Artificial Intelligence
Renewable Energy Market to Reach a Valuation of USD 2,900 BN By 2027, Expanding at an 8.53% CAGR | Market Research Future (MRFR)
Pune, Feb. 08, 2021 (GLOBE NEWSWIRE) — Growing Environmental Concerns Drive the Market Growth
Renewable energy accounts for a major share in the overall energy generation market. Leveraging its advantages, most distributed generation successes have revolved around significant numbers of renewable energy system installations in residential sectors and home setups. Product standardization, enhanced research and innovation, increased lab & field tests have ensured large market shares for these technologies over the years.
On the other hand, many commercial spaces are implementing distributed energy systems embedded with IoT devices and Blockchain, artificial intelligence (AI) tech, for remote monitoring, managing payments, and security & performance analysis. According to Market Research Future (MRFR), the global renewable energy market is poised to reach a valuation of USD 2,900 BN by 2027, expanding at an 8.53% CAGR during the review period (2019 to 2027).
Despite the COVID-19 outbreak, the rise in renewables was reassuringly robust. The renewable energy market kept growing steadily throughout the year 2020 due to the continually rising energy demand, especially from the industrial sectors. The market demand is projected to pick up further following the uplift of the lockdown in many countries.
Overview
Growing concerns over the environmental implication of burning fossil fuels increase the growth of the market. Moreover, the growing energy consumption worldwide prompts the exploration of new energy resources that will be sustainable in the future. Increasing pressure to control continually rising carbon footprint, government focus on raising renewable energy output, and increasing renewable energy generation capacities offer significant market growth opportunities.
Additionally, emerging markets worldwide are expected to present untapped opportunities for renewable energy uses. Due to the growing government mandates & updated policies, and increasing renewable power generation, emerging countries offer significant opportunities to international players.
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COVID-19 Impact
The COVID-19 outbreak couldn’t affect the renewable energy industry. The dependency on fossil-fired electricity could have dramatically been reduced had it not been for such a bounce-back in electricity demand. Renewable energy market players faced various problems ranging from obtaining components required to develop renewable energy and delivering end products to attracting workers from quarantines.
The coronavirus-driven lockdown put a brake on the component and device production, which spiked product prices, lowering the market demand. However, the good news is that the renewable energy industry is rapidly returning to normal, witnessing the steadily increasing energy demand, especially from the industrial sectors. The market demand is projected to pick up following the uplift of the lockdown in many countries.
Industry Trends
Renewable energy present cost-effective solutions for energy generation, Conventional energy sources are costly and damaging to the environment. Growing concerns over the environmental implication of burning fossil fuels drive the adoption of renewable energy sources. Moreover, the growing energy consumption worldwide prompts the exploration of new energy resources.
Growing ecological concerns promote the need for renewable/clean energy generation to reduce pollution levels. Moreover, the rising nuclear and renewable energy generation boosts the renewable energy market size. Conventional energy generation sources, such as coal, fossil fuels, and natural gas, contribute substantially to carbon emissions. Therefore, power generation industries worldwide seek to reduce carbon footprint, focusing on raising renewable energy output.
These, along with increasing renewable energy generation capacities and government initiatives to create environmental safety awareness, are estimated to offer significant market growth opportunities. On the other hand, the lack of awareness, high initial investment requirements, and prohibitive costs associated with installing and maintaining renewable energy are the major factors that restrict the market growth.
Browse In-depth Market Research Report (121 pages) on Renewable Energy
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Segmentation
The renewable energy market analysis is segmented into type, end-user, and region. The type segment is sub-segmented into hydropower, solar energy, wind energy, bioenergy, geothermal energy, and ocean energy. Out of these, the hydropower segment held a 26.40% market share, with a valuation of USD 381.2 BN in 2018. The hydropower segment is estimated to register a CAGR of 11.02% during the forecast period.
The end-user segment is sub-segmented into industrial, residential, and commercial. The industrial segment is further bifurcated into power, iron & steel, chemicals and petrochemicals, oil & gas, food & beverage, automotive, and others. Out of these, the chemicals and petrochemicals segment accounted for a 19.70% market share, with a market valuation of USD 126.1 BN in 2018. The chemicals and petrochemicals segment is projected to grow at an 8.95% CAGR during the projection period.
Regional Segmentation
By region, the market is bifurcated into Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World, the Americas (US, Canada, Mexico, Rest-of-North America) and South America, and Europe (the UK, Germany, France, Italy, and Rest-of-Europe).
It is observed that the Asia Pacific region has been consistently dominating the global renewable energy market and is expected to maintain its market position in the coming years as well. The APAC renewable energy market valuation is projected to grow at an 8.90% CAGR during the forecast period.
