Renewable Energy Technologies Drive Decarbonisation Efforts
Renewable energy technologies utilize renewable sources such as sunlight, wind, rain, tides, plants, algae and geothermal heat. Some of the common renewable energy technologies include solar photovoltaics that generates electricity from sunlight through solar panels, wind turbines that convert kinetic energy from wind into electricity, hydropower plants that uses power of falling or flowing water to generate electricity and biofuels such as ethanol and biodiesel that are produced from organic matter or wastes. These technologies are increasingly being adopted for power generation and transportation fuel owing to environmental benefits.
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 Dynamics:
Increasing environmental concerns across the globe due to climate change is the primary driver accelerating the demand for renewable energy technologies. Significant rise in global temperatures over the past few decades due to greenhouse gas emissions has highlighted the importance of transitioning from fossil fuels to cleaner energy sources. Governments of many countries have implemented strict regulations and policies to reduce carbon emissions and promote adoption of renewable technologies in power generation and transportation sectors. Moreover, intermittent supply of fossil fuels and geopolitical issues related to oil imports have also boosted investments in indigenous renewable energy sources in recent years. However, high initial capital costs of renewable plants remains a challenge along with intermittent nature of some renewable sources like solar and wind. Continuous technological innovations are being made to improve efficiencies and reduce costs to further drive the renewable energy technologies market over the forecast period.
SWOT Analysis
Strength: Renewable energy technologies like solar, wind, hydro and biomass energy are environment friendly sources of energy. They help reduce dependence on fossil fuels and curb pollution and greenhouse gas emissions. Government policies and subsidies in many countries are promoting investments in renewable energy projects.
Weakness: High initial capital costs for setting up renewable energy power projects make them less competitive compared to conventional power sources. The intermittent nature of renewable sources like solar and wind require high investments in energy storage technologies. Public opposition can also delay some renewable energy projects.
Opportunity: Rising global energy demand along with climate change concerns provides large growth opportunities for renewable energy technologies. Countries are setting ambitious targets to increase the share of renewable energy in their overall energy mix. New and emerging renewable technologies will help harness renewable energy from diversified sources.
Threats: Volatility in fossil fuel prices can impact the competitiveness of renewable energy. Government policy changes affecting subsidies and tax incentives can impact investments. Trade barriers and restrictions on exports of key renewable equipment may impact global demand. Dependence on imports of critical minerals required for renewable technologies poses supply vulnerabilities.
Key Takeaways
The global renewable energy technologies market size is expected to witness high growth over the forecast period driven by supportive government policies and targets set by nations worldwide towards increasing share of renewable energy.
Regional analysis shows Asia Pacific region dominating currently accounting for over 40% share owing to large renewable energy capacity additions planned in key markets like China and India. The region is anticipated to retain lead and grow at fastest pace through 2030 on back of continued strong government thrust on renewable energy in major economies.
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. USA. And True Diagnostics Inc. The market has witnessed mergers and acquisitions among players to expand geographically and gain technology leadership. Large players are focusing on developing next generation renewable energy technologies through heavy investments in research and development.
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