US Renewable Energy Market Forecast

Renewable energy is defined as energy derived from naturally occurring sources that never run out on a timetable relevant to people. Among these are biomass, geothermal heat, wind, water (hydropower), and solar energy. Through the application of renewable energy technologies, these natural processes are converted into usable energy sources including fuel, heat, and power. Fossil fuels have a limited supply and release pollutants such as greenhouse gases. On the other hand, clean and sustainable renewable energy helps to reduce carbon emissions and its negative effects on the environment.

According to SPER Market Research, ‘United States Renewable Energy Market Size- By Energy Source, By Technology, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the United States Renewable Energy Market is estimated to reach USD XX billion by 2033 with a CAGR of 10.26%.

Drivers:

The US renewable energy sector is leading the way in the significant transition to sustainable and clean energy sources. The market is essential to the country’s search for ecologically suitable substitutes since it provides a range of energy sources, including solar, wind, hydro, geothermal, biomass, tidal, and wave energy. Moreover, the United States provides an abundance of renewable energy applications that support the growth of the business. Transportation, space exploration, desalination, heating and cooling, city lights, and military operations are a few of these. Furthermore, renewable energy is a better choice than conventional energy due to its abundance, affordability, sustainability, and lower carbon footprint.

Restraints:

Among the many difficulties facing the US renewable energy industry are ambiguous laws and regulations that may make long-term investment and planning more difficult. Due to technological and logistical difficulties, renewable energy cannot be integrated into the current grid infrastructure; thus, considerable improvements in grid management systems are needed. Furthermore, the development and implementation of effective energy storage technology is required due to the intermittent nature of renewable energy sources such as wind and solar power. Two major obstacles to renewable energy projects are the high initial capital costs and rivalry from well-established fossil fuel companies. Due to local opposition and environmental concerns, finding suitable sites for large-scale renewable energy projects can sometimes be difficult.

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The COVID-19 outbreak affected the US renewable energy economy in a number of ways. The industry initially experienced major disruptions because of labour shortages, supply chain issues, and project schedule delays. A brief decline in demand and finance for new projects was also brought on by concerns about investments and the faltering economy. The outbreak served as a stark reminder of the need for robust and sustainable energy systems, which in turn spurred a renewed interest in and support for renewable energy sources. While the long-term trend towards decarbonisation and sustainable energy gathered steam, some of the negative effects were lessened by government stimulus packages and policy support.

In the US, the market for renewable energy was led by California. California is at the forefront of renewable energy due to its expansive legislation, significant expenditures in wind and solar power, and climate conducive to renewable energy sources. The key players of this market are Brookfield Renewable Partners L.P, Duke Energy Corporation, Enphase Energy, Inc, First Solar, Inc, General Electric (Ge) Renewable Energy, Invenergy Llc, and Others.

United States Renewable Energy Market Segmentation

By Energy Source: Based on the Energy Source, United States Renewable Energy Market is segmented as; Solar Energy, Wind Energy, Hydropower, Biomass Energy, Geothermal Energy.

By Technology: Based on the Technology, United States Renewable Energy Market is segmented as; Photovoltaic Systems (PV), Concentrated Solar Power (CSP), Onshore Wind, Offshore Wind, Small Hydropower, Large Hydropower.

By End User: Based on the End User, United States Renewable Energy Market is segmented as; Residential Consumers, Commercial Enterprises, Industrial Users, Government and Municipalities

By Region: This research also includes data for Western, Southern, Northeast, Midwest.

For More Information, refer to below link:-

USA Renewable Energy Market Outlook

North America Renewable Diesel Market Size- By Type, By Application, By Feedstock- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

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