The global alternative energy market size was US$ 1.3 billion in 2021. The global alternative energy market is forecast to grow to US$ 2.5 billion by 2030, registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market

Artificial intelligence is becoming increasingly popular in every industry. Many alternative energy companies concentrate on integrating innovative technology to produce large amounts of alternative energy. Thus, it will benefit the global alternative energy market during the study period.

The increasing concerns over greenhouse gases and CO2 emissions are likely to surge the demand for alternative energy to cater to the public demands without harming the environment. Thus, it will fuel the growth of the global alternative energy market.

Growing initiatives from governments in the renewable energy sector will offer ample growth opportunities for the growth of the alternative energy market.

The requirement for huge investment may limit the market growth. On the contrary, the shortage of non-renewable resources and growing prices of fuel may accelerate the demand for alternative energy during the forecast period.

Increasing population and rising industrialization in the emerging economies will benefit the overall alternative energy market during the forecast period.

Increasing public awareness about the harmful effects of conventional sources of energy will drive the alternative energy market forward.

COVID-19 Impact Analysis

COVID-19 pandemic has negatively affected the global alternative energy market. The power and energy sectors were negatively impacted in the early phases of the lockdown due to the shutdown of industries and manufacturing. Thus, it reduced the demand for alternative energy. Furthermore, authorities have either postponed or canceled their investment decisions which ultimately limited the growth of the alternative energy market.

The market may begin to recover once the economies start recovering. In addition, the awareness about the harmful effects of traditional sources of energy has increased. Thus, it may fuel the growth of the global alternative energy market in the coming years.

Regional Analysis

The Asia-Pacific alternative energy market is growing at a rapid pace, owing to the presence of emerging economies, such as China and India. In addition, governments in these countries are focusing on increasing industrialization. As a result, the global alternative energy market will grow significantly in the region. Furthermore, the growing population and increasing energy demands will benefit the Asia-Pacific alternative energy market during the study period.

Competitors in the Market

BB Ltd
General Electric (GE)
The Tata Power Company Limited (Tata Power)
Innergex
Enel Spa (Enel)
Xcel Energy Inc. (Xcel Energy)
EDF
Geronimo Energy
Invenergy
ACCIONA.
Other Prominent Players
Market Segmentation

The global alternative energy market segmentation focuses on Type, End-Use, and Region.

Based on Type

Hydroelectric Power
Wind Power Energy
Bioenergy
Solar Energy
Geothermal Energy
Based on End-Use

Residential
Commercial
Industrial
Based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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