The renewable energy technologies market consists of a wide range of products including solar panels, wind turbines, hydroelectric turbines, geothermal equipment, biomass equipment and renewable enabling technologies like smart grids and energy storage systems. These technologies help produce energy from natural processes like sunlight, wind, rain, tides, plants, and heat generated below the Earth's surface. The growing concerns over climate change and depletion of fossil fuel reserves have prompted many countries to adopt renewable energy sources as an alternative.
The renewable energy technologies industry is estimated to be valued at $1299.55 billion in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period of 2024-2030.
Key players operating in the Renewable Energy Technologies Market Share include 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. Some of the major players like Becton, Dickinson and Company and Siemens Healthcare GmbH offer a wide range of renewable energy technology products catering to various applications.
There are considerable opportunities in the off-grid and decentralized renewable energy space globally. According to IRENA's REmap report, over 800 million people still lack access to electricity and decentralized renewable energy solutions can play a major role in electrifying remote, rural populations. Countries are also investing heavily in research and development of newer and more efficient renewable technologies like floating solar PV systems, concentrated solar power (CSP) with thermal energy storage, ocean energy technologies etc.
Key players are also expanding their global footprint through mergers and acquisitions or by entering new markets. For instance, in 2021 Siemens Energy acquired the wind turbine blade manufacturer Siemens Gamesa Renewable Energy to become a global leader in the offshore wind industry. Several Chinese renewable giants have also been setting up manufacturing plants across Asia, Africa and Latin America.
Market drivers and restrain
One of the key drivers for the renewable energy technologies market is policy support and targets adopted by governments globally to curb pollution and transition to cleaner sources of energy. Over 180 countries have renewable energy targets in place and provide various incentives like tax rebates, renewable portfolio standards etc. to boost investments. Promotion of renewable energy is a key pillar of the Paris Agreement goals as well.
However, high upfront costs involved in setting up renewable energy projects remains a key challenge. Solar and wind power require heavy initial investments in infrastructure like solar panels, wind turbines, transmission lines etc. which pushes up the costs. Intermittency issues associated with wind and solar power where the energy supply varies depending on weather conditions is another restrain. Longer power purchase agreements or incorporating energy storage solutions helps address this issue but adds to expenses.
The renewable energy technologies market is dominated by the solar PV sub segment currently holding around 33% market share in 2024 primarily attributed to significant cost reduction of solar panels over the years and strengthening of government policies and incentives favoring renewable sector adoption worldwide. The declining cost of electricity generation from solar PV technology versus conventional sources has encouraged both commercial and residential installations globally leading to its prominence.
The wind energy sub segment holds the second largest share of around 25% in the renewable energy technologies market driven by advantages such as zero emissions, cost effectiveness and ability to generate bulk electricity. It constitutes a major part of power generation capacity additions carried out across European and Asian countries due to ambitious renewable targets set by their governments.
Regionally, the renewable energy technologies market is fastest growing in Asia Pacific which is projected to reach over US$ 400 Bn by 2030 at a CAGR of 9.8% during the forecast period. Rapid urbanization and industrialization across India and China coupled with supportive regulatory frameworks incentivizing renewable adoption is driving the growth of Asia Pacific.
Europe currently holds the largest share in the market and is expected remain a major regional market through 2030 given stringent carbon emission reduction goals of countries like Germany, UK and France which are significantly investing in renewable capacity expansion. Key players across the value chain are investing in R&D to develop advanced and cost effective renewable technologies in order to tap into the lucrative opportunities presented in Asia Pacific and European markets.
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