
• Transport biofuels
• Renewable heat
• Designing stimulus packages for a cleaner energy future

Cite report

IEA (2020), Renewable energy market update , IEA, Paris https://www.iea.org/reports/renewable-energy-market-update, Licence: CC BY 4.0

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The pandemic has the potential to change the priority of government policies and budgets, developers’ investment decisions and the availability of financing through 2025. This casts a great deal of uncertainty on a market that had been expanding at a rapid pace in the previous five years.

At the same time, several countries are introducing massive stimulus programmes to respond to the current economic meltdown and support their economies. Some of these stimulus measures may be relevant for renewables. The IEA has been re-emphasising that governments should bear in mind the structural benefits of increasingly competitive renewables, such as economic development and job creation, while also reducing emissions and fostering technology innovation.

Wind and solar costs continue to go down

There is little doubt that massive cost reductions in the last decade are one of the main reasons behind renewables rapidly transforming the global electricity mix. The cost of electricity from onshore wind and solar PV is increasingly cheaper than from new and some existing fossil fuel plants. In most countries, renewables are the cheapest way of meeting growing demand.

Wind and solar PV developers in 2020 won auction bids at record low contract prices, ranging from below USD 20/MWh to 50/MWh. Offshore wind has achieved significant scale-up and cost reduction over recent years driven by policies in Europe. This success should soon be repeated in emerging offshore wind markets in Asia and North America, with economies of scale further reducing costs.

The increasing share of VRE has opened a new horizon to maximise hydropower’s contribution to flexibility and spur investment in battery storage technologies. All these developments were mainly driven by government policies fostering competition and new flexibility sources.

While supply disruptions may lead to local transitional price fluctuations, there is no sign to date that the Covid-19 crisis will change these declining cost trends. For instance, in the case of solar PV, manufacturing overcapacity is expected to reach record levels in the coming years (see next chapter), which will put further downward pressure on module prices.

The resilience of renewables will be tested beyond 2021 if government policies waver in the face of Covid-19

The continuing decrease in cost trends alone will not shelter renewables projects from a number of challenges. The pace of economic recovery, heightened pressure on public budgets and the financial health of the energy sector as a whole further exacerbate already existing policy uncertainties and financing challenges.

For renewable electricity, we can distinguish three main categories of projects: (i) those already contracted and/or financed and under construction; (ii) those driven by government action (e.g. auctions, FITs, other incentives); and (iii) those mainly driven by market forces (e.g. corporate power purchase agreements, merchant projects). Each project category will face different challenges and opportunities, depending on two key variables: renewables cost trends and policies in place.

Looking at the project pipeline through 2025, almost one-third of wind and solar PV projects are already contracted and/or financed. Those have limited risk of cancellation and thus are expected to become operational in 2020 and 2021, with some facing further delays carrying over to 2022 or beyond.

Solar PV and wind project pipeline, 2020-2025

The role of government will remain instrumental to renewable energy deployment.

In the next five years, almost half of wind and solar PV projects in the pipeline are tied to planned, but not finalised, government-backed auctions or other incentives such as tax credits, rebates and FITs. The Covid-19 crisis poses challenges to the timely implementation of previously announced government plans. For instance, the implementation of projects under government-backed auctions will critically depend on whether countries maintain their planned schedule of tenders. This may be unlikely in the context of stalling or decreasing electricity demand, and low fossil fuel prices.

Planned renewable electricity projects with long-term contracts will be mostly shielded from low natural gas prices. Although in the short term, governments may delay scheduling new renewable capacity auctions and turn to existing natural gas plants to meet new demand, in the medium and long term the economic case of wind and solar remains strong thanks to expected continuing cost reductions and to the long-term price predictability over project lifetimes.

Some impacts on policies are already visible. Initial government policies to tackle Covid-19 challenges have focused mainly on extending project-commissioning deadlines and postponing planned auctions. France, the United Kingdom, Greece and Germany have provided some flexibility for developers who are not able to meet policy-related final commissioning dates. While these measures protect deployment in 2020 and 2021, the delay of auctions will also have an impact beyond 2021. In some countries the postponement is indefinite, creating significant uncertainty and increasing risk for investors and finance.

