The global renewable energy industry includes solar, wind, hydro, biofuels and others, that are less carbon-intensive and create a more sustainable renewable energy system. The factors that were fueling the growth of the renewable energy market before the COVID-19 pandemic include rising concern about the safety of the environment coupled with a growing energy crisis. Additionally, the cost-effectiveness offered using renewable energy is also contributing significantly to the growth of the global renewable energy market.

However, with the outbreak of COVID-19 since December 2019, the market of global renewable energy has shown discouraging growth rates. The COVID-19 virus was novel in nature and hence the government organizations across the globe published guidelines to quarantine oneself from the crowd and stay at home. Due to lockdowns, the global supply chains are affected and a considerable slowdown in production was observed. Sectors such as the wind industry are experiencing logistical delays. The logistic delays are resulting in delays in new project development. Moreover, due to the decrease in prices of crude oil, the demand for renewable energy can decrease in the near future. 

The global renewable energy industry report is segmented into the solar panel industry, wind power industry, hydropower industry, and other industries. Out of which solar panel industry is expected to get affected significantly due to the pandemic. The effect of COVID-19 on the renewable energy industry can be observed in all regions such as North America, Europe, Asia-Pacific and Rest of the World. In China, the renewable power sector is experiencing the impact of the COVID-19, specifically wind and solar PV, which could witness lower capacity additions due to suspended manufacturing and construction works. China is one of the significant countries for solar PV installations and the production of solar PV panels. The country has the largest installed solar power capacity of more than 205 GW by 2019, contributing more than 35% of the global installations. Besides, China is the biggest manufacturing country for solar PV equipment manufacturing globally and due to COVID-19, the manufacturing sector of the country has affected significantly. 

Key companies getting affected in the market include Canadian Solar Inc., GE Renewable Energy, Hanwha Q Cells Co., Ltd., JinkoSolar Holding Co., Ltd., Nordex SE, Senvion S.A., Siemens AG, SunPower Corp., and Trina Solar Ltd. The majority of the manufacturers are based in China. After the COVID-19 outbreak, the Jiangsu province in China took the hardest hit in terms of solar PV production capacity as more than 60% of the country’s solar PV panels are made here as per the Gofa institute, a part of the Chinese government’s National Energy Administration (NEA).

Research Methodology

The study on the renewable energy industry is incorporated by extensive primary and secondary research conducted by the research team. In secondary research, different approaches have been adopted to derive the market value, market growth rate and analyze trends in the industry due to the COVID-19 pandemic. In the report, the analysis of the country is provided by analyzing various regional players, laws & policies, consumer behavior, macro-economic factors and impact of the pandemic. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures. Besides, an expected recovery timeline of the industry will also be provided with the best- and worst-case scenario which will aid the companies to take their future steps in the global food & beverage industry.

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the global renewable energy industry.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global renewable energy industry.
• Insights about market determinants that are stimulating the global renewable energy industry.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.