The call for renewable energy sources has risen substantially, thus inspiring the development of the renewable energy market in 2020. The energy power industry reports with a special focus on the effect o the ongoing COVID-19 pandemic are produced by Market Research Future, which enumerates market outlook for growth. The market is estimated to witness a CAGR of 8.2% by 2025.
The delay in the installation and production of power equipment owing to the pandemic is estimated to slow down the growth rate of the renewable energy market globally. The postponement of renewable projects owing to manufacturing shutdown, coupled with backlogs and delays in completing orders, is predicted to decelerate the growth rate of the renewable energy market.
Segmental Analysis
The segmental examination of the renewable energy market is carried out on the basis of type, region, and end-use. Based on the type, the renewable energy market is segmented into geothermal energy, solar energy, bioenergy, wind energy, hydropower, and ocean energy. On the basis of end-use, the renewable energy market is segmented into residential, commercial, and industrial, which is further segmented into iron steel, power, automotive oil gas, chemicals and petrochemicals, food beverage. Based on the regions, the renewable energy market is segmented into the Middle East, Asia Pacific, Africa, Europe, South America, and North America.
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Detailed Regional Analysis
The regional review of the renewable energy market is segmented into regions such as the Middle East, Asia Pacific, Africa, Europe, South America, and North America. Energy consumption in recent years has increased at a substantial rate in the APAC region. The APAC region’s renewable energy market is expected to demonstrate a CAGR of 8.90% for the duration of the forecast period. The focus is altering towards unconventional energy resources as conventional power resources are lacking to meet this rising energy requirement. The demand for energy in APAC is fueled by speedy industrialization and urbanization, and a mushrooming middle-class has led to the extension of the consumer base in Asia. The efforts to deal with the increasing level of pollution are inspiring the implementation of eco-friendly power generation solutions in countries like China and India. More than a few countries in Europe and the US are greatly dependent on low-cost solar cells and modules from countries like China. Moreover, the US relies on various countries for the import of wind equipment as well. As a result, the COVID-19 pandemic globally, the resultant halts in the manufacturing operation of components, is ultimately expected to create unprecedented hindrance in the global supply.
Competitive Analysis
The scheduling and forecasting for human capital in the market is likely to be a vital area for focus in the years ahead. The advances in manufacturing style and technologies are anticipated to increase precedence in the coming years as areas of innovation. The support provided by regulations is estimated to stave off the effects of the downturn considerably in the coming period. The present-day disequilibrium in the market forces has led to the market players taking a more cautious tact to expansion and development strategies. The development of the market has presently come close to a standstill with government agencies and trade bodies, introducing various stimuli in economic and labor policies to pick up the pace of growth in the global market. The recalibration of the supply chain is expected to be another area for market expansion in the upcoming period. The currency inflow is estimated to be limited in the next period, which may create additional problems for the market growth on the whole.
The leading companies in the renewable energy market are Ørsted A/S, General Electric, Enel Spa, On Power, Yingli Solar, NextEra Energy, Inc., Ocean Power Technologies, Inc., Tocardo BV, Vestas Wind Systems A/S, SynTech Bioenergy LLC, Siemens AG, and Canadian Solar Inc.
