July 15, 2019
WELLESLEY, Mass., July 15, 2019–Economic growth in developing countries, expanding environmental awareness and an increase in number of households are factors which drive growth of the global renewable energy market, according to a report by BCC Research, “Renewable Energy: Technologies and Global Markets.”
The market expects to see a compound annual growth rate (CAGR) of 6.1% through 2023, when it could be worth $855.2 billion.
Read the full report here: https://www.bccresearch.com/market-research/energy-and-resources/renewable-energy-markets-report.html
“Renewable energy sources have had a strong decade of growth,” writes analyst Tribhuvan Pratap Singh. “In 2009, they contributed about 10% of global primary fuel supplies. However, the market is likely to be more challenging in the years ahead. The wind power industry in particular will be challenged to find ways to lower prices, while solar power, with its much larger customer and manufacturing base, will be able to respond more quickly, although declining prices and margins will be difficult for suppliers.
The Role of Government in the Renewable Energy Market
Efforts to reduce or minimize reliance on conventional energy resources such as oil, natural gas and coal due to growing environmental hazards are expected to remain a key driving factor for the global market. In addition, governmental support in the form of tax benefits and financial incentives in the U.S., Germany, Iceland, France, the U.K., China and India is expected to drive production of renewable energy.
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Renewable Energy: Technologies and Global Markets( EGY049D )
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