Recent policy changes affecting renewables beyond 2021

New market-driven projects may face stronger challenges

With the declining cost of renewables, corporates have increasingly signed power purchase contracts directly with wind and solar projects outside the main government policy schemes to meet their private decarbonisation goals and also to hedge against future price volatility. Developers of wind and solar projects entering these agreements have accepted additional risk from shorter contracts and greater exposure to wholesale electricity prices. While project development tied to private agreements accounts for about a quarter of projects in the pipeline, lower electricity demand, plummeting power prices and a weaker financing environment may lead to such projects being reconsidered.

At the same time, the hedging value of renewables to both electricity price volatility and climate liabilities remains intact. Most renewables for electricity generation, especially wind and solar PV, have high investment costs but low operating and maintenance costs. Once operational, renewables projects with long-term power purchase contracts can provide stable revenues to investors while sheltering buyers from future electricity and fuel price volatility. The willingness of corporates to continue procuring renewables in a low fossil fuel price environment will also strongly depend on the ambition of their own climate change mitigation policies and on carbon pricing regimes implemented by governments.

Covid-19 has the potential for long-lasting impacts on biofuels markets

In the case of the EU policy framework for biofuels, the Renewable Energy Directive dictates that member states may increase the contribution of conventional (crop-based) biofuels to renewable energy in transport by no more than one percentage point over levels achieved in 2020. As such, any Covid-19 market disruption this year that alters the share of conventional biofuels consumed would affect the maximum permitted share in member states well beyond 2020.

A sustained period of low oil prices heightens the possibility of policy makers delaying or abandoning increases in biofuel policy support. This has already been evident in the ASEAN region, where governments have paused action to bring higher biofuel blends to market as low oil prices compromise the budget available for biofuel support measures. In Indonesia and Thailand, revenues for the funds used to support biofuels have reduced at the same time that low oil prices have increased the cost of biofuel subsidy. Low oil prices also test the willingness of fuel suppliers to blend biofuels in markets without strong enforcement of blending mandates.

Brazil, India and Indonesia, among other countries, have long-term ambitions to increase the contribution of biofuels in transport. Scaling up production to meet such ambitions will require the delivery of new production capacity, which in turn is dependent on the financial health of the industry to invest in new plants. The impact of an extended period of low biofuel demand and prices in 2020, and possibly beyond, could undermine the ability of the industry to deliver increased production capacity. This is particularly relevant to India and Brazil, as concurrent low sugar and ethanol prices negatively affect producer balance sheets. In Brazil the situation is already precarious, with numerous producers in a fragile economic condition.

Conversely, the significant impact of the Covid-19 crisis on aviation opens the door to the scale-up of aviation biofuel use through the inclusion of environmental conditions in bailout packages. This is demonstrated by the 2% sustainable aviation fuel requirement proposed in a rescue package for the Air France-KLM group.

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Global Supercapacitors/Ultracapacitors Industry Research 2024-2033: Growing Emphasis on Transport Electrification and Increasing Deployment of Renewable Energy and Growing Demand for Energy Storage

Global Supercapacitors/Ultracapacitors Market

Dublin, April 22, 2024 (GLOBE NEWSWIRE) -- The "Supercapacitors/Ultracapacitors Market - A Global and Regional Analysis: Focus on Application, Product, and Region - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering. The global supercapacitors/ultracapacitors market is projected to reach $32,696.5 million by 2033 from $5,309.4 million in 2023, growing at a CAGR of 19.93% during the forecast period 2023-2033.

The global supercapacitors/ultracapacitors market is experiencing rapid growth due to its critical role in energy storage and power management across various industries, including automotive, renewable energy, consumer electronics, and more. These devices are prized for their ability to deliver quick bursts of energy, high power density, and long lifecycles, making them ideal for applications requiring rapid charge/discharge cycles. Technological advancements are continually improving their energy density, reducing costs, and expanding their usability.

The drive toward electrification and renewable energy sources is significantly increasing the demand for supercapacitors in the global supercapacitors/ultracapacitors market, as they offer a sustainable and efficient solution for energy storage challenges. This global supercapacitors/ultracapacitors market's evolution is closely tied to ongoing research and development efforts, aiming to unlock new applications and enhance performance metrics further.

