Renewable Energy Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Renewable Energy market reached a value of about 2626.85 gigawatts in 2021. The industry is projected to grow at a CAGR of around 7.6% in the forecast period of 2022-2027 to reach a value of about 4076.7 gigawatts by 2027.

The global Renewable Energy industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The rise of the global renewable energy industry is primarily due to increased awareness of the need to reduce greenhouse gas emissions, an increase in the quest for energy security, resistance to nuclear power, and a lack of progress in using atomic force. Furthermore, with advancements in technology and increased government investment in the renewable energy industry, the market will witness further growth. The key demand indicator is the highest category spender in the industry report by region—North America.

Industry Definition and Segmentation

Renewable energy is derived from naturally renewing but flow-limited sources; renewable resources are nearly limitless in length but have a finite amount of energy per unit of time. Sunlight, wind, rain, tides, waves, and geothermal heat are examples. In contrast to fossil fuels, which are depleted significantly faster than regenerated, renewable energy is rapidly renewed. Even though there is plenty of commonality among these energy sources, not all renewable energy is truly clean or green. The Renewable Energy industry report comprises segments by technology (Hydro, Wind, Solar, Bioenergy, Geothermal) and region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).

North America Regio is Driving the Growth of the Renewable Energy Industry

North America is one of the most advanced regions in sustainable energy technology and infrastructure. The lower cost of technologies drives the increased growth in solar P.V. in North America. Efforts to fulfil increased power demand with renewable energy sources are also projected to contribute significantly to market development. With the government's determination to collect as much energy as possible from renewable sources while reducing carbon emissions, the percentage of renewable energy is likely to rise dramatically, propelling the renewable energy industry forward.

The rising concern over environmental sustainability is primarily propelling the industry. Growing concerns about reducing greenhouse gas emissions, an increase in the quest for energy security, resistance to traditional nuclear power, and a lack of development in the use of nuclear power are likely to fuel demand for geothermal power. The market is predicted to rise due to the increased usage of geothermal heat pumps in home heating applications. The need for geothermal energy is expected to expand dramatically as the demand for electricity rises. Several organisations offer residential geothermal electricity on the market. Technological developments in solar P.V. production and energy storage devices to solve intermittency concerns are projected to generate a substantial potential for the industry under consideration. Hydroelectric power is a renewable energy source that uses the energy of water travelling from higher to lower elevations to generate electricity. Hydropower projects also provide clean water for agriculture, residences, and businesses and mitigate the effects of extreme weather events like floods and droughts. Moreover, hydropower is considered to be the most important source of renewable energy around the globe.

However, factors such as the high initial expenditure required to establish a renewable energy plant hamper the industry's growth.

Best Procurement Practices

The global Renewable Energy industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Renewable Energy regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

Renewable energy comes from natural processes that are continually renewed, and it comes straight from the sun or from the heat created deep below the Earth in numerous sources. Electricity and heat generated from the sun, wind, ocean, hydropower, biomass, geothermal resources, biofuels, and hydrogen created from renewable resources are included in the definition. In contrast to traditional energy sources, which are concentrated in a small number of nations, renewable energy resources and considerable prospects for energy efficiency exist throughout a large geographical region. Rapid shift towards renewable energy and energy efficiency and technical diversity of energy sources would provide significant energy security and economic benefits. It would also reduce environmental pollutants, such as air pollution produced by burning fossil fuels, enhance public health, reduce early mortality due to pollution, and save trillions of dollars in annual health expenses.

Growing Government Initiatives, Further Augmenting the Procurement of Renewable Energy

Governments have promoted renewable energy sources in developing and developed countries due to increased production efficiency, less pollution, and cheap maintenance costs. These factors work together to increase demand for renewable energy, boosting the global renewable energy industry. In recent years, for example, there has been a movement toward the usage of localised energy procurement. Various government organisations in nations such as India have benefited from community choice aggregation (CCA) regulations, which allow governments to acquire renewable energy resources on behalf of their people while keeping their current power supplier for transmission and distribution. Increased demand for renewable energy, rising power consumption, and a boom in legislative and financial measures made by government bodies are all pushing the worldwide renewable energy industry.

The regional markets for the industry can be divided into Europe, North America, the Asia Pacific, South America, and the Middle East and Africa.

Key Industry Players Mentioned in the Renewable Energy Industry Report

• Jinko Solar Holding Co., Ltd
• Engie SA
• Siemens Gamesa Renewable Energy S.A.
• G.E. Renewable Energy
• Ameresco, Inc.

Market Landscape

The hydroelectric power segment dominates the Renewable Energy Market, and Brazil has seen a large amount of hydropower development. Across the continent, there has been an uptick in activity, with significant projects in Colombia and Peru. The market for small hydropower plants has expanded due to an increase in investments for off-grid energy generation and rural electrification in emerging nations such as India, China, Brazil, and Vietnam.

The residential category has the lead in the worldwide market regarding end-use. The market is predicted to rise due to the increased usage of geothermal heat pumps in home heating applications. The need for geothermal energy is expected to expand dramatically as the demand for electricity rises. Several organisations offer residential geothermal electricity on the market. The use of rooftop solar energy systems to generate power for residential use has expanded due to government measures in developed and emerging countries to reduce carbon emissions and the use of conventional fuels to generate energy.

Key Initiatives by Companies

• Engine teamed with Eocycle-XANT in April 2021 to sell tiny wind turbines to its Belgian clients as part of its range of localised green energy systems. The former is anticipated to handle client requests and, depending on them, pass them to Eocycle-XANT. At the same time, the latter is expected to hold the turbine permit, turnkey installation, and maintenance. During the initial phase of their agreement, both firms plan to build ten SWTs (90kW EOX M-26 wind turbines), which are excellent for SMEs, farms, companies with cooling systems, and hospitals to generate clean energy.
• Walmart stated in April 2021 that it had finished the 6.5 MW of solar energy systems that Sol Customer Solutions had installed across seven California shops. Furthermore, the portfolio featured a mix of solar energy systems costing roughly USD 10 million built on parking lot carports and roofs, with Bank of America (BOA) serving as a tax equity partner.