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Renewable energy is a new and upcoming market. Various geographic terrains and technology advancements determine which renewable energy can be used. The rise in greenhouse emissions, coupled with depleting crude oil resources is driving the renewable energy market.
Based on the type, the global market is classified into solar energy, wind energy, bioenergy, hydro energy, and geothermal energy. The hydro energy segment accounted for the major share in the market. The hydro energy segment can further be divided into small hydro (up to 10 MW), large hydro (above 10 MW), and wave and tidal energy. Developing nations are focusing on developing large-scale hydro-power plants due to the high technological advancements in the field.
Based on the end-user, the market is classified into residential, commercial, industrial, and utility. The industrial segment accounted for the major share of the market and it is anticipated that it will maintain its attractiveness during the forecast period, as non-renewable fuels constitute a major portion of the operating costs of industries, which is driving the shift to renewable energy.
Several governments and organizations across the globe are issuing regulatory mandates and legislative directives regarding carbon emissions from industries and vehicles. The depletion of crude oil resources and the rising carbon emissions in countries all over the world is a rising concern for every individual. The increasing consumerism of sustainable products is likely to drive the global renewable energy market during the forecast period.
The key market restraint for the market is the high cost of installing renewable energy equipment. Also, inadequate knowledge and technology are affecting the growth of the market.
Key Market Driver -
Growing concern of rising carbon emissions and depletion of renewable resources
Key Market Restraint -
High Initial Cost
Some of the major companies in the renewable energy market are Ocean Power Technologies, Inc., Ørsted, GE, NextEra Energy, Inc., Enel Group, On Power, Yingli Solar, Tocardo BV, SynTech Bioenergy, Vestas, Siemens Gamesa, Canadian Solar Inc., ABB, TATA Power, Innergex, Xcel Energy, Geronimo Energy, Invenergy LLC, ACCIONA, UpWind Solutions, Inc., Senvion, Sinovel Wind Group Co., Ltd., and ENERCON GmbH.
The global renewable energy market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific accounted for the major share of the global market, due to the surge in power demand of the region due to rapid industrialization and urbanization. The Asia Pacific market is also increasing due to the rising pollution levels in India and China. Europe is the fastest-growing region for the global renewable energy market, owing to the rising adaptation of renewable energy in nations such as Norway and Denmark.
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