As renewable energy is the best and environment-friendly alternative to oil, the demand for renewable energy and related projects is likely to increase in the near future. This renewable energy market will be less impacted during the COVID-19 period.
The COVID-19 Impact on Renewable Energy Market size is projected to grow from USD 184.3 billion in 2020 to USD 226.1 billion by 2021, at a CAGR of 22.7%Â in the realistic scenario from 2020 to 2021. The major factors driving the growth of the renewable energy industry include the slowdown in oil consumption due to the COVID-19 outbreak as many utilities are trying for a 100% transition into renewables.
The demand for energy from the residential and commercial sectors is continuously increasing as the majority of the population is staying at home and working from home. Hence, adopting new technologies is expected to be cost-effective for the companies as well as end-users.
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The solar segment is projected to be the largest segment in the Renewable Energy Market during the forecast period
The solar segment is likely to witness the adoption of new solar technologies such as floating solar farms and Building-Integrated Photovoltaics (BIPV) solar technology during the forecast period (from 2019 to 2021). Also, the demand for energy from the residential and commercial sectors is continuously increasing as the majority of the population is staying at home and working from home. Hence, adopting new technologies is expected to be cost-effective for the companies as well as end-users.
The utilities/power producers segment is projected to be the largest market for renewable energy during the forecast period
Utilities/power producers who had already shifted or are planning to shift to the renewable energy sector will be the gainers during the forecast period. Also, the long-term and reliable government policies and increased energy independence are expected to be the key motives for utilities making the transition to 100% renewables in the future.
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The Asia Pacific region is projected to be the largest market for renewable energy
The Asia Pacific region is expected to be the largest market for renewable energy during the forecast period. There will be no shortage of renewable energy parts in the Asia Pacific region as China has already relocated some of its production capacity in neighboring countries such as Vietnam and India. Also, the Asia Pacific region is close to the optimistic scenario because China holds the majority of renewable energy market share, and only a few areas in the country are affected by the COVID-19 outbreak.
Key Market Players
Key players in the global Renewable Energy Market include Siemens Gamesa (Spain), Goldwind (China), General Electric (US), Orsted (Denmark), Canadian Solar (Canada), Jinko Solar (China), Vestas (Denmark), and SolarEdge (Israel).
