by Renewable energy technologies produce energy from resources which are naturally replenished such as sunlight, wind, rain, tides, waves and geothermal heat. These sources are extensively used to generate electricity or power for industrial & residential sectors. Solar panels generate electricity from sunlight through photovoltaic cells and concentrated solar thermal systems. Wind turbines convert kinetic energy of wind into mechanical power or electricity through wind farms. Hydropower utilizes potential or kinetic energy of water often through large power plants. Geothermal energy derives power from heat generated and stored in the earth. These renewable energy technologies have gained popularity due to their minimal environmental impact and minimal pollution emissions. They provide clean and unlimited source of energy unlike fossil fuels. The growing concern for climate change and global warming has increased adoption of renewable sources which produce zero direct CO2 emissions.
The global Renewable Energy Technologies Market is estimated to be valued at US$ 1128.08 Bn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trends driving the renewable energy technologies market size include rising investments in these sources, advancement of technologies and favorable government policies and initiatives. Solar and wind power industries have attracted significant investments in recent years owing to declining costs of generation. Technological breakthroughs have enhanced efficiency and reliability of solar panels, wind turbines etc. Governments worldwide are focusing on developing sustainable energy mix and setting aggressive renewable energy targets such as net-zero emissions. Regulations such as renewable portfolio standards mandate use of clean power. Growing share of renewable energy demonstrates commitment towards reducing dependence on fossil fuels. As costs continue to decline and technological innovations increase grid flexibility, worldwide adoption of renewables is expected to surge rapidly over the coming decade.
Porter’s Analysis
Threat of new entrants: The renewable energy technologies market requires high capital investments in R&D which creates barriers for new companies. However, supportive government policies and investments attract new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the renewable energy technologies market has a large number of buyers. However, the switching costs are low as buyers can switch between renewable energy technology providers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While IP protection and technology differentiation offer some control to technology developers, alternative suppliers balance supplier power.
Threat of new substitutes: Threat of new substitutes is high as continuous technological advancements lead to new and improved renewable energy technology options.
Competitive rivalry: The competitive rivalry is high due to presence of large number of global players offering alternative renewable energy technologies.
Key Takeaways
The global Renewable Energy Technologies market is expected to witness high growth. Growing concerns regarding carbon emissions and need for clean energy are fueling the adoption of renewable energy technologies.
Regional analysis: Asia Pacific region is expected to grow at the fastest rate during the forecast period mainly due to increasing investments and supportive policies by countries like China and India. Meanwhile, Europe and North America dominate the global renewable energy technologies market currently due to large renewable capacity additions in major countries like Germany, UK and US.
Key players: Key players operating in the Renewable Energy Technologies market are 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. And True Diagnostics Inc. These players are focusing on new technology developments and partnerships to cater to the growing demand for renewable energy.
