Renewable Power Generation Market Likely To Touch At 12,630.9 TWh By 2027: Grand View Research Inc.Posted by Mrudula Anil Karmarkar on August 3rd, 2023 San Francisco, 03 August 2023: The ReportRenewable Power Generation Market Size, Share & Trends Analysis Report By Product (Hydropower, Wind, Solar, Bioenergy), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2020 - 2027 The global renewable power generation market demand is expected to reach 12,630.9 TWh by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.9% over the forecast period. Switching from conventional fossil fuels to renewable sources is underway to achieve economic, social, and environmental developments. Moreover, such investments in renewable and clean resource sectors are estimated to generate commercial opportunities as well as new jobs. The world economy will be in the expansion mode after the COVID-19 pandemic, therefore demand for power is expected to increase exponentially in the coming years. This is a result of the higher living standards and economic growth. Fossil fuels currently dominate the present power supply, accounting for almost 60% of the energy increase until 2035. However, the shift towards low carbon fuels, coupled with stringent environment regulations in most of the developed countries, has provided a major boost to renewable energy. The renewable energy market has witnessed a surge in installation capacity over the past few years on account of growing environmental concerns, coupled with the aim to reduce the harmful effects of greenhouse gasses. This has been a major factor for the expansion of wind energy. Government support to save energy and improve the efficiency will result in propelling growth over the forecast period. Renewable energy is clean, silent, and freely available. This source of power has also become aesthetically appealing after the implementation of solar panels in residential and commercial buildings. The recent dip in the solar panel prices on account of hardware cost reductions as well as rising focus on tackling soft costs is further projected to augment the installation rates. Despite the extensive research & development costs associated, the major providers of solar panels have successfully reduced design, along with overhead costs. Growing worldwide energy crisis has stimulated the need for sustainable energy and power generation. Various conventional energy sources, such as fossil fuel, are increasingly being replaced by renewable sources, such as wind energy and solar energy. These renewable sources of energy not only produce energy in the most efficient manner but also have a minimum adverse environmental impact. Numerous governments throughout the world have framed various regulations regarding the reduction of greenhouse gas emissions. The Kyoto Protocol, introduced by the United Nations Framework Convention on Climate Change (UNFCCC) in 1997, was one of the first major steps toward controlling greenhouse gas emissions in various countries. Request sample report of Renewable Power Generation Market@https://www.grandviewresearch.com/industry-analysis/renewable-power-generation-market/request/rs1 Renewable Power Generation Market Report Highlights
The Paris Agreement of 2015, which led to several countries pledging their support for increasing the adoption of renewable energy, has become a major factor for improving the growth of the wind and solar energy market. Depleting fossil fuel reserves over the past few years has resulted in increasing consumption of renewable energy, thereby driving the demand for renewable power generation. Renewable Power Generation Market Report Scope
List of Key Players of Renewable Power Generation Market
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