The emergence of Asia-Pacific region as significant player in renewable energy market and initiatives taken by the government are the two major factors that drive the growth of the market. Market across the Asia-Pacific region contributed the lion’s share in 2017. Based on end user, the industries segment contributed the largest market revenue in 2017.
According to the report, the global renewable energy market garnered $928 billion in 2017 and is expected to generate $1,512.3 billion by 2025 at a CAGR of 6.1% from 2018-2025. The report provides a detailed analysis of the market size & estimations, top investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and changing market trends.
The emergence of the Asia-Pacific region as a significant player in the renewable energy market and initiatives taken by the government are the two major factors that drive the growth of the market. However high manufacturing cost impedes the market growth up to a certain extent. On the other hand, the increase in electric vehicles is expected to create multiple opportunities for the market in the upcoming future.
Based on type, the hydroelectric power segment contributed to the highest market share, accounting for nearly 63% of the total market share in 2017. The segment is expected to maintain its dominance by the end of 2025. On the other hand, the solar energy segment is expected to register the fastest CAGR of 13.4% from 2017 to 2025.
Author: David Correa
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