Renewable Energy Market Expected to Grow at a CAGR of 4.9% by 2025
Region- and country-wise market conditions are comprehensively analyzed in the report.
Portland, OR -- (SBWire) -- 06/11/2018 --According to a new report published by Allied Market Research, titled, Renewable Energy Market by Type and End User: Global Opportunity Analysis and Industry Forecast, 2014-2025, the global renewable energy market was valued at $1,469,078 million in 2017, and is projected to reach $2,152,903 million by 2025, growing at a CAGR of 4.9% from 2017 to 2025. The renewable energy produced by hydro & ocean power accounted for more than two-thirds share of the global market in 2016.
Worldwide, the concept of using renewable energy as an alternative to conventional fossil fuel, such as gasoline and diesel, is growing rapidly. Renewable source of energy, such as solar, hydropower, biomass, wind, and geothermal, can provide sustainable energy services. Improvement in technology and the feasibility in using renewable sources to produce energy have been the key in successfully using renewable energy in resent time.
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Renewable energy refers to energy obtained from naturally sources in the environment. Unlike conventional energy sources such as fossil fuel, which require millions of years for formation, renewable energy sources are sources that constantly renew throughout the human lifespan. The key advantages of using renewable energy source are inexhaustibility and low impact on the environment. With global warming and air & water pollution being major issues related to the use of fossil fuels, renewable energy provides a better option in reducing the climate change. In addition, renewable energy is used to overcome the high cost incurred by industries who use fossil to generate electricity. For this reason, renewable energy is gaining prominence for both economic and strategic viewpoint for large industries. The large demand for energy by developed countries has enforced them towards the use of renewable sources of energy to meet the high energy demand. Environmental safety and security being at the outmost priority for the government as well for the society is expected to have a positive impact on renewable energy market.
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By type, the market is segmented as hydro & ocean power, wind energy, solar energy, bioenergy, and geothermal energy. By end user, it is classified into residential, commercial, and industrial and others.
Key Findings of the Renewable Energy Market:
- The solar energy market is expected to grow at the highest CAGR of 13.4%, in terms of revenue, during the forecast period.
- The commercial segment is projected to grow at a significant CAGR of 5.7% from 2017 to 2025.
- Europe is expected to witness highest growth rate, in terms of revenue, with a CAGR of 6.2%.
- South Africa is one of the major country in the market and expected to grow at the highest CAGR of 27.6% by value in the LAMEA.
- Asia-Pacific accounted for 41.1% share in 2016, and is anticipated to grow at the significant CAGR of 4.8% by revenue.
- Asia-Pacific and Europe collectively accounted for more than two-third of the global market share by revenue in 2016.
The major companies profiled in this report are GE Energy, CPFL Energia S.A., Terra Gen, Tata Power Solar, IHI Corporation, Alstom Hydro, China Hydroelectric Corporation, ABB Ltd., Mitsubishi Heavy Industry, and Enel Green Power.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. The data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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