Factors such as increased energy consumption and energy requirement due to the continually growing population and rapid urbanization & industrialization drive the renewable energy market growth in the region. With traditional power resources failing to meet the rising energy requirements are shifting the focus towards alternative energy resources.
Europe holds the second-best position in the global renewable energy market in terms of revenue. Factors such as the increasing consumers’ purchasing capacity and regulatory change represent the most important drivers scaling the renewable energy market share. Also, growing production capacities and renewable energy manufacturers in the region positively impact the regional market growth.
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Competitive Analysis
The renewable energy market is experiencing implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Jan 25, 2021, Abu Dhabi Fund for Development (ADFD), in collaboration with Irena, launched an initiative with a commitment of $350 million investment to support renewable energy projects in developing countries. ADFD supports the UAE’s effort towards driving energy transition at home and around the world by financing innovative renewable-energy projects.
List of the Key Companies Profiled in the Renewable Energy Market Research Report are
- Ocean Power Technologies, Inc.
- Ørsted A/S
- General Electric
- NextEra Energy, Inc.
- Enel Spa, On Power
- Yingli Solar
- Tocardo BV
- SynTech Bioenergy LLC
- Vestas Wind Systems A/S
- Siemens AG
- Canadian Solar Inc. among others.
Discover More Research Reports on Renewable Energy Industry, By Market Research Future
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact: Market Research Future Phone: +1 628 258 0071(US) +44 2035 002 764(UK) Email: [email protected] Website: https://www.marketresearchfuture.com
Artificial Intelligence
Wirex Executive Joins CryptoUK’s New Policy Committee
LONDON, May 21, 2024 /PRNewswire/ — Wirex, a leading Web3 money app, is proud to announce that Chet Shah, Global Chief Risk & Compliance Officer at Wirex, has joined CryptoUK’s newly established Policy Committee.
CryptoUK, the premier trade body representing the UK’s digital asset sector, formed its new Policy Committee which brings together industry-leading experts from the legal, regulatory, and compliance sectors. The committee’s mission is to provide strategic policy guidance, advocate for regulatory clarity, and foster innovation to support the growth of the UK’s digital assets industry.
This appointment underscores Wirex’s commitment to advancing regulatory clarity and innovation in the digital asset sector.
Chet brings a wealth of experience in risk and compliance. His background covers banking, auditing, and traditional finance, as well as solid expertise in the cryptocurrency space. At Wirex, Chet has been crucial in building and improving relationships with global regulators, including the Financial Conduct Authority, and authorities in countries including Singapore, Croatia, and Italy.
Chet’s approach prioritises commercially focused compliance and risk management, ensuring that Wirex operates smoothly at the intersection of traditional finance and Web3. His ability to balance regulatory requirements with innovation has been key to Wirex’s growth and success.
Commenting on his appointment, Chet said, “My experience aligns perfectly with the committee’s goals and together, we can advocate for policies that balance regulation with growth in the digital assets space.”
About Wirex
Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly. As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management.
Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.
| wirexapp.com |
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View original content:https://www.prnewswire.co.uk/news-releases/wirex-executive-joins-cryptouks-new-policy-committee-302151185.html
Artificial Intelligence
Media Production Company Egg Is Coming Chooses Infortrend SAN Storage to Empower Content Creation Workflows
TAIPEI, May 21, 2024 /PRNewswire/ — Infortrend® Technology, Inc. (TWSE: 2495), the industry-leading enterprise storage provider, today announced that Korean media production company Egg is coming is leveraging Infortrend’s storage solution for M&E – EonStor DS enterprise SAN storage to empower content creation workflows and store the growing volume of UHD videos they produce.
Egg is coming is a media content production company operating as a spin-off from the South Korean entertainment giant CJ ENM Entertainment Division, the distributor of Oscar-winning movie “Parasite”. With the renowned producer Lee Myung-han as its CEO, Egg is coming specializes in production of popular entertainment content, including drama series, broadcast programs, music videos, etc. The team has successfully produced numerous renowned series, including “Hospital Playlist” which became the ninth highest-rated Korean drama in cable television history at the time.
As the company was established, they started looking for a high-speed shared storage solution. Infortrend’s EonStor DS SAN storage came highly recommended by a major media company that has been successfully using it with Tiger Technology’s SAN file sharing solution. Trusting this recommendation, Egg is coming adopted EonStor DS for video editing application. In total, four DS 4016 appliances, expanded with four units of JB 3060L expansion enclosure, were chosen for the initial deployment of the studio’s storage system. The solution provides 1.8 PB total capacity to store ever-expanding UHD video content and enables seamless workflows for 29 simultaneous post-production processes.
“Infortrend’s SAN storage EonStor DS was recommended to us by a major media production company, and we are happy that we adopted the same solution as DS enables fast and comfortable collaboration between 29 video editors,” – said Changmin Sim, the Team Leader of the Video Editing Team at Egg is coming.
