Renewable Energy Technologies Drive Decarbonization Efforts

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Renewable energy technologies such as solar panels, wind turbines, hydroelectric systems, and biomass facilities help generate clean energy from natural sources and play a vital role in curbing greenhouse gas emissions. They provide a sustainable alternative to conventional energy sources and support global decarbonization ambitions. 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.

Renewable energy technologies harness infinite and naturally replenishing resources like sunlight, wind, rain, tides, waves, and geothermal heat. They provide affordable and reliable energy without polluting the environment or contributing to climate change. Renewable technologies support energy security by reducing dependence on imported fossil fuels. As the world accelerates transition to a low-carbon economy, investment in renewables is growing rapidly to meet increasing electricity demand from a burgeoning population in a sustainable manner.

Market key trends:

The demand for renewable energy technologies is being driven by supportive government policies and initiatives that promote cleaner sources of energy production. Many countries have introduced tax exemptions, feed-in tariffs, net metering, and tenders/auctions to incentivize uptake of renewables among industries, communities, and households. For example, the Inflation Reduction Act passed by the US government in 2022 offers generous tax credits to drive expansion of wind, solar, and energy storage capacity. Growing climate action worldwide and international commitments to mitigate global warming under the Paris Agreement are also crucial factors accelerating adoption of renewable solutions.

Segment Analysis

The global renewable energy technologies market size is dominated by solar photovoltaic sub segment. Solar PV accounted for over 40% market share in 2023 primarily due to increase in solar power installations globally led by countries like China, US, India etc. The declining cost of solar panels and various government initiatives and policies supporting solar energy usage have propelled the growth of this sub segment. Other major segments include biofuels, geothermal, hydropower and wind technologies.

Key Takeaways

The global renewable energy technologies market is expected to witness high growth.

Regional analysis shows that Asia Pacific region is currently the fastest growing as well as dominating region accounting for over 35% market share. Rapid industrialization and urbanization together with supportive government policies have boosted the uptake of renewables in countries like China and India. Presence of major renewable power producers and raw material suppliers have made Asia Pacific an attractive market.

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. Abbott being the global leader with strong presence across segments like solar PV panels, wind turbines, hydropower units etc. Other prominent players include Siemens and Becton, Dickinson who are focusing on expanding their product portfolio as well as regional footprint to gain higher shares.

Get more insights on this topic: https://www.newsstatix.com/renewable-energy-technologies-market-share-and-opportunity-analysis/

 

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