The global alternative energy market size is valued at USD 1.34 billion in 2020 and reach USD 2.02 billion in 2027, registering a CAGR of 6.4% during the forecast period (2021-2027). Artificial intelligence is growing exponentially growing in controlling the load and power in alternative energy. Many alternative energy companies focus on integrating advanced equipment to generate a high amount of alternative energy for various end-use industries such as manufacturing and fabrication. Advancement in alternative energy blockchain technologies has avoided many hackers from hacking grid system, which is one of the important aspects of the alternative energy market.
Factors Affecting the Alternative Energy Industry Over the Forecast Period:
- To decrease greenhouse gases and CO2 emissions due to traditional energy sources, end-use sectors are focusing on the use of renewable energy, which will impact the growth of alternative energy markets.
- Continuous advancement in technologies and increased government funding in the renewable energy sector is expected to create new growth opportunities in the alternative energy market
- Generation of energy from renewable sources requires huge investment, which is anticipated to hamper the market growth during the forecast period
- The high initial cost of installation of energy plants at specific locations is one of the significant hurdles in the growth of the alternative energy market
- Unavailability of renewable resources due to unpredictable and inconsistent weather is also a key factor that impede the growth in the global
- renewable energy market.
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Impact of COVID-19 on Alternative Energy Market:
COVID-19 significantly affects the growth of the alternative energy market. In the early stages of lockdown power and energy sector was adversely affected due to the shutdown of industries and factories, which decreased the demand for alternative energy. Moreover, this pandemic has led to the cancellation or suspension of investment decisions for both large and small-scale alternative projects which were under development. These factors drop the growth of the market by approximately 13% in 2020.
Scope of the Report
The report outlines the global alternative energy market study based on type and end use.
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Based on the type, the alternative energy market has been segmented into –
- Hydroelectric Power
- Wind Power Energy
- Solar Energy
- Geothermal Energy
Based on the end use, the alternative energy market has been segmented into –
Alternative Energy Market: Regional Outlook
Based on the region, the global alternative energy market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2020, Asia Pacific held the largest share in the global alternative energy market, followed by Europe and North America. Moreover, Europe is expected to grow with high growth rate over the forecast period due to increasing demand for alternative energy in emerging economies across the region.
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Key Global Alternative Energy Market Competitors Includes –
The global alternative energy market is fairly consolidated, with the presence of a limited players across the globe. The key players operating in the global alternative energy market are –
- BB Ltd
- General Electric (GE)
- The Tata Power Company Limited (Tata Power)
- Enel Spa (Enel)
- Xcel Energy Inc. (Xcel Energy)
- Geronimo Energy
The alternative energy market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs from primary interviews with industry experts.
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