Renewable Energy Market by Type and Geography - Forecast and Analysis 2022-2026
- Published: Feb 2022
- Pages: 120
- SKU: IRTNTR71413
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The renewable energy market share is expected to increase by 1581.08 gigawatts from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.72%.
This renewable energy market research report extensively covers renewable energy market segmentation by type (hydropower, wind, solar, and others) and geography (APAC, Europe, North America, South America, and MEA). The renewable energy market report also offers information on several market vendors, including Acciona SA, EnBW Energie Baden Wurttemberg AG, Enel Spa, General Electric Co., Innergex Renewable Energy Inc., Invenergy, National Grid Plc, RWE AG, Siemens Gamesa Renewable Energy SA, and Vestas Wind System AS among others.
What will the Renewable Energy Market Size be During the Forecast Period?
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Renewable Energy Market: Key Drivers, Trends, and Challenges
The supportive government policies is notably driving the renewable energy market growth, although factors such as competition from fossil fuels may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the renewable energy industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Renewable Energy Market Driver
The supportive government policies is one of the key drivers supporting the renewable energy market growth. Governments across the world support the adoption of solar PV systems by providing incentives, subsidies, and tax benefits to producers and consumers. For instance, in the US, the investment tax credit (ITC) is an important federal policy developed to support the adoption of solar PV energy in the country. However, many countries are formulating policies to promote the development and adoption of solar power technologies. One such notable example is the FiT policy, formulated to encourage investments in renewable energy technologies. This policy covers various aspects of the solar PV energy industry, including eligibility criteria, bonuses, and various other grants. Such policies are expected to drive market growth during the forecast period.
Key Renewable Energy Market Trend
The emergence of zero-energy buildings is another factor supporting the renewable energy market growth. The construction industry is adopting multiple energy efficiency measures, including improved designs and materials that promote a healthy and productive environment, minimize the issues associated with GHG emissions, and reduce fossil fuel-based energy consumption. The concept of ZEBs is an energy-efficient technology in which the building obtains its energy using renewables. The energy produced is equal to the amount of energy consumed on an annual basis. Moreover, it is already being implemented in some countries with the help of regulations and mandates formed by governments. Thus, the increased adoption of ZEBs will proliferate the use of solar PV systems, which is expected to drive the growth of the market during the forecast period.
Key Renewable Energy Market Challenge
The competition from fossil fuels is one of the factors hindering the renewable energy market growth. The share of renewable energy in global electricity consumption increased steadily over the years. Many countries prefer using fossil fuels over renewable energy because of the abundant availability of fossil fuels for electricity generation. In addition, the cost of establishing a renewable energy facility to produce power is expensive, and the power output from renewable sources is not as much as that from fossil fuels due to the intermittent nature of renewables. For instance, Solar PV installations require a high initial investment even though the material cost has been significantly reduced. The requirement of a vast area for panels to generate a large amount of electricity is the major reason for the increased investment rates. These factors will impede the market growth during the forecast period.
This renewable energy market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the renewable energy market as a part of the global utilities market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the renewable energy market during the forecast period.
Who are the Major Renewable Energy Market Vendors?
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- Acciona SA
- EnBW Energie Baden Wurttemberg AG
- Enel Spa
- General Electric Co.
- Innergex Renewable Energy Inc.
- National Grid Plc
- RWE AG
- Siemens Gamesa Renewable Energy SA
- Vestas Wind System AS
This statistical study of the renewable energy market encompasses successful business strategies deployed by the key vendors. The renewable energy market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- EnBW Energie Baden Wurttemberg AG - The company offers renewable energy solutions with the aim to increase the current capacity of around 4.4 GW, which accounts for about 32 percent of total installed output focusing on offshore wind power, onshore wind power, under the brand name of ENBW.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The renewable energy market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Renewable Energy Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the renewable energy market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the utilities market includes the following core components:
- Electricity generation
- Electricity transmission
- Electricity distribution
- Industry innovations
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
Which are the Key Regions for Renewable Energy Market?
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69% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for the renewable energy market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The financial incentive programs will facilitate the renewable energy market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 pandemic in the region disrupted various verticals of industries, mainly the renewable energy industry. Many solar power projects across the region were postponed or canceled due to lockdowns in various countries, such as India, China, South Korea, and Japan. However, growing rapid vaccination drives in 2021 and reduced COVID-19 cases will help vendors increase their production volume to offset the loss in 2020. This will slowly improve the growth of the regional market during the forecast period.
What are the Revenue-generating Type Segments in the Renewable Energy Market?
