Renewable Energy Market Overview:

A research team conducted extensive primary and secondary research for the global Renewable Energy market analysis. Secondary research was carried out to supplement the available data, segment the market, calculate the overall market size, and forecast market size and growth rate.

In recent years, the rapid rise of solar and wind power has given new hope to global efforts to cut greenhouse gas emissions and mitigate the most serious effects of climate change. Solar and wind combined accounted for barely 1.7% of global electricity generation in 2010. By 2020, it had risen to 8.7%, significantly higher than what conventional energy models had expected. For example, the International Energy Agency expected that global solar energy generation will reach 550 terrawatt-hours by 2030 in 2012, but that number had already been surpassed by 2018. These factors presume that solar and wind power along with other types are expected to grow at a significant rate, which in turn is expected to boost the renewable energy market growth throughout the forecast period.

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Renewable Energy Market Scope:

The study employs PESTLE analysis to evaluate the benefits and drawbacks of major market participants. The researcher carefully examines the size, share, trend, total profit, total revenue, and profit margin of the Renewable Energy market in order to forecast the market and provide investment advice. Subject-matter experts provide market-change advice.

In addition to data on capacity and production, price and cost information, company profiles, product images, specifications, and contact information, the report includes details on the major market participants. The Renewable Energy market is examined for trends, size, and value at the global, regional, and corporate levels in this report. This study examines the global market for Renewable Energy using historical data and future projections.

Renewable Energy Market Segmentation:

The Renewable Energy Market is divided into Residential, Commercial, Industrial, and Other segments based on application. During the forecast period, the Residential segment is anticipated to expand at a CAGR of 8.6%. Due to rising environmental awareness and a desire to reduce the world's carbon footprint, people are choosing renewable energy sources over conventional, rapidly depleting non-renewable energy sources. The increased use of geothermal heat pumps for home heating applications is credited with the segment growth. As the demand for electricity rises, there will likely be a significant increase in the need for geothermal energy. Numerous businesses in the market also provide residential geothermal energy.

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Renewable Energy Market Key players:

GE
NextEra Energy, Inc.
Enel Group
ONPOWER Business Energy
Yingli Solar
Tocardo BV
SynTech Bioenergy
Siemens AG
Canadian Solar Inc.
Invenergy LLC
COVID-19 Impact on Renewable Energy market:

The outbreak of COVID-19 has had a significant impact on the Renewable Energy market. The development of Renewable Energy production facilities has been halted due to the global economic downturn and a labour shortage. The COVID-19 pandemic has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered staff visits to their facilities, limiting the growth of the Renewable Energy market in 2020. However, given the high demand for Renewable Energy, COVID-19's market effects are expected to be transitory. The industry is expected to fully recover by the beginning of 2021.

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Stellar Market Research is a market research and consulting firm that provides syndicated and custom research reports in addition to consulting services. The main goal of the company's products is to assist businesses in identifying, focusing on, and analysing changes in consumer behaviour across demographics and industries to assist them in making better business decisions. In order to provide relevant and fact-based research, the company conducts market intelligence studies in a variety of industries, including healthcare, touch points, and energy. With experience in many different industries, Stellar Market Research has a sizable staff of highly qualified analysts. Clients can gain a competitive advantage over their rivals thanks to the company's subject-matter expertise and capacity to provide a workable solution to any research problem.

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