Page 8 - Energize December 2022

INDUSTRY NEWS

Global RE market to be worth almost

US$2-billion by 2030

Global shift from fossil fuels to renewables, rise in legislative and financial initiatives, and increase
in electricity usage fuel the growth of the global renewable energy market

Information from Africa Energy Indaba efficient and innovative methods to
produce and store renewable energy,
ccording to a recent report published by Allied Market Research, titled to meet the world’s ever-growing
“Renewable Energy Market by Type, (Hydroelectric Power, Wind Power, Bioenergy, energy demands.
ASolar Energy and Geothermal Energy) and End Use (Residential, Commercial, • Increased private investment in
Industrial and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030”, renewable energy sources are
the global renewable energy sector was valued at US$887,1 billion in 2021 and is further driving improvement in
expected to reach $1977,6 billion by 2030, growing at a compound annual growth rate the renewables sector economics.
(CAGR) of 8,4% from 2021 to 2030. What’s more, these investments in
renewables are closing the gap in oil’s
Levers of growth historic cost-effective energy supply
Collectively, renewable energy provides approximately 7% of the globe’s energy dominance, thereby enhancing the
demand. Commanding factors that are driving the consumption of renewable energy competitive nature that renewables
sources include: present and challenging the position
• A fundamental global shift from fossil fuels to renewable energy as more of fossil fuel derivatives.
countries capitalise on the benefits and energy potential of renewables. To this • Major corporations and small
end, both developing and developed countries are increasingly investing in clean businesses will continue to play a
energy. major supporting role in the drive
• Governments across the globe are increasingly adopting renewables because of towards a cleaner grid, amidst the
improved output efficiency, pollution reduction and lower maintenance costs. surge in legislative and financial
• Technological advancements are accelerating rapidly as more economies seek initiatives being employed.

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