A new report exploring the impact of COVID-19 on the global market for renewable energy has been released.
Revenue generated from renewable energy is expected to increase from $184 billion in 2020 to $226 billion by 2021, according to the “COVID-19 Impact on Renewable Energy Market – Global Forecast to 2021” report.
The pandemic is causing uncertainties in regard to new investments and business strategies within the global renewables market, according to the study.
Moreover, renewable energy firms are now facing unprecedented pressure of leveraging renewables not only to meet energy demand but to reduce carbon emissions and tackle climate change.
The solar segment dominated the renewable energy industry during the forecast period. This is a result of the majority of solar manufacturers delivering orders on time despite logistics disruptions due to COVID-19.
The utilities/power producers segment is projected to be the largest renewable energy market.
The pandemic has created an opportunity for utilities to transition to 100% renewable energy following massive declines in demand for energy, fossil and transport fuels.
Utilities/power producers who had already shifted or are planning to shift to the renewable energy sector will be the gainers during the forecast period.
Asia Pacific is projected to be the largest and most optimistic market during the forecast period.