Latest News- Renewable Energy Market: Residential is expected to lead the End-user segment during 2025-2029

The Renewable Energy Market is being driven by Rise in global energy demand

The Renewable Energy Market is expected to grow at a CAGR of 9.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2266.2 billion. In the current business landscape, the global electricity demand has experienced exponential growth due to urbanization and industrialization, particularly in Asian markets like China and India. This surge in demand has predominantly been met through the utilization of fossil fuels, such as coal and natural gas, leading to a substantial increase in global carbon dioxide (CO2) emissions from fuel combustion. Notably, the electricity and heat generation sectors accounted for over 42% of global CO2 emissions in the year 2023. This trend poses significant challenges for businesses, as there is a pressing need to reduce carbon footprints while meeting growing energy demands. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Residential
  • Industrial
  • Commercial
• Type
  • Hydropower
  • Wind
  • Solar
  • Others
• Deployment
  • On-grid
  • Off-grid
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • France
    • Italy
  • North America
    • Canada
    • US
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in global energy demand
• Rising government support
• Increase in investments in clean energy technologies

However, the market also witnesses some limitations, which are as follows:

• Competition of alternative energy sources
• High cost of clean energy technologies
• Challenges in renewable energy availability and storage.

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Market Scope in Renewable Energy Market Research Report

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Research Analysis Overview

Amidst the global energy crisis, renewable energy sources such as Solar PV, Hydroelectric power, Wind, Geothermal, Ocean power, and others are gaining traction. Policy makers are prioritizing energy security and addressing environmental concerns by promoting these clean technologies. Solar energy and Wind energy are leading the charge, with utility-scale systems and small distributed systems reducing electricity prices. However, investment costs and interest rates remain key challenges. Battery storage systems are crucial for stabilizing the grid and mitigating intermittency issues. Fossil fuels continue to have a large carbon footprint (CO2 and greenhouse gas emissions), making renewables a more sustainable choice. Environmental conditions and technology advancements are driving innovation in Solar PV, Wind (onshore and offshore), and other renewables.

Market Research Overview

The renewable energy market encompasses businesses involved in the production and distribution of electricity derived from sustainable sources. This sector comprises independent power producers, gas and power marketing specialists, integrated energy merchants, and manufacturers of solar power equipment. Factors driving the expansion of the global renewable electricity market include supportive policies and ambitious targets for renewable energy deployment, competitive electricity prices, and the global energy crisis. These elements have led to a significant increase in solar PV capacity, with both utility-scale systems and small distributed systems experiencing substantial growth. Despite potential investment costs and interest rate fluctuations, the long-term benefits of renewable energy make it an attractive and secure energy solution for businesses and governments alike.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/