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Report predicts renewable energy to grow to $226 billion by 2021

12/05/2020
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A report entitled “Covid-19 Impact on Renewable Energy Market by Technology (Wind and Solar), End-User (Utilities), Captive (Industrial, Commercial and Residential) and Region - Global Forecasts to 2021” has predicted a significant growth in the renewable energy market over the next 18 months. 

The data, according to ResearchAndMarkets.com, says that the global renewable energy market will grow from $184.3 billion in 2020 to $226.1 billion by 2021. 

A new report suggests a growth in the global renewable energy market, particularly in solar power
(Image via Unsplash)

Despite the impact of Covid-19 causing uncertainties in investment and business strategies within the global renewables industry, plus the effects on construction and maintenance, a number of factors will contribute to the growth of this market. 

The report shows an increase in pressure for renewables to be leveraged to meet energy demand following the fall in the oil price and the subsequent slowdown of oil and gas production. Combined with ongoing calls for the energy sector to reduce carbon emissions, investors are likely to turn to renewables as a growing solution. 

Also according to the report, the reduction in demand for transport fuels, caused by lockdown regulations, mean that the dominant market segment by end-user type is in utilities/power. Those that have already shifted to the renewable energy sector will be the gainers during the forecast period, with long-term government policies expected to be a key motive for other utilities to make the transition to 100% renewables.

“This is the right time for utilities to make the transition to 100% renewable energy.”

The report was put together following in-depth interviews with CXOs, managers and key executives from various key organisations operating within the renewable energy industry. 

Predictions are that the dominant renewable energy form during the 2020-2021 period will be solar, with producers’ product portfolios including inverters, cells and modules. They particularly highlighted Candidan Solar (Canada), Jinko Solar (China), SunPower (USA) and Tina Solar (China) - all of which are currently operating with limited production capabilities - as leading contributors to the market growth. 

The largest optimistic market during the forecast period is the Asia Pacific region, with China and India representing two of the largest renewable energy markets.

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Report predicts renewable energy to grow to $226 billion by 2021 - Time to read 2 min
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