According to a new report by Expert Market Research titled, ‘Global Renewable Energy Market Report and Forecast 2020-2025’, the global renewable energy market is being aided by the rising installation of renewable energy. The installation of renewable energy stood at almost 2455 gigawatts in 2019. The installations are projected to grow at a CAGR of 7.6% in the forecast period of 2020-2025 to reach an estimated capacity of 3812 gigawatts by 2025.
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With the growing environmental concern, the global demand for adopting renewable technologies has witnessed a rapid growth, pushing leading players in the industry to develop advanced solutions. In July 2019, JinkoSolar Holding Co., Ltd. (NYSE: JKS), a leading player in the industry and one of the world’s largest solar module manufacturers, announced the completion of the world’s largest solar plant of 1,177MWp, jointly developed with Japan’s Marubeni Corp. and Emirates Water and Electricity Company (EWEC). This project, which costs AED 3.2 billion, has utilised JinkoSolar’s highly efficient mono panels, attracting the world’s most competitive tariff of 2.42 cents per kilowatt hour. As scheduled, the commercial operations at this plant have also started at Sweihan in Abu Dhabi. Further, in August, JinkoSolar announced the expansion of its mono wafer production capacity to 18 GW at its production facility in Leshan, Sichuan Province, by adding 5GW of further capacity. The full production of the additional 5GW of production capacity is expected to begin during the second quarter of 2020. These efforts are in response to the emerging issues due to climate change and the rising demand for sustainable development.
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Market Breakup by Types:
- Hydropower
- Wind
- Solar
- Bioenergy
- Solid biofuels
- Bagasse
- Geothermal
By type, the global renewable energy market can be divided into solar, wind, hydro, biomass, and geothermal.
Market Breakup by Regions:
1 North America
1.1 United States of America
1.2 Canada
2 Europe
2.1 Germany
2.2 United Kingdom
2.3 France
2.4 Italy
2.5 Others
3 Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 ASEAN
3.5 Others
4 Latin America
4.1 Brazil
4.2 Argentina
4.3 Mexico
4.4 Others
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 Nigeria
5.4 South Africa
5.5 Others
Region-wise, the industry can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Competitive Landscape & Supplier Analysis:
- First Solar, Inc.(NASDAQ: FSLR)
- Suzlon Energy Ltd.(NSE: SUZLON)
- Vestas Wind Systems A/S (OTCMKTS: VWDRY)
- Conergy Energy Systems
- Senvion S.A.(FRA: SEN)
- Trina Solar Limited
- Ørsted A/S (OTCMKTS: DNNGY)
- Vattenfall AB
- JinkoSolar Holding Co., Ltd
- Tata Power Solar Systems Ltd.
- Enel Green Power S.p.A.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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