Exploring the Growth of the Renewable Energy Market: Key Drivers and Opportunities
The global renewable energy market size is expected to reach USD 3.60 trillion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.2% from 2024 to 2030. Numerous governments across the world have framed various regulations to reduce Greenhouse Gas (GHG) emissions. The shift toward low-carbon fuels and the presence of stringent environmental regulations in most of the developed countries have provided a major boost to the renewable energy sector. Due to climate change and increasing environmental concerns, most governments have set targets to cut down their emissions. As a result, there have been huge investments in renewable energy and alternate fuels, and this trend is expected to continue in the coming years. Thus, the increasing inclination toward eco-friendly products to reduce emissions is expected to fuel the demand for renewable energy over the forecast period. The hydropower segment ...