Renewable Energy Market to Reach USD 2,025.94 Billion by 2030, Outlines a New Report by Next Move Strategy Consulting

According to a report published by Next Move Strategy Consulting, the Renewable Energy Market generated USD 856.08 billion in 2021, and is projected to reach USD 2,025.94 billion by 2030, witnessing a CAGR of 9.6% from 2022 to 2030. The research offers a detailed analysis regarding drivers, restraints, and opportunities to highlight changing market dynamics of the industry. Moreover, the research provides an extensive analysis of major segments and their sub-segments to determine the fastest-growing and highest revenue-generating segments.

Equipping a detailed analysis of each and every aspect of the renewable energy industry in 366 pages along with 278 tables and 247 figures, the report aims to provide a helpful source of information for leading players, investors, and startups to take necessary steps to achieve sustainable growth and competitive advantage.

Governments of various developing and developed countries have focused on promoting sustainable energy sources, owing to an increase in output efficiency, low maintenance costs, and less pollution. This is expected to drive the renewable energy industry. The primary objective of deploying clean energy is to advance economic development, improve energy security and access to energy, and mitigate climate change.

The report provides an extensive analysis of changing market trends in the global renewable energy industry on the basis of drivers, restraints, and opportunities. Increase in favorable policies and regulations by various governments, low cost of solar power sources, huge investments by various government and corporate sectors, and awareness among people regarding the benefits of the use of clean energy drive the growth of the green energy market. However, high initial investments associated with the generation of electricity from sustainable sources and lack of resource availability restrains the market growth.

Lead Analyst for Renewable Energy at Next Move Strategy Consulting stated, “advancements in technology in solar PV manufacturing and use of energy storage technologies for addressing the sporadic difficulties are expected to create new opportunities for the green energy market in the coming years.”

Governments across developed and developing economies are undergoing several regulatory changes and are offering subsidies to the corporate sector to adopt renewable energy sources. According to a report by the International Energy Agency, published in June 2022, global energy investments are set to increase by 8% in 2022 to reach USD 2.4 trillion, with the anticipated rise coming mainly in clean energy. Renewables, grids and storage account for more than 80% of the total power sector investments. In addition, spending on solar PV, batteries, and electric vehicles is growing at rates consistent with reaching global net zero emissions by 2050. Moreover, the rise in investments as well as industrialization and urbanization lead to the growing demand for sustainable energy across the globe. Furthermore, the rise in collaboration between countries for the development and installation of green power plants leads to growth in the renewable energy market trends. For instance, in August 2022, the Investment Board of Nepal and India’s National Hydro Power Corporation Ltd signed an MoU to develop two projects, West Seti Hydropower Project and the Seti River Hydropower Project on the Seti River. The projects are expected to develop a total of 1,200 MW of energy.

Source: GlobeNewswire