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Renewable Energy Market Analysis
The Renewable energy market is set to witness a spend growth of over USD 330 billion with spend momentum to accelerate at a CAGR of more than 7% between 2019-2024. The provision of subsidies by governments on renewable sources of energies is driving a large-scale procurement in the renewable energy market. These subsidies are allowing suppliers to provide renewable energy at lower costs than non-renewable energy which are being procured by buyers who are aiming at fulfilling their sustainability goals.
Top Spending Regions in the Renewable Energy Market
Currently, APAC holds the major share in the global renewable energy market and is expected to retain its position through 2024.
APAC
The mandates issued by governments in APAC countries such as India, China, Japan, Thailand, and Indonesia regarding minimization of emissions of greenhouse gases are increasing the demand for renewable energy in the region. For instance, in 2018, 40%-50% of the global investments in renewable energy were made in the region, contributing to the growth of the renewable energy market in APAC.
Europe
The mandates associated with the use of renewable energy by governments are driving procurement in the renewable energy market in the region. For instance, the Renewable Energy Directive 2009/28/EC is an EU directive that specifies levels of renewable energy usage within the EU countries. It specifies that 20% of the energy used in the region, especially by organizations, must be renewable.
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Download the free sample of this report to know what the key renewable energy procurement best practices that you must adopt to address price dynamism in this market.
Insights Offered in this Renewable Energy Market Report
Insights into Some of the Leading Renewable Energy Suppliers
This renewable energy market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies for the top renewable energy suppliers. The top renewable energy suppliers highlighted in this report include:
Criteria to select suppliers in this dynamic renewable energy market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing suppliers selection criteria.
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