February 26, 2024
Renewable Energy Technologies Market

The Renewable Energy Technologies Market is Expected to Witness High Growth Owing to Increasing Climate Change Concerns and Environmental Awareness

The renewable energy technologies market includes products such as solar PV systems, CSP technologies, biofuels, hydropower, geothermal technologies, wind turbines and others. Renewable energy technologies are gaining prominence globally due to the key advantages they provide such as zero or low carbon emissions, abundance of resources, lower dependence on fossil fuels and decentralized production. With increasing climate change concerns and rising environmental awareness levels among governments and consumers, the demand for renewable energy sources is increasing rapidly.

The global renewable energy technologies market is estimated to be valued at US$ 1299.55 billion in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period of 2024 to 2030.

Key Takeaways

Key players operating in the Renewable Energy Technologies Market Share include Becton, Dickinson and Company, Abbott, ACCESS BIO, CELLTRION INC., Siemens Healthcare GmbH, ACON Laboratories Inc., ARKRAY, Inc, F. Hoffmann-La Roche Ltd., OraSure Technologies Inc., Quest Diagnostics, Bionime Corporation, Btnx Inc., iHealth Labs Inc., InBios International, Inc. USA. And True Diagnostics Inc. Major players are focusing on new product launches, geographical expansion and mergers and acquisitions to gain competitive advantage and increase their global footprint in this high growth market.

The key opportunities in the renewable energy technologies market include increasing investments in renewable energy by governments around the world, rising R&D activities to develop advanced and efficient renewable technologies and proliferation of supportive policies and regulations. Furthermore, rapid urbanization and industrialization in developing nations have increased the overall energy demand globally, thus driving the demand for renewable sources of energy.

The renewable energy technologies market is also expanding globally with major players focusing on emerging economies in Asia Pacific, Latin America, Middle East and Africa. Countries like India, China, Brazil, South Africa etc. offer lucrative growth opportunities owing to rapid development of renewable projects, supportive government policies and technological advancements. International collaborations and partnerships between governments, private players and research institutes are further boosting the global adoption of renewable energy technologies.

Market drivers

The major driver which is propelling the growth of renewable energy technologies market is increasing government support and investments. Governments across the globe are formulating favorable policies and providing various subsidies to promote adoption of renewable energy. This is encouraging private sector investments. Furthermore, declining costs of renewable technologies such as solar PV, wind turbines etc. is another key factor fueling the market growth. Continuous technological advancements have significantly reduced the costs of manufacturing, installation and operations of renewable systems.

PEST Analysis
Political: Governments across the globe are introducing supportive policies and regulations to boost the adoption of renewable energy sources. They are offering various subsidies, tax credits and investment incentives for renewable power projects.
Economic: Renewable sources like solar and wind have become comparatively affordable in recent years due to declining technology costs. This has increased their adoption especially in power generation to mitigate rising energy costs.
Social: There is a growing public support and consumer preference for clean energy owing to rising environmental consciousness. Renewable sources are also perceived as sources that can ensure energy security of nations.
Technological: Advancements in areas like battery storage, smart grid technology and distributed energy resources are enhancing the viability and accessibility of renewable power especially at the consumer level. Newer and more efficient solar panels and wind turbines are also being developed.

The renewable energy market in terms of value is highly concentrated in regions like Europe, China, USA and India. Europe currently dominates the global renewables capacity led by countries like Germany, Spain and United Kingdom investing heavily in solar, wind, hydro and bioenergy projects to meet their green energy goals. On the other hand, the Asia Pacific region is poised to be the fastest growing market during the forecast period led by China and India. China tops in terms of installed wind and solar capacities adding new capacity every year to fuel its ballooning power demand through renewable sources and diversify its energy mix. Countries like Vietnam, Philippines, Indonesia and others in Southeast Asia are also exponentially increasing their investments in solar, wind and hydro projects to reduce emissions.

The renewable energy technologies market value is focused in regions with supportive government policies and high investments in clean energy capacities. Europe currently dominates but Asia Pacific region headed by China and India is likely see maximum growth during the forecast period as these countries rapidly increase their renewable installations to address power demands through greener sources.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it