Rising Trends in Renewable Energy Market: Top Sustainable Energy Products & Technology
Key Ideas
  • Global renewable energy market valued at US$ 1,060.5 billion in 2022, expected to grow at a CAGR of 16.5% from 2023 to 2030.
  • Solar power leading the way in renewable energy with the global solar PV modules market expected to reach US$ 287.13 billion by 2030.
  • Electric vehicles and lithium-ion batteries are becoming dominant, with the global lithium-ion battery market projected to witness a CAGR of over 28.7%.
  • Hydrogen generation market expected to grow at a CAGR of 9.3% from 2024 to 2030, becoming a key player in the automotive sector.
The article highlights the increasing intervention by governments and climate agencies worldwide to adopt clean and low carbon fuels for automotive and industrial applications, driving the growth of the renewable energy market. The market, valued at US$ 1,060.5 billion in 2022, is projected to grow at a CAGR of 16.5% from 2023 to 2030, with a focus on achieving NetZero targets. The top 10 trending sustainable energy products and technologies include solar power, electric vehicles, lithium-ion batteries, biomass power, waste management, water treatment, HVAC systems, air purifiers, and insulation products. Solar power emerges as the most penetrative renewable energy source, with the global solar PV modules market expected to reach US$ 287.13 billion by 2030. Electric vehicles are on the rise, causing a demand surge for lithium-ion batteries, projected to witness a CAGR of over 28.7%. Additionally, hydrogen is expected to compete with EVs in the automotive sector, with the global hydrogen generation market forecasted to grow at a CAGR of 9.3% from 2024 to 2030. Overall, the sentiment of the article is positive, emphasizing the positive growth outlook for sustainable energy products and technologies, driven by global initiatives towards clean energy and climate change mitigation.
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