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The market for sustainable energy products and technologies: a market with great potential, which is expected to grow by more than 25% by 2030

Posted on by darion

SAN FRANCISCO, July 4, 2024 /PRNewswire/ — The increasing intervention by governments and climate agencies around the world to adopt clean and low-emission fuel for automotive and industrial applications has become a key driver of growth renewable energy marketa trend that is expected to continue in the forecast year. The global renewable energy market has been valued at 1,060.5 billion USD in 2022 and is likely to grow at a CAGR of 16.5% between 2023 and 2030, according to Grand View Research’s Horizon Databook report.

The growth in EV (electric vehicle) adoption coupled with the growth in solar and wind energy penetration in line with the NetZero targets is expected to play a key role in replacing fossil fuel-based energy sources over the next few decades. The demand for batteries, mainly for EVs, has seen exponential growth since the last decade and is expected to continue during the forecast period.

Horizon has a wide range of renewable energy topics in its database. Below are the 10 most popular sustainable energy products and technologies:

  • Solar energy is the most widespread renewable energy source and in countries with a partially or completely tropical climate Asia and Pacific AND Africa increasing investment in solar energy, is far ahead of other energy sources. Global photovoltaic modules The market is expected to reach 287.13 billion US dollars by 2030.
  • Electric vehicles are slowly replacing combustion engine vehicles, a trend that is visible in developed economies. North America AND Europe. The emergence of EV as a leader has created a huge supply-demand imbalance for batteries used as a power source. Lithium-ion battery is the first choice of EV manufacturers and its demand is at the top of the charts. Global lithium-ion battery market The CAGR is expected to be over 28.7% during the forecast period.
  • Global Electric Vehicle (EV) Battery Recycling Market It is expected to grow rapidly by 61.7% by 2030.
  • The governments’ focus on increasing the share of renewable energy in the overall energy mix, coupled with the growing awareness of recycling, has led to the emergence of biomass energy. Global demand for biomass energy It is expected to exceed 200 billion US dollars by 2030
  • Global waste management market The compound annual growth rate is expected to be 5.5% over the next 6 years.
  • The increase in waterborne diseases combined with water scarcity has been a major impetus for water treatment technologies. market for water and sewage treatment equipment is expected to reach 90 billion US dollars by 2030.
  • Hydrogen is considered the fuel of the future and is expected to provide strong competition to electric vehicles in the automotive sector. Global hydrogen production market It is expected to grow at a CAGR of 9.3% between 2024 and 2030
  • The focus on reducing the impact of greenhouse gases on the environment has led to an increase in demand for HVAC technology and products. Global HVAC Systems Market was valued at 233.5 billion US dollars in 2023. The US HVAC systems market is expected to grow by 7.3% between 2024 and 2030.
  • The Covid-19 outbreak has played a key role in the resurgence of air purifiers. Global air purifier market is expected to reach 25.58 billion US dollars by 2030.
  • Insulation products have played a key role in saving energy. The global insulation market has been valued at 54.84 billion US dollars in 2023.

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