Top Companies in Renewable Energy Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research Market
The Renewable Energy Market is projected to reach USD 1510.3 Billion by 2028 at a CAGR of 8.80% over the forecast period.
The Global Renewable Energy Market is valued at USD 910.5 Billion in 2021 and is projected to reach USD 1510.3 Billion by 2028 at a CAGR of 8.80% over the forecast period. The global market for Renewable Energy is developing quickly due to new technological developments driven by research and development, resulting in cost reductions and new finance arrangements. Global demand for renewable, clean, and sustainable energy supplies has been sparked by factors such as the depletion of traditional resource stocks. These factors have led to an increase in the demand for renewable energy worldwide, which will likely continue over the forecast period.
The demand for clean, disposable, and dependable forms of energy is constantly rising due to the changing climate and population expansion, thus driving the renewable energy market growth. The use of sustainable energy is being widely encouraged by concurrently rising ecological disturbances, which has caused a greater-than-ever increase in demand for Renewable Energy on a global scale.
However, a few issues do restrict the growth of this sector. This renewable energy market's growth has slowed significantly due to the climate's unpredictability and the resulting shortage of renewable energy sources. Another significant obstacle to the development of the global renewable energy industry is the difficulty of producing enormous amounts of electricity and energy from renewable sources.
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Amidst Exponential Growth in Renewable Energy Adoption, What Trends Should We Look Forward to?
- The transition to low-carbon fuels and the existence of strict environmental legislation in the majority of developed nations have given the Renewable Energy sector a significant boost.
- Due to increased environmental concerns and pressure to lessen the damaging impacts of greenhouse gases, the energy generation market has seen growth in terms of installed capacity of renewable sources during the past few years (GHG). This has played a significant role in the growth of the solar and wind energy industries.
- Over the forecast period, the industry is anticipated to be driven by the expanding solar sector, which is anticipated to drive market expansion. It is a domestic source of energy, enabling every state to produce its energy independently of any foreign fuel sources.
- By providing subsidies, launching multiple awareness programs in collaboration with non-governmental organizations (NGOs), and starting several sizable sustainable power projects, the government is concentrating on boosting the use of Renewable Energy sources. Due to growing environmental concerns among people, it is also subsidizing the production of Renewable Energy, which is improving the outlook for the sector.
The Renewable Energy market is dominated by globally established players such as ABB, Xcel Energy Inc., EDF, National Grid Renewables, Acciona, Enel Spa, Innergex, The Tata Power Company Limited, General Electric, and Invenergy. These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Renewable Energy market.
Let's Look at the Top 5 Companies that are Taking the Renewable Energy Market by Storm
The Renewable Energy market is expected to grow from USD 910.5 billion in 2021 to USD 1510.3 billion in 2028 due to the declining costs of Renewable Energy. The increasing competitiveness of battery storage systems is the result of technological advancements. The growing global concern about climate change and ESG issues is attracting massive investments toward the adoption of Renewable Energy sources, driving the renewable energy market growth.
- Xcel Energy Inc.
Xcel Energy is dedicated to employee and customer safety and promotes a Safety Always culture. It is setting the standard for clean and Renewable Energy. It employs technology and innovation in all aspects of the business.
- National Grid Renewables
National Grid Renewables is repowering America by revitalizing local economies and reinvesting in a future powered by sustainable, clean, and Renewable Energy. It creates, builds, owns, and operates competitive, high-performance Renewable Energy projects across the country to maximize value for our customers, partners, and community members.
Acciona is a global infrastructure firm that develops and operates sustainable infrastructure solutions, particularly in Renewable Energy. Its operations extend across the full value chain, from design and construction to operation and maintenance. Its mission is to spearhead the transition to a low-carbon economy by providing technical expertise and creativity to all projects aimed at creating a better world.
Innergex is a privately held company that develops, acquires, owns, and operates hydroelectric facilities, wind farms, solar farms, and energy storage facilities. We operate as a global corporation in Canada, the United States, France, and Chile.
Invenergy is an international power generation development and operations firm established in the United States. In the Americas, Europe, and Asia, the firm develops, builds, owns, and runs power production and Renewable Energy storage projects, including wind, solar, and natural gas power generation and energy storage facilities.
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