(MENAFN- EIN Presswire) Alternative Energy Market Expected to Reach $3.2 Trillion by 2031 - Allied Market Research
PORTLAND, OREGON, UNITED STATE, May 26, 2023 /einpresswire.com / -- In 1860, the world's first solar energy system was invented by French investor Augustin Mouchot. According to inventor predictions, one day coal supply would run out and there will be need for alternative energy source. The idea of alternative energy is very ancient and evolved slowly across the centuries and has given birth to various curious devices. The alternative energy market was valued at $1.1 trillion in 2021, and is projected to reach $3.2 trillion by 2031, growing at a CAGR of 10.3% from 2022 to 2031.
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Regions are in compelling concerns about energy security, considering the exponentially increasing demand of electricity through different end user. New government and state support are favoring green energy companies with the increase in research and development. The demand of electricity through the natural source is increasing which boosting the alternative energy market share. The capital and operating costs will be reduced with the implementation of new laws related to green energy, which will close the gap between green energy and readily available sources like oil and natural gas. To meet the expanding demand of the people in various countries, proper study of location and availability of alternative sources should be done prior to construction of any alternative energy plant. The commencement of new alternative energy plant will help to boost the alternative energy market size in near future.
In alternative energy market, nuclear energy segment dominates as source is more reliable. The industrial sector dominates the alternative energy market as it includes both production and utility companies. As alternative energy market analysis, several factors contribute to the growing demand for alternative energy in the residential end-use sector, which accounts for the market segment with the greatest CAGR. The residential segment is contributing to alternative energy market growth and segment is projected to increase as a result owing to rise in environmental pollution and the availability of government incentives and tax rebates for solar panel installation.
Several problems are associated with the non-renewable sources which are burnt in homes to produce heat, in big power plants to produce electricity, and in engines to drive vehicles. To overcome the problem, commercial sector is transitioning energy on alternative energy sources which is reducing the import of fossil fuels for other countries which is alternative energy market opportunities
Government and authorities are coming up with new regulations in place to encourage the industrial sector to adopt more alternative energy sources which is booting the alternative energy market trends. According to the International Energy Agency, solar energy is one of the technologies which is currently on track to meet the goals set for the global climate, in the alternative energy market forecast. Long-term energy approach changes are being witnessed in the industrial, commercial, and residential sectors which is projected to drive the growth of the market in the coming years.
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Infrastructure issues make it difficult to build alternate energy sources. The current infrastructure is primarily intended for nuclear and fossil fuel installations. Since the current energy system cannot handle sizable amounts of renewable energy, it urgently needs to be modified. The main problems are the age and storage capability of the electrical infrastructure. If the solar system is too small, building energy generation will be difficult. A sizable energy storage system is required if the solar energy system is too big. The energy produced will be lost without a high-capacity storage system.
Location has a significant impact in the creation of alternative energy. Solar radiation is present and varies in strength on the earth's surface depending on the time of day and the location. Full days and cloudy days will have limited access to the sun's energy, which will slow down the rate at which energy is produced.
The alternative energy market is segmented into type, end-use, and region. On the basis of type, the market is classified into solar energy, geothermal energy, and nuclear energy. On the basis of end-user, the market is segmented into residential, commercial and industrial. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The alternative energy market analysis covers in-depth information of the major industry participants. Some of the major players in the alternative energy market include Enel Spa, LONGi, Constellation Energy Corporation, NextEra Energy Resources, LLC., Trina Solar, ACCIONA SA and among others.
On the basis of type, the nuclear energy segment held 65.0% share in terms of revenue, and the solar energy segment is expected to grow at the highest CAGR of 10.7% during the forecast period. Solar energy products are in greater demand due to their extensive use in alternative energy. Solar energy retains more CAGR than nuclear energy, as solar energy solutions are cost-effective and more reliable for energy storage.
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On the basis of region, the Asia-Pacific region held 34.9% share in terms of revenue and is anticipated to grow at a CAGR of 10.6% during the forecast period. Future developments in China's solar storage industry are projected to drive the growth of the alternative energy market in the country. China and India are developing the transportation and storage facility which is projected to boost the demand for alternative energy source in the region.
Other players in the Alternative Energy market are Ontario Power Generation Inc., Northland Power Inc., ReNewPower, Adani Group, Capstone Infrastructure Corporation, Ormat. and others
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