May 18, 2024
Renewable Energy Technologies Market

Renewable Energy Technologies Market witness high growth owing to government promotion of clean energy adoption

The Renewable Energy Technologies Market is estimated to be valued at US$881.7 Bn or billion in 2022 and is expected to exhibit a CAGR of 8.4% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Renewable energy technologies utilize renewable sources such as solar, wind, hydro and biomass for energy production. These technologies provide clean, sustainable and affordable energy solutions to consumers. They help reduce dependence on fossil fuels and cut down carbon emissions, thereby addressing the issues of climate change. Rapid industrialization and urbanization have increased global energy demand in recent years. This has boosted attention on development and deployment of renewable technologies across the world.

Market key trends:

Government policies around the world are increasingly promoting adoption of renewable sources to produce clean energy. Many countries have set ambitious targets to increase share of renewables in their total energy mix. For example, China aims to source 25% of its energy requirements from renewables by 2030. Similarly, India has set a target of achieving 450 GW of renewable capacity by 2030. Growing policy support from governments is a major factor driving investments and developments in the renewable energy technologies market. Significant funds are flowing into solar, wind, hydro and other renewables to help individual countries achieve their sustainable energy goals. This favorable policy environment is expected to boost the renewable energy technology market substantially in the coming years.

Market Dynamics:

The Renewable Energy Technologies Market Size is driven by increasing investments in renewable energy projects around the world. Government policies and programs in various countries offer tax credits, cash grants, loan guarantees, and other financial incentives to promote renewable energy adoption. For instance, the Inflation Reduction Act passed in the U.S. in 2022 extended tax credits and incentives for residential and commercial applications of solar, wind, hydropower, and other renewable technologies. Additionally, the focus on developing sustainable sources of energy to reduce dependence on fossil fuels and mitigate environmental impact is also fueling demand for renewable technologies. Key players in the market such as Innergex Renewable Energy Inc, Infigen Energy, and Goldwind are investing heavily in developing innovative products and solutions to harness renewable energy resources efficiently.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it