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The renewable energy market share growth by the hydropower segment will be significant during the forecast period. According to the International Energy Agency (IEA), hydropower is the largest source of renewable electricity globally and is expected to increase by 17%, or 230 GW, between 2021 and 2030. Hydropower generation increased 124 Terawatt-hour (TWh) in 2020, a total of 3% increase compared with 2019, reaching 4,418 TWh. Thus, the increasing generation will propel the market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the renewable energy market size and actionable market insights on post COVID-19 impact on each segment.
Renewable Energy Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 8.72%
Market growth 2022-2026
YoY growth (%)
APAC, Europe, North America, South America, and MEA
Performing market contribution
APAC at 69%
Key consumer countries
China, US, India, Germany, and Japan
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
Acciona SA, EnBW Energie Baden Wurttemberg AG, Enel Spa, General Electric Co., Innergex Renewable Energy Inc., Invenergy, National Grid Plc, RWE AG, Siemens Gamesa Renewable Energy SA, and Vestas Wind System AS
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
What are the Key Data Covered in this Renewable Energy Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive renewable energy market growth during the next five years
- Precise estimation of the renewable energy market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the renewable energy industry across APAC, Europe, North America, South America, and MEA
- A thorough analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of renewable energy market vendors
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1. Executive Summary
2. Market Landscape
2.1 Market ecosystem
Exhibit 01: Parent market
2.2: Market Characteristics
2.2 Value chain analysis
Exhibit 02: Value chain analysis : Utilities
2.2.1 Electricity generation
2.2.2 Electricity transmission
2.2.3 Electricity distribution
2.2.5 Industry innovations
3. Market Sizing
3.1 Market definition
Exhibit 03: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 04: Market segments
3.3 Market size 2020
3.4 Market outlook: Forecast for 2020 - 2025
3.4.1 Estimating growth rates for emerging and high-growth markets
3.4.2 Estimating growth rates for mature markets
Exhibit 05: Global - Market size and forecast 2021 - 2026 (GW)
Exhibit 06: Global market: Year-over-year growth 2021 - 2026 (%)
4. Five Forces Analysis
4.1 Five Forces Summary
Exhibit 07: Five forces analysis 2020 & 2025
4.2 Bargaining power of buyers
4.3 Bargaining power of suppliers
4.4 Threat of new entrants
4.5 Threat of substitutes
4.6 Threat of rivalry
4.7 Market condition
Exhibit 08: Market condition - Five forces 2021
5. Market Segmentation by Type
5.1 Market segments
The segments covered in this chapter are:
Exhibit 09: Type - Market share 2021-2026 (%)
5.2 Comparison by Type
Exhibit 10: Comparison by Type
5.3 Hydropower - Market size and forecast 2021-2026
Exhibit 11: Hydropower - Market size and forecast 2021-2026 (GW)
Exhibit 12: Hydropower - Year-over-year growth 2021-2026 (%)
5.4 Wind - Market size and forecast 2021-2026
Exhibit 13: Wind - Market size and forecast 2021-2026 (GW)
Exhibit 14: Wind - Year-over-year growth 2021-2026 (%)
5.5 Solar - Market size and forecast 2021-2026
Exhibit 15: Solar - Market size and forecast 2021-2026 (GW)
Exhibit 16: Solar - Year-over-year growth 2021-2026 (%)
5.6 Others - Market size and forecast 2021-2026
Exhibit 17: Others - Market size and forecast 2021-2026 (GW)
Exhibit 18: Others - Year-over-year growth 2021-2026 (%)
5.7 Market opportunity by Type
Exhibit 19: Market opportunity by Type
6. Customer landscape
Exhibit 20: Customer landscape
7. Geographic Landscape
7.1 Geographic segmentation
Exhibit 21: Market share by geography 2021-2026 (%)
7.2 Geographic comparison
Exhibit 22: Geographic comparison
7.3 APAC - Market size and forecast 2021-2026
Exhibit 23: APAC - Market size and forecast 2021-2026 (GW)
Exhibit 24: APAC - Year-over-year growth 2021-2026 (%)
7.4 Europe - Market size and forecast 2021-2026
Exhibit 25: Europe - Market size and forecast 2021-2026 (GW)
Exhibit 26: Europe - Year-over-year growth 2021-2026 (%)
7.5 North America - Market size and forecast 2021-2026
Exhibit 27: North America - Market size and forecast 2021-2026 (GW)
Exhibit 28: North America - Year-over-year growth 2021-2026 (%)
