Skip to main content

Renewable energy technologies market position to accelerate the energy transition to achieve net-zero carbon emissions by 2022

 

Renewable Energy Technologies Market

The Renewable Energy Technologies Market is estimated to be valued at US$ 881.7 Billion in 2022 and is expected to exhibit a CAGR of 8.4% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Renewable energy technologies play a vital role in decarbonizing the energy sector by producing clean energy from renewable and replenishable sources like solar, wind, hydropower and bioenergy. These technologies provide pollution-free electricity and fuels for heating, cooling and mobility applications to meet the energy needs in a sustainable manner.

Market Dynamics:

Rising concerns over climate change and global efforts to reduce greenhouse gas emissions are a key driver propelling growth of the renewable energy technologies market. According to the IPCC, the energy sector needs to rapidly transition away from fossil fuels to renewable sources by 2020 to achieve net-zero carbon emissions and limit global warming below 1.5°C. Governments across various countries have implemented supportive policy mechanisms and financial incentives like renewable portfolio standards, renewable energy credits, tax incentives and net metering policies to encourage large-scale adoption of renewable technologies. Additionally, falling technology costs and improving efficiency of solar PV modules and wind turbines in recent years have also significantly boosted the commercial and economic viability of renewable energy systems.

Market key trends:

The renewable energy technologies market has seen growth in solar, wind, hydropower, and other renewable energy sources over the past decade. Solar and wind technologies have become more efficient and cost effective, making them competitive with traditional fossil fuel options in many places. Storage solutions are also improving, allowing renewable sources to provide electricity even when the sun isn't shining or the wind isn't blowing. Governments around the world have also implemented policies like renewable portfolio standards and carbon pricing initiatives to incentivize the increased adoption of clean energy.

SWOT Analysis

·         Strengths: Renewable energy sources are abundant and widely distributed, helping to improve energy security. They also have zero fuel costs and reduce emissions.

·         Weaknesses: Upfront capital costs are high for new renewable projects. The intermittent nature of solar and wind also requires fossil fuel backups or energy storage solutions.

·         Opportunities: Many countries and states have set ambitious renewable energy and decarbonization targets, opening large potential markets. Technological improvements continue to drive down costs.

·         Threats: Fossil fuel lobbies may try to slow or roll back clean energy policies and subsidies. Natural disasters could damage renewable infrastructure.

Key Takeaways:

The Global Renewable Energy Technologies Market Size was valued at $881.7 billion in 2022. It is expected to witness high growth, exhibiting a CAGR of 8.4% over the forecast period from 2023 to 2030.

Regional analysis: The Asia Pacific region currently dominates the renewable energy technologies market, led by China, India, Japan, and other emerging economies. Asia Pacific accounted for over 40% of renewable capacity additions in 2021 due to strong policy support for solar and wind projects in China, India, and other nations.

Key players: Key players operating in the renewable energy technologies market include Innergex Renewable Energy Inc, Infigen Energy, Goldwind, First Solar, Inc., Aventine Renewable Anwell Technologies Ltd., SunPower Corporation, Yingli Green Energy Holding Co, LTD., Vestas Wind Systems A/S, SMA Solar Technology, AG, and Ocean Power Technologies, Inc. amongst others. These companies are focusing on expanding their renewable energy capacities and investing in new technologies like floating offshore wind to capitalize on the growing industry.

 

 

Read More - https://www.insightprobing.com/renewable-energy-technologies-market-is-estimated-to-witness-high-growth-owing-to-increasing-policy-support/

Labels:

Comments

Post a Comment

Popular posts from this blog

Sustainable Aviation Fuel Market is Set to Witness Significant Growth Due to Stringent Emission Norms

Sustainable Aviation Fuel Market Sustainable aviation fuel, also known as biofuel, refers to jet fuel produced from sustainable feedstocks such as grease, vegetable oils and animal fats. It is mandated to reduce the environmental impact of aviation, with a life cycle carbon footprint up to 80% lower than conventional jet fuel. Governments across regions are adopting policies and targets to promote sustainable aviation fuel uptake among airlines. For instance, the EU aims to reach 2 million tons of sustainable fuel per year by 2030. The global sustainable aviation fuel market is estimated to be valued at US$ 2.37 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031. Key Takeaways Key players operating in the sustainable aviation fuel are Eisai Co., Ltd., Novartis AG, AbbVie Inc. (Allergan Plc.), Adamas Pharmaceuticals, Inc., H. Lundbeck A/S, Biogen, AC Immune, F. Hoffmann La Roche Ltd., Daiichi Sankyo Company, Limited, Johnson & Johnson Services,...
Post a Comment
Read more

Rails to Resilience: Strategies Driving Growth in the Railway Coatings Market

Railway Coatings Market Railway coatings play a critical role in protecting rail infrastructure against corrosion, abrasion, and weathering, thereby extending the lifespan of railway assets and enhancing operational efficiency. The Railway Coatings Market encompasses a diverse range of coatings specifically formulated to meet the unique requirements of rail applications, including coatings for rolling stock, track components, bridges, and stations. As the global rail industry continues to expand and modernize, the demand for high-performance coatings that offer durability, safety, and environmental sustainability is on the rise. The railway coatings market was valued at  US$ 2,334.2 Mn in 2024 , and is expected to exhibit a  CAGR of 5.2% , in terms of revenue, over the forecast period  2024-2031  to reach  US$ 3,497.6 Mn by 2031 . Key Takeaways: The Railway Coatings Market is witnessing steady growth, driven by various factors such as infrastructure development ...
Post a Comment
Read more

The Global Antifoaming Agent Market is poised to Exhibit Strong Growth

Antifoaming Agent Market The antifoaming agent market is fast gaining traction due to increasing industrial usage of chemicals, especially in numerous end-use sectors like pharmaceuticals, pulp & paper, paints & coatings, oil & gas, and food & beverages. Antifoaming agents are chemicals that reduce or suppress the formation of foam in industrial processes. They are widely used as additives to prevent foaming issues in various industrial applications. Commonly used antifoaming agents include silicone-based, oil-based, and water-based defoamers. These agents find usage in processes involving agitation to prevent excessive foaming that can negatively impact manufacturing operations and product quality. The Global Antifoaming Agent Market is estimated to be valued at US$ 6.08 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031. Key Takeaways Key players operating in the Global Antifoaming Agent market are BASF, Evonik Industries, Air P...
Post a Comment
Read more