Asia-Pacific leads in the global supercapacitors/ultracapacitors market, propelled by strong economies, innovation, and a focus on sustainable energy. With advanced manufacturing, significant R&D, and government support, countries such as China, Japan, South Korea, and India drive growth. The region's role in electronics and electric vehicles further boosts supercapacitor demand, making Asia-Pacific crucial for energy storage advancements and sustainable solutions globally. Market Introduction The global supercapacitors/ultracapacitors market is at the forefront of the energy storage revolution, offering high power density, rapid charging and discharging capabilities, and extended durability over traditional batteries. These attributes make them indispensable in applications demanding quick energy bursts and high efficiency, such as automotive, renewable energy systems, consumer electronics, and industrial power management.

As the global demand for sustainable and efficient energy solutions intensifies, the global supercapacitors/ultracapacitors market is witnessing substantial investment in research and development to enhance energy densities and reduce manufacturing costs. This burgeoning field is not only driving technological innovation but also contributing significantly to the green energy transition, making supercapacitors a key component in future energy strategies. Industrial Impact The industrial impact of supercapacitors/ultracapacitors is profound, revolutionizing energy storage and power delivery across multiple sectors. They offer unparalleled advantages in terms of rapid charging and discharging, high power density, and longevity, which are critical for applications in renewable energy storage, electric vehicles, portable electronics, and power stabilization for industrial machinery.

Their durability and efficiency in energy management significantly reduce maintenance and operational costs, enhancing the performance and reliability of a wide array of technologies. As industries seek more sustainable and efficient energy solutions, supercapacitors are increasingly becoming a cornerstone in developing innovative, high-performance systems. Market Segmentation:

Automotive to Lead the global supercapacitors/ultracapacitors market (by Application) In the automotive industry, supercapacitors significantly enhance hybrid and electric vehicles' performance by providing high power density and rapid charge/discharge cycles. They are key in acceleration, deceleration, and energy recovery during braking, besides improving start-up and start/stop systems. Supercapacitors contribute to efficient energy use and emission reductions, especially in kinetic energy recovery systems, marking their critical role in evolving automotive technologies toward greater efficiency and sustainability.

Double-Layer Capacitors to Hold the Largest Share in the global supercapacitors/ultracapacitors market (by Type) Electric double-layer capacitors (EDLCs) or double-layer capacitors use activated carbon electrodes and ion adsorption for rapid energy storage and release, enabling quick charge/discharge cycles. With a service life exceeding a million cycles and higher voltage operation, EDLCs are perfect for wind power, hybrid systems, and industrial automation. They lead the global supercapacitors/ultracapacitors market by offering efficient, reliable, short-duration energy storage. Activated Carbon to Lead the global supercapacitors/ultracapacitors market (by Material) Activated carbon, favored in the global supercapacitors/ultracapacitors market for its high surface area, enhances device performance by facilitating high capacitance and swift ion transport. This results in supercapacitors that offer quick charge/discharge, stability, and efficiency. Activated carbon's role is pivotal in creating energy-efficient solutions across various applications, underscoring its significance in the industry.

Less than 10 Volts to Hold the Largest Share in the global supercapacitors/ultracapacitors market (by Module Type) Supercapacitor modules under 10 volts are designed for low-voltage applications, offering rapid charge/discharge, high power density, and long life, ideal for consumer electronics, wearables, and IoT devices. They provide stable power and smooth voltage fluctuations and require minimal maintenance, making them a compact, energy-efficient solution for extending battery life and ensuring consistent power in small-scale devices.

How can this report add value to an organization?

Product/Innovation Strategy: This report presents an extensive product/innovation strategy tailored for the global supercapacitors/ultracapacitors market, outlining avenues for market penetration, technology integration, and sustainable expansion. It furnishes actionable insights to empower enterprises to leverage supercapacitors/ultracapacitors to comply with evolving industry standards, attain a competitive advantage, and capitalize on the surging demand for immersive digital experiences across diverse sectors.

By identifying emerging trends, innovative applications, and strategic partnerships, this report equips businesses with the tools to navigate the dynamic supercapacitors/ultracapacitors landscape effectively, fostering growth, innovation, and in the global supercapacitors/ultracapacitors market leadership. Growth/Marketing Strategy: This report outlines a comprehensive growth and marketing strategy tailored for the global supercapacitors/ultracapacitors market. It offers a targeted approach to segmenting markets, establishing competitive advantages, and executing creative marketing initiatives.

