SAN FRANCISCO, July 4, 2024 /PRNewswire/ -- Growing intervention by governments and climate agencies across the globe to adopt clean and low carbon fuel for automotive and industrial applications has been a key driving factor for the growth of renewable energy market, a trend that is expected to continue over the forecast year. The global renewable energy market was valued at US$ 1,060.5 billion in 2022 and is likely to grow at a CAGR of 16.5% from 2023 to 2030 as reported in Horizon Databook by Grand View Research.

Rise in the adoption of EVs (electric vehicles) coupled with increasing penetration of solar and wind power in accordance with targets of achieving NetZero is expected to play a crucial role in substituting fossil fuel-based energy sources over the next couple of decades. Demand for batteries, primarily for EVs, has seen exponential growth since the last decade and is expected to continue over the forecast period.

Horizon has a wide array of renewable energy topics within its database. Listed below are the top 10 trending sustainable energy products & technology:

• Solar power is most penetrative renewable energy source and with partially and fully tropical countries of Asia Pacific and Africa's increasing investment into solar power it's well ahead of other energy sources. The global solar PV modules market is expected to reach US$ 287.13 billion by 2030.
• Electric vehicles are slowly taking over the IC engine-based vehicle and this trend is evident in the developed economies of North America and Europe. Emergence of EV as a front runner has created a huge supply-demand imbalances for the batteries used as power source. Lithium-ion battery is the first choice of EV manufacturers with demand topping the charts. The global lithium-ion battery market is expected to witness a CAGR of over 28.7% over the forecast period.
• Global electric vehicle (EV) battery recycling market is expected to witness surge of a massive 61.7% by 2030.
• Focus of governments to increase their renewable energy share in overall energy mix coupled with growing awareness towards recycling has led to the emergence of biomass power. The global demand for biomass power is expected to exceed US$ 200 billion by 2030
• Global waste management market is expected to grow at compounded annual growth rate of 5.5% over the next 6 years.
• Rise of water-borne diseases coupled with scarcity of water has been a major push for water treatment technologies. The global water and waste water treatment equipment market is expected to reach US$ 90 billion by 2030.
• Hydrogen is considered to the be fuel of the future and is expected to give a stiff competition to EVs in the automotive sector. The global hydrogen generation market is expected to grow at a CAGR of 9.3% from 2024 to 2030
• Focus towards reducing GHG effect on the environment has led to surge in HVAC technology and products demand. The global HVAC systems market was valued at US$ 233.5 billion in 2023. The U.S. HVAC systems market is expected to witness a growth of 7.3% from 2024 to 2030.
• Outbreak of Covid-19 has been instrumental in resurgence of air purifiers. The global air purifier market is expected to reach US$ 25.58 billion by 2030.
• Insulation products have played a key role in energy saving. The global insulation market was valued at US$ 54.84 billion in 2023.

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