Learn more about EonStor DS
About Infortrend
Infortrend (TWSE: 2495) has been developing and manufacturing storage solutions since 1993. With a strong emphasis on in-house design, testing, and manufacturing, Infortrend storage delivers performance and scalability with the latest standards, user friendly data services, personal after-sales support, and unrivaled value. For more information, please visit www.infortrend.com
Infortrend® and EonStor® are trademarks or registered trademarks of Infortrend Technology, Inc.; other trademarks are the property of their respective owners.
View original content:https://www.prnewswire.co.uk/news-releases/media-production-company-egg-is-coming-chooses-infortrend-san-storage-to-empower-content-creation-workflows-302148602.html
Artificial Intelligence
Gcore And Xsolla Announce Partnership To Drive Global Game Distribution And Faster Downloads
Gcore’s edge network to deliver Xsolla Launcher, ensuring global reach, smoother game downloads and higher conversion rates
LUXEMBOURG, May 21, 2024 May 21, 2024 — Gcore, the global edge AI, cloud, network, and security solutions provider, announced its partnership with video game commerce company Xsolla. The alliance will enable Xsolla to provide game developers and publishers with new global distribution channels catering to gamers worldwide, regardless of their locations. With Gcore’s 180 global points of presence (PoPs), players will benefit from reduced time-to-play and smoother, more efficient game downloads.
Xsolla Launcher is a powerful tool for game development companies of all sizes to widen distribution and easily build communities. It streamlines game installation, enhances player communication, and boosts monetization, allowing developers to concentrate on creativity and business logic. By leveraging Gcore’s robust CDN, Xsolla Launcher ensures seamless, speedy game downloads for all players by efficiently fetching and caching game components and initiating rapid downloads upon player request.
“At Xsolla, we’re committed to elevating the gaming experience for developers and players globally,” said David Stelzer, President of Xsolla. “Our collaboration with Gcore’s cutting-edge CDN technology significantly narrows the gap between the game and its players by delivering assets at unparalleled speed. This integration into our new Xsolla Launcher sets the bar for high-performance service and empowers our customers to focus on what they do best: create captivating games.”
Xsolla engineers chose Gcore CDN for its global network of 180+ edge servers, ensuring uninterrupted delivery of game assets worldwide. With a network capacity exceeding 110 Tbps and connectivity to 14,000 peering partners, Gcore averts congestion and disruptions, even during major releases. Operating under strict security measures and meticulous server maintenance, Gcore guarantees exceptional availability. Additionally, Gcore’s CDN integration with its proprietary DNS services further minimizes the risk of service interruptions or outages.
“We’re thrilled to be part of Xsolla’s pioneering solution, driving the gaming industry forward,” commented Ilya Matveev, Business Development Director at Gcore. “Xsolla Launcher brings flexibility to the industry, allowing companies to implement a D2C approach – a way to monetize their existing game fan base without the burden of platform fees. Relying on the power of Gcore’s edge infrastructure, Xsolla Launcher is revolutionizing game distribution by eliminating market barriers, reducing development costs, and fostering creativity.”
Read more about the partnership via this link.
About Gcore
Gcore is a global edge AI, cloud, network, and security solutions provider. Headquartered in Luxembourg, with a staff of 600 operating from ten offices worldwide, Gcore provides solutions to global leaders in numerous industries. Gcore manages its global IT infrastructure across six continents, with one of the best network performances in Europe, Africa, and LATAM due to the average response time of 30 ms worldwide. Gcore’s network consists of 180 points of presence worldwide in reliable Tier IV and Tier III data centers, with a total capacity exceeding 110 Tbps.Website | Twitter | Facebook | LinkedIn
About Xsolla
Xsolla is a global video game commerce company with a robust and powerful set of tools and services designed specifically for the industry. Since its founding in 2005, Xsolla has helped thousands of game developers and publishers of all sizes fund, market, launch, and monetize their games globally and across multiple platforms. As an innovative leader in game commerce, Xsolla’s mission is to solve the inherent complexities of global distribution, marketing, and monetization to help our partners reach more geographies, generate more revenue, and create relationships with gamers worldwide. Headquartered and incorporated in Los Angeles, California, with offices in London, Berlin, Beijing, Guangzhou, Seoul, Tokyo, Kuala Lumpur, Raleigh, and cities around the world, Xsolla supports major gaming titles like Valve, Epic Games, Take-Two, KRAFTON, Nexters, NetEase, Playstudios, Playrix, miHoYo, and more.
Website | Twitter | Facebook | LinkedIn
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View original content:https://www.prnewswire.co.uk/news-releases/gcore-and-xsolla-announce-partnership-to-drive-global-game-distribution-and-faster-downloads-302150220.html
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