Renewable Energy Technologies Market is Estimated To Witness High Growth Owing To Increasing Investments in Clean Energy Technologies

The Renewable Energy Technologies Market is estimated to be valued at US$ 1,128.08 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The renewable energy technologies market include various alternative energy sources such as solar PV, CSP, wind, hydropower, geothermal, bioenergy and ocean energy technologies. These technologies helps in harnessing energy from natural processes and renewable resources like sun, wind, geothermal heat, biomass and water. They provide clean and sustainable source of energy with minimal environmental impact and reducing dependence on fossil fuels.

Market key trends:

One of the major trends in the renewable energy technologies market is increasing investments in clean energy technologies. Governments across the globe are increasingly investing in renewable energy to reduce carbon footprint and meet Paris Agreement targets. For instance, according to IRENA, over $300 billion was invested globally in renewable energy in 2019. China and Europe lead the investment trends. Rising investments would drive market growth over the forecast period. .

Porter's Analysis

Threat of new entrants: New entrants face high capital requirement which make difficult for new players to enter the market. Bargaining power of buyers: Large customer base gives high bargaining power to buyers to negotiate on better prices and delivery terms. Bargaining power of suppliers: Presence of many component suppliers reduces individual supplier's bargaining power. Threat of new substitutes: Ongoing innovations in energy storage technologies pose threat of new substitutes. Competitive rivalry: Intense competition exists between existing players to gain higher market share.

SWOT Analysis

Strengths: Growing global demand for clean energy and supportive government policies and initiatives drive market growth. Weaknesses: High initial installation costs and dependency on climatic conditions are major challenges. Opportunities: Increasing investments in renewable energy projects across industries and emerging economies open new avenues. Threats: Changing regulations and availability of subsidies threaten stable revenue sources.

Key Takeaways

The global Renewable Energy Technologies Market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing investments in clean energy transition by governments worldwide. Asia Pacific dominates the market and is expected to grow at fastest pace due to supportive initiatives and presence of major emerging economies such as China and India in the region. Key players operating in the Renewable Energy Technologies market are ABB Ltd., Fuji Electric Co. Ltd., Hitachi Ltd., Mitsubishi Heavy Industries Ltd. and Toshiba Corp. ABB Ltd. specializes in grid integration and energy storage solutions while Fuji Electric focuses on power electronics for renewable applications. Hitachi and Mitsubishi Heavy industries offer a wide range of wind and solar energy solutions. Toshiba is a prominent supplier of utility-scale solar PV modules and inverters.

Read More :https://www.newswirestats.com/solar-wind-and-hydro-is-the-largest-segment-driving-the-growth-of-renewable-energy-technologies-market/