Renewable Energy Market Size set to Reach $1.51 Trillion by 2025
The renewable energy industry is all set to enter a new phase of growth driven largely by increasing customer demand, cost competitiveness, innovation, and collaboration. The global renewable energy market was estimated at $928.0 Bn in 2017 and is expected to reach $1,512.3 Bn by 2025, with a CAGR of 6.1% from 2018 to 2025. It was for the first time ever, in April 2019 that renewable energy outpaced coal by providing 23% of US power generation, compared to coal’s 20% share. In the first half of 2019, wind and solar together accounted for approximately 50% of total US renewable electricity generation, displacing hydroelectric power’s dominance. Asia-Pacific emerged as a renewable energy market leader in 2017 and to continue its dominance as expected. Due to rapid industrialization, the industrial and residential segments are expected to dominate the Asia-Pacific market. In 2020, the net additions of renewable electricity capacity to decline by 13% compared with 2019.