In a recent published report, Kenneth Research has updated the market report for Renewable Energy Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Renewable Energy Market products.
The Renewable Energy Market is segmented by SEGMENTS, and the details of each of these segments are further described in the report. The MARKET is anticipated to grow at a notable CAGR over the forecast period on the back of the growing demand for renewable energy from several end user industries, which according to the statistics by the International Renewable Energy Agency (IRENA), reached 2,532,866MW in the year 2019 from 1,223,533MW from the year 2010. Renewable energy is used nowadays in almost each and every industry on the back of the growing concern for the environment and the stringent norms by the government for environmental pollution.
Sustainable power source is created from sources that don’t have a limited end, for example, sunlight based, wind, and hydro power. These essential sustainable power source assets are persistently recharged and never run out, not at all like regular energy sources, which are exorbitant and harming to the earth. Developing worry over the ecological ramifications of consuming non-renewable energy source, is driving the selection of sustainable power sources.
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In addition, the growing energy consumption globally is inciting investigation of new vitality assets which will be reasonable. The global renewable energy market will develop at a CAGR of 8.53% during the figure time frame (2019-2027). The market is relied upon to achieve a valuation in overabundance of USD 2,900 Bn towards the end of 2027.
The global renewable energy market is segmented on the basis of its end-user, type and regional demand. On the basis of its End-User, the global renewable energy market is bifurcated into, Residential, Industrial ( Iron & steel, Power, Chemicals and Petrochemicals, Food & Beverage, Automotive, Oil & Gas, and other), and Commercial. Based on its Type, the global renewable energy market is divided into Wind Energy, Hydropower, Solar Energy, Geothermal Energy, Bioenergy, and Ocean Energy.
Based on its regional demand, the global renewable energy market is classified into global regions including Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.
Tocardo BV, SynTech Bioenergy LLC, Vestas Wind Systems A/S, Siemens AG, Canadian Solar Inc., Ocean Power Technologies, Inc., Ørsted A/S, General Electric, NextEra Energy, Inc., Enel Spa, On Power, Yingli Solar, among others are some of the major players in the global renewable energy market.
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