7.6 South America - Market size and forecast 2021-2026
Exhibit 29: South America - Market size and forecast 2021-2026 (GW)
Exhibit 30: South America - Year-over-year growth 2021-2026 (%)
7.7 MEA - Market size and forecast 2021-2026
Exhibit 31: MEA - Market size and forecast 2021-2026 (GW)
Exhibit 32: MEA - Year-over-year growth 2021-2026 (%)
7.8 Key leading countries
Exhibit 33: Key leading countries
7.9 Market opportunity by geography
Exhibit 34: Market opportunity by geography (GW)
8. Drivers, Challenges, and Trends
8.1 Market drivers
8.1.1 Supportive government policies
8.1.2 Rapid urbanization
8.1.3 Environmental concerns regarding fossil fuels
8.2 Market challenges
8.2.1 Competition from fossil fuels
8.2.2 High initial investments
8.2.3 Project delays and cancellation of orders due to COVID-19 pandemic
Exhibit 35: Impact of drivers and challenges
8.3 Market trends
8.3.1 Emergence of zero-energy buildings
8.3.2 Lack of progression in the application of the nuclear power
8.3.3 Increase in output efficiency, less pollution, and low maintenance costs
9. Vendor Landscape
10.1 Competitive scenario
10.2 Vendor landscape
Exhibit 36: Vendor Landscape
10.3 Landscape disruption
Exhibit 37: Landscape disruption
10.4 Industry risks
Exhibit 38: Industry risks
10. Vendor Analysis
10.1 Vendors covered
Exhibit 39: Vendors covered
10.2 Market positioning of vendors
Exhibit 40: Market positioning of vendors
10.3 Acciona SA
Exhibit 41: Acciona SA - Overview
Exhibit 42: Acciona SA - Business segments
Exhibit 43: Acciona SA - Key offerings
Exhibit 44: Acciona SA - Segment focus
10.4 EnBW Energie Baden Wurttemberg AG
Exhibit 45: EnBW Energie Baden Wurttemberg AG - Overview
Exhibit 46: EnBW Energie Baden Wurttemberg AG - Business segments
Exhibit 47: EnBW Energie Baden Wurttemberg AG - Key news
Exhibit 48: EnBW Energie Baden Wurttemberg AG - Key offerings
Exhibit 49: EnBW Energie Baden Wurttemberg AG - Segment focus
10.5 Enel Spa
Exhibit 50: Enel Spa - Overview
Exhibit 51: Enel Spa - Business segments
Exhibit 52: Enel Spa - Key news
Exhibit 53: Enel Spa - Key offerings
Exhibit 54: Enel Spa - Segment focus
10.6 General Electric Co.
Exhibit 55: General Electric Co. - Overview
Exhibit 56: General Electric Co. - Business segments
Exhibit 57: General Electric Co. - Key news
Exhibit 58: General Electric Co. - Key offerings
Exhibit 59: General Electric Co. - Segment focus
10.7 Innergex Renewable Energy Inc.
Exhibit 60: Innergex Renewable Energy Inc. - Overview
Exhibit 61: Innergex Renewable Energy Inc. - Business segments
Exhibit 62: Innergex Renewable Energy Inc. - Key news
Exhibit 63: Innergex Renewable Energy Inc. - Key offerings
Exhibit 64: Innergex Renewable Energy Inc. - Segment focus
Exhibit 65: Invenergy - Overview
Exhibit 66: Invenergy - Product and service
Exhibit 67: Invenergy - Key offerings
10.9 National Grid Plc
Exhibit 68: National Grid Plc - Overview
Exhibit 69: National Grid Plc - Business segments
Exhibit 70: National Grid Plc - Key news
Exhibit 71: National Grid Plc - Key offerings
Exhibit 72: National Grid Plc - Segment focus
10.10 RWE AG
Exhibit 73: RWE AG - Overview
Exhibit 74: RWE AG - Business segments
Exhibit 75: RWE AG - Key news
Exhibit 76: RWE AG - Key offerings
Exhibit 77: RWE AG - Segment focus
10.11 Siemens Gamesa Renewable Energy SA
Exhibit 78: Siemens Gamesa Renewable Energy SA - Overview
Exhibit 79: Siemens Gamesa Renewable Energy SA - Business segments
Exhibit 80: Siemens Gamesa Renewable Energy SA - Key news
Exhibit 81: Siemens Gamesa Renewable Energy SA - Key offerings
Exhibit 82: Siemens Gamesa Renewable Energy SA - Segment focus
10.12 Vestas Wind System AS
Exhibit 83: Vestas Wind System AS - Overview
Exhibit 84: Vestas Wind System AS - Business segments
Exhibit 85: Vestas Wind System AS - Key news
Exhibit 86: Vestas Wind System AS - Key offerings
Exhibit 87: Vestas Wind System AS - Segment focus
11.1 Scope of the report
12.1.1 ????Market definition
12.1.3 ????Notes and caveats
11.2 Currency conversion rates for US$
Exhibit 88: ?Currency conversion rates for US$?
11.3 Research Methodology
Exhibit 89: ?Research Methodology
Exhibit 90: ??Validation techniques employed for market sizing?
Exhibit 91: ??Information sources
11.4 List of abbreviations
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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Frequently Asked Questions?
- Supportive government policies
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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