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NEW YORK, March 9, 2023 /PRNewswire/ — According to Technavio, the renewable energy market will witness a YOY growth of 8.22% between 2022 and 2023. The market is segmented by end-user (residential, industrial, and commercial), type (hydropower, wind, solar, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The renewable energy market size is estimated to increase by 1,776.08 GW at a CAGR of 8.91% from 2022 to 2027. The emergence of zero-energy buildings is a key trend in the market. The construction industry is adopting various measures to improve energy efficiency, including improved designs and materials, minimization of issues associated with GHG emissions, and reduction of fossil fuel-based energy consumption. In zero-energy buildings, the energy produced is equal to the amount of energy consumed annually. Thus, the increase in the adoption of ZEBs will drive the growth of the market during the forecast period. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
Renewable energy market – Vendor insights
The global renewable energy market is fragmented. The market players compete on the basis of price, customized services, innovative products, and ease of integration with current systems. Major companies acquire smaller players to increase their market presence. Vendors may reduce their product prices due to intense competition, which could negatively affect their profit margins. Therefore, to succeed in this competitive environment, vendors should differentiate their product offerings through a clear and unique value proposition during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Enel Spa
- ENERCON GmbH
- General Electric Co.
- Innergex Renewable Energy Inc.
- Invenergy
- Schneider Electric SE
- Siemens AG
- Sunrun Inc.
- Suzlon Energy Ltd.
- Tata Power Co. Ltd.
- Vestas Wind…
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