April 20, 2024
Renewable Energy Technologies Market

Renewable Energy Technologies Market is propelled by increasing carbon emission concerns

The renewable energy technologies market comprises various green energy solutions and technologies that utilize renewable or alternative sources of energy like solar, wind, hydropower, biomass and geothermal for generating electricity. These solutions provide clean, sustainable and cost-effective alternatives to conventional energy sources that cause pollution. Renewable energy technologies include products like solar panels, wind turbines, hydropower generators, biomass pellet stoves and geothermal heat pumps. Renewable energy technologies assist in mitigating the effects of climate change by reducing carbon footprint. The growing focus on curbing greenhouse gas emissions and transitioning to cleaner fuel sources has accelerated demand for these technologies in both residential and commercial sectors.

The Global Renewable Energy Technologies Market is estimated to be valued at US$ 1299.55 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Renewable Energy Technologies Market Share are 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 investing heavily in research and development of innovative and cost-effective renewable energy solutions to gain a competitive edge in the market.

The growing demand for clean energy due to stringent regulations regarding carbon emissions and the rising energy consumption worldwide has driven the renewable energy technologies market. Furthermore, support through subsidies and tax exemptions by various governments has encouraged commercial and residential utilization of renewable technologies.

The renewable energy technologies market is expanding globally with growing installations of solar panels, wind turbines, biomass gasification plants and other green power infrastructure projects across regions. Key countries leading the adoption of renewable energy include China, the United States, India, Japan, Germany and Brazil. Developing economies are witnessing substantial investment in renewable capacity additions to meet their rising energy needs through sustainable means.

Market Key Trends

One of the key trends gaining traction in the renewable energy technologies market is the implementation of artificial intelligence (AI). AI and machine learning algorithms are being utilized to optimize various operational and maintenance aspects of renewable energy projects. For example, AI helps in predictive maintenance and condition monitoring of solar panels and wind turbines. It is also aiding in efficient renewable energy management, scheduling and grid balancing. The integration of other emerging technologies like IoT, cloud and blockchain is further enhancing the capabilities of AI in bolstering the large-scale deployment of renewable technologies.

Porter’s Analysis

Threat of new entrants: Renewable energy technology requires significant capital investments and presence of economies of scale makes it difficult for new players to enter.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitution and presence of multiple technology providers.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to technological expertise required and availability of alternative suppliers.

Threat of new substitutes: Technologies like natural gas provide substitution but are not renewable which is an important factor for buyers.

Competitive rivalry: Intense competition exists among existing players to gain higher market share.

Geographical Regions

Asia Pacific region accounts for more than 45% of global renewable energy technology market value driven by significant investments and policy push for renewable adoption especially in China and India. Growing energy requirement along with need for diversification away from fossil fuels drives the demand.

North America region is expected to witness highest CAGR during the forecast period led by increasing solar and wind installations primarily in United States. Robust government policies and presence of technology leaders contributing significantly to market growth in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it