Renewable Energy Market Share, Size, Trends, Industry Analysis Report, By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, Geothermal Energy); By End-Use (Residential, Commercial, Industrial {Power, Chemicals & Petrochemicals, Oil & Gas, Fo

Renewable Energy Market Share, Size, Trends, Industry Analysis Report, By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, Geothermal Energy); By End-Use (Residential, Commercial, Industrial {Power, Chemicals & Petrochemicals, Oil & Gas, Food & Beverage}, Others); By Region; Segment Forecast, 2022 - 2029

The global renewable energy market size is expected to reach USD 1,682.40 billion by 2029, according to a new study by Polaris Market Research. The report “Renewable Energy Market Share, Size, Trends, Industry Analysis Report, By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, Geothermal Energy); By End-Use (Residential, Commercial, Industrial {Power, Chemicals & Petrochemicals, Oil & Gas, Food & Beverage}, Others); By Region; Segment Forecast, 2022 – 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Several factors are driving the use of renewable energies, the most important of which is the attribution of global warming to CO2 emissions from the combustion of fossil fuels. The major factor contributing to the market’s growth is the growing demand for renewable power due to fluctuating crude oil prices and increasing environmental concerns.

Solar power panels and wind turbines power generate zero emissions in their generation of electricity process. In addition, wind power has been one of the focus areas of the renewable power industry. Further, as per power.gov, wind power generated 5.0 % of the world’s electricity in 2020. However, in some places, such as Europe and North America, it grew to 10.0% and 8.4%, respectively. Wind power generated 47% of Denmark’s electricity in 2019, and the government plans to expand it in the following years.

Financially beneficial regulations and a growing awareness of the impact of traditional power sources on the environment and climate have fueled this uptake. In December 2020, the Japanese government announced it would procure 10,000 MW by 2030 and 45,000 MW by 2040 as part of its net-zero emission goals by 2050.