Global Renewable Power Generation Market by Product (Hydropower, Wind, Bioenergy, Solar) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global renewable power generation market demand was 6890.7 TWh (2019) and is forecast to grow at a compound annual rate of 7.9% between 2020-2027. The global energy crisis has prompted the demand for sustainable energy and power production. Renewable energy sources such as solar energy and wind energy are replacing many conventional energy sources such as fossil fuel. These renewable energy sources not only produce the most energy efficiently but also have the least negative environmental impact. Many governments around the globe have established regulations to reduce greenhouse gas emissions. The Kyoto Protocol was introduced in 1997 by the United Nations Framework Convention on Climate Change. It was one of the major steps towards reducing greenhouse gas emissions in different countries.

The 2015 Paris Agreement, which saw several countries pledge their support to increasing the use of renewable energy, is a significant factor in the improvement of the market for wind and solar energy. The demand for renewable power generation has increased due to the depletion of fossil fuel reserves in recent years.

Global attention is being paid to issues such as climate change and environmental protection. These issues are attracting attention at the global level. The generation of power from the sun's and wind's energy is also gaining popularity. Solar panels are both cost-effective and efficient, which has led to increased demand for them and the subsequent installation of solar panels in residential and commercial settings.

It is crucial to switch from non-renewable fossil energy to renewable sources in order to make economic, social and environmental improvements. Furthermore, investments in renewable and clean resource sectors can generate new jobs as well as commercial opportunities. According to the Clean Jobs America 2019 Report renewable energy employment is expected to create 6% more job opportunities in the U.S.

Product Insights

Hydropower was the most popular product segment in 2019. It is expected that it will reach 7,682.3 TWh by 2030. Because of the inaccessibility of the main power supply network, individual power plants are expected to increase in remote areas with hilly terrain. These hydropower projects can supply the power requirements in remote areas without expanding the existing power grid. In the future, there will be a greater emphasis on environmental protection, which will increase the importance of electricity generated from decentralized renewable power sources, such as hydropower.

Over the last few years, wind energy's cost has been steadily falling. This is due to the growing demand for renewable and clean energy from developing countries. The main source of electricity generation in many countries, such as Denmark, Finland and Norway, is. HTML3_ Biomass power HTML3_ HTML3_ has been a key resource in Europe and Asia Pacific. Growing consumer awareness regarding the environmental impact of petrochemical-derived fuels has driven the investments in developing alternative energy sources. In Asia Pacific, bioenergy technology investments have seen significant growth in the last few years. Recent changes to carbon emission targets can be attributed for the rapid growth of the bioenergy sector in renewable energy generation.

Geothermal and marine power are other renewable power sources. The evolution of renewable energy has seen sea energy emerge as a viable alternative. This may help to promote efficient products and technologies, and to develop existing renewable resources to produce clean energy. Ocean energy is a very small part of renewable energy and only operates in select regions, particularly in North America and Europe.

Regional Insights

Asia Pacific accounted for the largest market share in 2019, and will continue to grow at a CAGR 8.6% between 2020-2027. The rising population, particularly in India and China, is a support to the rise in power consumption. The demand for energy, including electricity, transport, and cooking fuel, is increasing due to the rising population. Due to favorable government policies, such as tax benefits and higher investments through FDI, the majority of chemical manufacturing companies have moved their manufacturing plants to China and India. These initiatives are expected to boost the regional market in renewable power generation.

Many countries, including Canada, the U.S., China and Germany, have already established supporting regulations and offered financial incentives to encourage the deployment of renewable energies. Countries around the globe use financial incentives, such as tax benefits, subsidies and feed-in tariffs, to attract investment into the renewable power generation market. In 2015, India pledged 175 GW to have renewable power generation sources installed in its power sector by 2022.

According to the National Renewable Energy Action Plans, the combined capacity target for the European countries in which ocean energy technologies have been developed is expected to rise to 2253 MW by 2020. Portugal and the U.K. are two examples of European countries that have implemented economic policy instruments to encourage deployment of prototype devices. These instruments include the awarding of prizes or market incentives. The IEA Energy R&D statistics show that the U.K. (13.4%), Ireland (12.4%), and Sweden (12.1%) have the highest ocean energy RD&D spends in Europe.

Market Share Insights & Key Companies

Market players are more likely to invest in research and development. As part of the strategic initiatives for product development, associations also participate. The industry is dominated by capacity growth and government tie ups. This market trend indicates significant expansion and acquisitions. In recent years, the market for renewable energy generation has seen a rise in companies. Companies are making great efforts to improve their technology and develop new and better devices. These projects are expensive and can pose financial risks. The following are some of the most prominent players in the market for renewable power generation:

• General Electric

• ABB Ltd.

• Tata Power Limited (The Tata Power Company Limited)

• Xcel Energy Inc.

• Innergex

• Enel Spa

• EDF

• Geronimo Energy

• ACCIONA

• Invenergy

Up Market Research published a new report titled “Renewable Power Generation Market research report which is segmented by Product (Hydropower, Wind, Bioenergy, Solar), By Players/Companies ACCIONA, Geronimo Energy, Enel Spa, EDF, Xcel Energy Inc, Innergex, ABB Ltd, Invenergy, General Electric, The Tata Power Company Limited (Tata Power)”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Renewable Power Generation Market Report Segments:

The market is segmented by Product (Hydropower, Wind, Bioenergy, Solar).

Renewable Power Generation Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Renewable Power Generation Market

Overview of the regional outlook of the Renewable Power Generation Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Renewable Power Generation Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Renewable Power Generation Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Hydropower

                2. Wind

                3. Bioenergy

                4. Solar

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Renewable Power Generation Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Renewable Power Generation Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.