By implementing these recommendations, businesses can enhance their market presence, capture emerging opportunities, and drive revenue growth effectively. This strategic approach enables organizations to navigate the dynamic landscape, strengthen their market position, and capitalize on the growing demand, fostering sustainable business growth. Competitive Strategy: This report formulates a robust competitive strategy customized for the global supercapacitors/ultracapacitors market. It assesses competitors, recommends differentiation tactics, and provides guidance for securing a competitive advantage.

By adhering to these strategic recommendations, companies can effectively position themselves amidst market rivals, ensuring ongoing success and profitability in the global supercapacitors/ultracapacitors market.

Key Attributes:

Market Dynamics Overview

Market Drivers

Rising Adoption of Supercapacitors/Ultracapacitors in Energy Storage and Wind Power Systems

Expanding Utilization of Supercapacitors/Ultracapacitors in the Electric Vehicle (EV) Sector

Increasing Demand for Supercapacitors/Ultracapacitors in Portable and Wearable Electronics

Market Trends

Growing Emphasis on Transport Electrification

Increasing Deployment of Renewable Energy and Growing Demand for Energy Storage

Market Restraints

Challenges of Implementing Supercapacitors/Ultracapacitors: High Costs and System Redesign

Limited Adoption of Supercapacitors/Ultracapacitors for Long-Term Energy Storage

Market Opportunities

Expanding Applications of Supercapacitors/Ultracapacitors in the Aviation Sector

Increasing Adoption of Supercapacitors/Ultracapacitors as Alternatives to Conventional Batteries

Startup Landscape

Key Startups and their Differentiating Factors

New Technology Developments

Comparison of Supercapacitor and Chemical Batteries

Performance

Application Compatibility

Supply Chain Overview

Research and Development Review

Patent Filing Trend (by Country and Company)

Regulatory Landscape

Stakeholder Analysis Companies Featured

Maxwell Technologies

KEMET Corporation

Panasonic Holdings Corporation

Ioxus, Inc.

Nippon Chemi-Con Corporation

Skeleton Technologies

ELNA Co. Ltd.

Nantong Jianghai Capacitor Co., Ltd.a

Supreme Power Solutions Co., Ltd.

Korchip Corporation

VINATech Co., Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/y45lkh

About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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• Energy and Natural Resources /
• Renewable Energy /

India Renewable Energy Market Summary, Competitive Analysis and Forecast to 2027

• August 2023
• Region: India
• ID: 5782264
• Description

Table of Contents

• Companies Mentioned

Related Topics

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Key Highlights

• The renewable energy market consists of the net generation of electricity through renewable sources. It is divided into five segments, these being hydroelectricity, wind energy, solar, biomass, and geothermal. The volume of the market is calculated as the net volume of electricity produced through renewable means. The value of the industry is the amount of electricity produced multiplied by the wholesale price data for electricity generation.
• The Indian renewable energy market had total revenues of $16.1 billion in 2022, representing a compound annual growth rate (CAGR) of 8.6% between 2017 and 2022.
• Market production volume increased with a CAGR of 9.6% between 2017 and 2022, to reach a total of 346,291.8 GWh in 2022.
• Factors such as rapid urbanization and industrialization are boosting pollution levels, which in turn is encouraging the adoption of renewable energy in the market. In 2022, $14.5 billion was invested in renewable energy in India, a 125% increase over FY2
• Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the renewable energy market in India
• Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the renewable energy market in India
• Leading company profiles reveal details of key renewable energy market players’ global operations and financial performance
• Add weight to presentations and pitches by understanding the future growth prospects of the India renewable energy market with five year forecasts by both value and volume

Reasons to Buy

• What was the size of the India renewable energy market by value in 2022?
• What will be the size of the India renewable energy market in 2027?
• What factors are affecting the strength of competition in the India renewable energy market?
• How has the market performed over the last five years?
• Who are the top competitiors in India's renewable energy market?

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

• Adani Green Energy Ltd
• The Tata Power Company Limited
• Torrent Power Limited
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