Renewable energy refers to energy derived from natural sources that are constantly replenished and are not depleted when used. These sources include solar, wind, hydroelectric, geothermal, and biomass energy. Unlike fossil fuels, which are finite and contribute to environmental pollution, renewable energy sources are sustainable and have a lower environmental impact. They play a crucial role in reducing greenhouse gas emissions, mitigating climate change, and promoting a cleaner, more sustainable energy future.
Renewable Energy Market Overview
Renewable Energy Market is expected to reach a CAGR of 8.4% during the forecast period 2024-2031
The International Renewable Energy Agency (IRENA) projects that by 2050, 85% of global energy generation will come from renewable sources. Significant growth is anticipated in the global renewable energy market, driven by rapid capacity expansion in major countries like India, China, and the U.S.
Global agreements, such as the Paris Agreement, have established ambitious goals for reducing greenhouse gas emissions and boosting renewable energy use. For example, China has pledged to install over 1,200 GW of solar and wind energy capacity by 2030 as part of its broader plan to achieve carbon neutrality by 2060.
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Renewable Energy Market Growth Trends
Smart grids modernize traditional electricity grids by integrating advanced technologies and communication systems. They replace outdated infrastructure with digital, interconnected systems capable of adapting to the evolving energy landscape, including renewable energy sources, energy storage, electric vehicles, and other emerging technologies.
Smart grid technologies enhance the integration of energy storage systems with renewable energy sources. Energy storage addresses the intermittent nature of renewable generation by capturing excess energy during peak production and releasing it when production is low. By improving the reliability and dispatchability of renewable energy, smart grids play a crucial role in boosting global adoption of renewable energy.
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Renewable Energy Market is segmented
By Type: Hydroelectric Energy, Solar Energy, Wind Energy, Geothermal Energy
By End-User: Residential, Commercial, Industrial
By Region: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa
Renewable Energy Market Companies
- Acciona Energia
- EDF Renewables
- Vestas
- Ørsted A/S
- First Solar
- Adani Green Energy
- Tata Power
- Duke Energy Corporation
- Iberdrola, S.A.
- NextEra Energy, Inc.
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