In 2020, the renewable generation capacity increased by 10.3% which is 260 GW. Solar energy continued to lead the capacity expansion, with an increase of 127 GW (+22%), followed closely by wind energy with 111 GW (+18%). Hydropower capacity increased by 20 GW (+2%) and bioenergy by 2 GW (+2%). Geothermal energy increased by 164 MW. Solar and wind energy continued to dominate renewable capacity expansion, jointly accounting for 91% of all net renewable additions in 2020. Some of the regions across the globe such as North America have some of the world’s richest wind, solar, geothermal, hydro, and biomass resources. The region relies on renewable energy for large-scale power generation, particularly in the form of hydropower. Hydropower accounts for 63% of electricity generation, in Canada whereas, some dams are more than 100 years old in the country. Furthermore, wind and solar energy are poised to contribute 90-95% new electricity generation to the grid in North America by 2050, as revealed by North American Renewable Integration Study (NARIS).
In 2020, the consumption of all other fuels declined while the only source which increased the demand for energy sources was renewables. As the global economy recovers from the crisis, The renewable energy source witnessed an uptake, therefore, expand more quickly. As per International Energy Agency (IEA), in 2020, the annual renewable capacity additions increased witnessed the highest year-on-year increase since 1999 and increased by 45% or 280 GW. Furthermore, exceptionally high-capacity additions become the “new normal” in 2021 and 2022, with renewables accounting for 90% of new power capacity expansion globally.
General Electric, ABB Ltd., The TATA Power Company Limited, Energex, Enel Spa, Xcel Energy Inc., EDF, Geronimo Energy, Invenergy, and ACCIONA, among others are some of the prominent players operating in the global Renewable Energy market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst Type, Hydroelectric Power segment holds the major share”
Based on the type, the market is fragmented into Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy. The Hydroelectric Power segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period owing to the growing demand for hydroelectric power are emerging demand for clean energy due to the limited availability of fossil fuel around the world. As per IRENA, the total installed capacity of hydropower increased from 1,099,767 MW in 2015 which increased to 1,210,616 MW by 20
“Amongst End-Use Type, Industrial segment dominated the market during the forecast period”
Based on end-use type, the market is mainly fragmented into Residential, Commercial, Industrial, and Others. In 2020, the Industrial segment accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period. The promulgating industries such as chemical, food and beverage, manufacturing, etc. are contributing to the growth of the market. As per IEA, The chemical sector is the largest industrial consumer of both oil and gas, and the Chemical sector’s share of the total primary demand for oil in 2018 was 14%
“Asia-Pacific represents one of the largest markets of Renewable Energy market”
For a better understanding of the market dynamics of the Renewable Energy market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South-Korea, and Rest of APAC), Rest of World has been conducted. Asia-Pacific dominated the market and generated revenue of US$ XX million in 2020 owing to the emerging number of renewable energy power plants across countries such as China, Japan, India, etc.,
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• Deep dive regional level analysis of the industry
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