According to research undertaken by Facts & Factors, the worldwide market size and share of clean energy technologies is anticipated to reach USD 423.7 billion by 2026, up from USD 283.9 billion in 2020, with a compound yearly growth rate (CAGR) of 6.9 per cent between 2021 and 2026. Previously, the global energy producing capacity from clean fuel sources was expected to expand at a CAGR of 23.1 per cent from 2016 to 2018, culminating in a total of 277.77 GW of clean energy.
Clean energy is also a long-term objective for the European Union, which aims to make Europe a climate-neutral continent by 2050. The European Green Agreement emphasises the need of attaining offshore clean energy to reach this goal, a project that will enhance the continent’s renewable energy economy.
Market growth in clean energy technologies globally is expected to be dominated by the Asia Pacific. The region is likely to retain its dominance in the clean energy technology market during the forecast period. In terms of end-use, the industrial and residential sectors are expected to dominate the Asia-Pacific market due to rising industrialisation. Throughout the research period, China is anticipated to lead the Asia-Pacific renewable energy industry, with China accounting for the highest market share. The biggest barrier that currently exists is the high cost of generating electricity from renewable energy sources. It is costly in many instances and significantly limits the future possibilities for renewable energy market share in the near future. Technical advancements in this business, on the other hand, have opened the way for lower-cost power generation technologies, which are expected to alleviate this problem in the long run.