Renewable Energy Market Pegged for Robust Expansion during - 2023

The global market for renewable energy (excluding biofuels) should grow from $636.1 billion in 2018 to reach $855.2 billion by 2023 at a compound annual growth rate (CAGR) of 6.1% for the period of 2018-2023.

Report Scope:

This report covers the major sources of renewable energy as primary fuels: hydroelectric, wind, solar, geothermal and oceanic sources (wave, tidal and thermal). This study will be useful for both renewable technology and material suppliers along with power generation companies which produce power through renewable resources. It will be helpful for companies making decisions such as estimating market demand for technologies and materials, making expansion and upgrade plans for existing facilities, deciding on investments in renewable energy sectors, etc.

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This report intensively deals with power generation through renewable resources and therefore does not focus on other applications of renewable resources. However, it provides basic data on applications such as heating and lighting.

The scope of this report is intentionally wide. We cover the major sources of renewable energy as primary fuels—hydroelectric, wind, solar, geothermal and oceanic sources (wave, tidal and thermal) and liquid biofuels for transportation. There is no shortage in the marketplace of reports on each of these sources. However, what existing reports lack and what this report is intended to provide is a global perspective that places each source in a relevant context for decision makers in both the public and private sectors.

In particular, this report includes -
- An overview of the global market for renewable energy and technologies.
- Analyses of global market trends, with data from 2017 and 2018 and projections through 2023.
- Coverage of the major sources of renewable energy as primary fuels including: hydroelectric, wind, solar, geothermal and oceanic sources (wave, tidal and thermal).
- Examination of the impact on the renewable energy market brought about by surging global demand for energy, the impact of climate change on alternative fuels, improvements in technology and the availability of new materials.
- Comprehensive profiles of major players in the field and technology patents.

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Report Includes:

- 132 data tables
- An overview of the global market for renewable energy and related applications and technologies
- Analyses of global market trends, with data from 2017 to 2018, and projections of CAGRs through 2023
- Coverage of the major sources of renewable energy as primary fuels, including hydroelectric, wind, solar, liquid biofuels for transportation, geothermal, and oceanic sources (wave, tidal and thermal)
- Examination of the impact on the renewable energy market brought about by the surging global demand for energy, the impact of climate change on alternative fuels, improvements in technology, and the availability of new materials
- Information on how each source of renewable energy may employ differing technologies, have differing constraints, and offer different possibilities to different classes of users
- Comprehensive profiles of major players in the field, including Alstom Power, Bharat Heavy Electricals Ltd., General Electric, Hitachi and Toshiba Corp.

Summary

Renewable energy sources have had a strong decade of growth. In 2009, they contributed about 10% of global primary fuel supplies. However, the market environment for renewable energy is likely to be more challenging in the years ahead. As the prices for some renewable energy sources become more competitive, suppliers will be forced to compete. As the price of natural gas declines, the wind power industry in particular will be challenged to find ways to lower prices, even as future projects focus on more expensive offshore installations. Solar power, with its much larger customer and manufacturing base, will be able to respond more quickly, although declining prices and margins will be difficult for
suppliers just as declining business volume will be for the wind power industry. The workhorse of renewable energy—hydropower—will continue to grow mainly due to contracts signed and financing secured before the recent recession.

Asia-Pacific has emerged as the leading regional market with the largest installed renewable energy capacity, with REDACTED of global installed renewable energy capacity in 2017. In addition to being the largestinstalled capacity market, the Asia-Pacific region is also expected to be the fastest-growing regionalmarket for renewable energy, with an estimated compound annual growth rate (CAGR) of REDACTED from2018 to 2023.

China’s 13th Five-Year Plan aims to reduce emissions of harmful gases into the atmosphere by producing electricity using renewable resources. The country is expected to remain a key driving factor for the Asia-Pacific market over the forecast period. Additionally, increasing governmental interventions to promote electricity generation using renewable resources in India are expected to contribute to the growth of the regional market over the forecast period.

Regional demand for renewable electricity in Europe is expected to increase mainly due to government policies, particularly in Germany, France and the U.K., aimed at increasing the share of renewableenergy to REDACTED by 2020. Cumulative installed capacity of all renewable energy resources (except biofuels) in Europe is expected to reach REDACTED by 2023, growing at an estimated CAGR of REDACTED.

Efforts to reduce or minimize reliance on conventional energy resources such as oil, natural gas and coal due to growing environmental hazards caused during their use for power generation are expected to remain a key driving factor for the global market. In addition, governmental support in the form of tax benefits and financial incentives in nations such as the U.S., Germany, Iceland, France, the U.K., China and India is expected to drive production of renewable energy. However, the high costs associated with renewable energy production are expected to hinder market growth over the forecast period.

Hydroelectric has emerged as the leading renewable energy technology and accounted for REDACTED of cumulative installed capacity in 2017, followed by wind power, which accounted for REDACTED of total installed capacity. However, hydroelectric is one of the slowest-growing renewable resources as the industry has shifted its focus toward developing other high-growth technologies such as solar, wind and ocean, and is expected to account for only REDACTED of cumulative installed capacity in 2023. Projects expected in China and India are expected to increase wind power’s share to REDACTED by 2023. Solar power,including solar photovoltaic (PV) and concentrated solar power (CSP), is expected to be one of thefastest-growing renewable technologies, with an estimated CAGR of REDACTED from 2018 to 2023.

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