Post COVID-19, the report “COVID-19 Impact on Renewable Energy Market by Technology (Wind and Solar), End-User (Utilities, Captive (Industrial, Commercial and Residential) and Region – Global Forecast to 2021” The Global Renewable Energy Market size is projected to grow from USD 184.3 billion in 2020 to USD 226.1 billion by 2021, in the realistic scenario during the forecast period. The major factors driving the growth of the renewable energy industry include the slowdown in oil consumption due to the COVID-19 outbreak as many utilities are trying for a 100% transition into renewables.
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The solar segment is projected to be the largest segment in the Renewable Energy Market during the forecast period
The solar segment is likely to witness the adoption of new solar technologies such as floating solar farms and Building-Integrated Photovoltaics (BIPV) solar technology during the forecast period (from 2019 to 2021). Also, the demand for energy from the residential and commercial sectors is continuously increasing as the majority of the population is staying at home and working from home. Hence, adopting new technologies is expected to be cost-effective for companies as well as end-users.
The utilities/power producers segment is projected to be the largest market for renewable energy during the forecast period
Utilities/power producers who had already shifted or are planning to shift to the renewable energy sector will be the gainers during the forecast period. Also, the long-term and reliable government policies and increased energy independence are expected to be the key motives for utilities making the transition to 100% renewables in the future.
The Asia Pacific region is projected to be the largest market for renewable energy during the forecast period The Asia Pacific region is expected to be the largest market for renewable energy during the forecast period. There will be no shortage of renewable energy parts in the Asia Pacific region as China has already relocated some of its production capacity in neighboring countries such as Vietnam and India. Also, the Asia Pacific region is close to the optimistic scenario because China holds the majority of renewable energy market share, and only a few areas in the country are affected by the COVID-19 outbreak.
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Recent Development
- April 2020: Vestas has reduced production to a minimum in its Spanish factories. At its blade factory in Daimiel, minimum production of blade root continues as this is an essential segment to its global supply chain, and a complete shutdown would create a disproportional disruption. The generator factory in Viveiro is closed except for some minimal logistic services.
- March 2020: Despite the country’s painful struggle with the COVID-19 outbreak, the Italian solar market is sending some encouraging signs. Italian lender Intesa San Paolo has awarded USD 60 million credit facility to Canadian Solar for a portfolio of 12 unsubsidized solar projects.
- March 2020: Siemens Gamesa has taken action to maintain high levels of activity across the business—manufacturing, installing, and servicing wind turbines—without compromising health and safety. A sophisticated supply chain supports the wind energy industry, and the company is working hard to mitigate risk and maintain continuity. Also, its installation and service teams are dealing with complicated international logistics and are monitoring all border and travel restrictions to ensure safe travel.
Key Market Players
Key players in the global Renewable Energy Market include Siemens Gamesa (Spain), Goldwind (China), General Electric (US), Orsted (Denmark), Canadian Solar (Canada), Jinko Solar (China), Vestas (Denmark), and SolarEdge (Israel).
