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