Renewable Revolution: Unleashing the Potential of the Energy Market
Energy and Power | Extrapolate
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The global?Renewable Energy Market?size was worth around USD 0.90 trillion in 2022 and is USD 2.06 trillion by 2032 at a CAGR of 8.6% from 2023-2032.
The growth of the renewable energy market is propelled by government policies that prioritize clean, sustainable resources for power generation, resulting in minimal environmental impact compared to traditional energy sources. The global market has witnessed remarkable advancements, with the installed capacity surpassing 3,064 GW in 2021. Hydropower stands as the leading source.
China and the USA emerge as key players in renewable energy expansion, with China experiencing a staggering 70% capacity increase in 2021 and 2022. Noteworthy contributions to the clean energy transition also come from Russia, India, Germany, Spain, and other nations.
The Renewable Energy Market to Experience Growth Driven by Swift Transition from Fossil Fuels to Clean Energy
Increasing concerns over carbon emissions and their environmental impact has led to a growing preference for alternative energy sources that are carbon-neutral or emit minimal carbon. Traditional energy sources like coal, natural gas, and fossil fuels are finite and depleting rapidly due to extensive resource consumption. As a result, there has been a notable shift towards renewable energy, geothermal energy, biomass energy, and other inexhaustible energy resources. Numerous countries actively participating in reducing carbon emissions have established a trend in the market for alternative energy sources.
Top Leading Players Analysis Are:
·???????? 阿西布朗勃法瑞公司（ABB）
·????????Acconia
·????????ENEL SPA
·???????? 通用电气
·???????? Innergex
领英推荐
·???????? Invenergy
·???????? 施耐德电气
·????????Siemens Gamesa Renewable Energy, S.A.
·???????? TATA Power
·???????? NextEra Energy, Inc.
·???????? Iberdrola
·???????? Xcel Energy
·????????Suzlon Energy Ltd.
Recent Developments:
In January 2023, Suburban Propane Partners LP, through its subsidiary Suburban Renewable Energy LLC, completed the acquisition of renewable natural gas facilities valued at USD 190 million from Equilibrium Capital Group. This deal encompasses two RNG facilities located in Stanfield and Columbus.
In January 2023, the Cabinet of India sanctioned the National Green Hydrogen mission with a disbursement of INR 200 billion. The mission, launched by India, aims to achieve a production target of 5 million metric tons (MMT) of green hydrogen by 2030. This ambitious mission is projected to reduce carbon emissions by 50 MMT annually.