Alternative Energy Market Expected to Reach $3.2 Trillion by 2031 | Registering a CAGR of 10.3%
Alternative Energy Market Expected to Reach $3.2 Trillion by 2031 | Registering a CAGR of 10.3% EIN News
sdgtalks
Alternative Energy Market Predicted to Accelerate Growth by 2021 – 2031
The Sustainable Development Goals (SDGs)
- Goal 7: Affordable and Clean Energy
- Goal 9: Industry, Innovation and Infrastructure
- Goal 11: Sustainable Cities and Communities
- Goal 13: Climate Action
Introduction
The alternative energy market share is expected to witness considerable growth in coming years, owing to an Increase in preference toward environment-friendly energy solutions. – Allied Market Research
PORTLAND, OREGON, UNITED STATES, October 3, 2023 /EINPresswire.com/ — Allied Market Research published a report on the Alternative Energy Market by Type (Nuclear Energy, Solar Energy, Geothermal Energy), and by End-Use (Industrial, Commercial, Residential): Global Opportunity Analysis and Industry Forecast, 2021-2031.
Market Overview
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.
Historical Background
In 1860, the world’s first solar energy system was invented by French investor Augustin Mouchot. According to inventor predictions, one day coal supply will run out and there will be a need for an alternative energy source. The idea of alternative energy is very ancient evolved slowly across the centuries and has given birth to various curious devices.
Factors Driving the Market
- Regions are compelling concerns about energy security, considering the exponentially increasing demand for electricity through different end users.
- New government and state support are favoring green energy companies with the increase in research and development.
- The demand for electricity through natural sources 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.
Importance of Location
To meet the expanding demand of the people in various countries, the proper study of the location and availability of alternative sources should be done prior to the construction of any alternative energy plant. The commencement of a new alternative energy plant will help to boost the alternative energy market size in the near future.
Market Segmentation
In the alternative energy market, the nuclear energy segment dominates as the source is more reliable. The industrial sector dominates the alternative energy market as it includes both production and utility companies. In 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.
Challenges and Opportunities
Several problems are associated with 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, the commercial sector is transitioning energy to alternative energy sources which are reducing the import of fossil fuels for other countries which are alternative energy market opportunities.
Key Market Players
The Alternative Energy industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size and share analysis, operational results, and market positioning.
- Enel Spa
- Northland Power Inc.
- Constellation Energy Corporation
- Capstone Infrastructure Corporation
- LONGi
- Ontario Power Generation Inc.
- Ormat Technologies Inc.
- ReNewPower
- Acciona SA
- Adani Group
- NextEra Energy Resources, LLC
- Trina Solar
Market Segmentation
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-use, 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 on the major industry participants.
Market Trends
On the basis of type, the nuclear energy segment held a 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.
Regional Analysis
On the basis of end-use, the industrial segment held a 46.0% share in terms of revenue and is expected to grow at a CAGR of 10.1% during the forecast period. Along with this, the residential segment holds the highest CAG
SDGs, Targets, and Indicators Analysis
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 11: Sustainable Cities and Communities
- SDG 13: Climate Action
The article discusses the alternative energy market and its growth due to the increasing preference for environment-friendly energy solutions. This is directly connected to SDG 7, which aims to ensure access to affordable, reliable, sustainable, and modern energy for all. The article also mentions the need for infrastructure modifications to support renewable energy sources, which aligns with SDG 9’s target of upgrading infrastructure and retrofitting industries to make them sustainable. Additionally, the article highlights the role of alternative energy in reducing environmental pollution and combating climate change, which relates to SDG 11 and SDG 13.
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 7.2: Increase the share of renewable energy in the global energy mix
- SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable
- SDG 11.6: Reduce the environmental impact of cities
- SDG 13.2: Integrate climate change measures into national policies, strategies, and planning
The article highlights the growth of the alternative energy market, which indicates progress towards SDG 7.2. The need for infrastructure modifications to support renewable energy sources aligns with SDG 9.4. The article also mentions the role of alternative energy in reducing environmental pollution, which contributes to SDG 11.6. Finally, the emphasis on combating climate change through the adoption of alternative energy sources relates to SDG 13.2.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Percentage share of renewable energy in the global energy mix
- Investment in infrastructure upgrades and retrofitting for sustainable energy
- Reduction in environmental pollution levels in cities
- Inclusion of climate change measures in national policies and strategies
The article does not explicitly mention specific indicators. However, progress towards the identified targets can be measured using indicators such as the percentage share of renewable energy in the global energy mix, investment data in infrastructure upgrades and retrofitting for sustainable energy, monitoring of environmental pollution levels in cities, and tracking the inclusion of climate change measures in national policies and strategies.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | Increase the share of renewable energy in the global energy mix (7.2) | Percentage share of renewable energy in the global energy mix |
| SDG 9: Industry, Innovation, and Infrastructure | Upgrade infrastructure and retrofit industries to make them sustainable (9.4) | Investment in infrastructure upgrades and retrofitting for sustainable energy |
| SDG 11: Sustainable Cities and Communities | Reduce the environmental impact of cities (11.6) | Reduction in environmental pollution levels in cities |
| SDG 13: Climate Action | Integrate climate change measures into national policies, strategies, and planning (13.2) | Inclusion of climate change measures in national policies and strategies |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: einnews.com
Join us, as fellow seekers of change, on a transformative journey at https://sdgtalks.ai/welcome, where you can become a member and actively contribute to shaping a brighter future.
