LONDON–(BUSINESS WIRE)–#MarketIntelligence–SpendEdge has been monitoring the global renewable energy market and the market is poised to experience spend growth of more than USD 330 billion between 2019-2024 at a CAGR of over 7% during the forecast period. Request Free Sample Pages.
The provision of subsidies by governments on renewable sources of energy is driving large-scale renewable energy procurement across the globe. 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.
APAC is holding the major share in the global renewable energy market and is expected to retain its position through 2024. The mandates issued by governments in APAC countries such as India, China, Japan, Thailand, and Indonesia regarding the minimization of emissions of greenhouse gases are favoring a large-scale renewable energy procurement in the region.
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Insights into renewable energy price trends
- The subsidies provided by governments across the world to promote the use of renewable energy and minimize emissions are effectively curbing renewable energy procurement costs.
- R&D costs will increase during the forecast period due to the rising focus on innovations such as the development of robots for the maintenance of wind turbines in the renewable energy sector.
Insights into strategies that will help buyers optimize their renewable energy procurement spend
- It is recommended that buyers assess suppliers’ economies of scale and innovative capabilities. Their economies of scale help them to lower their operational costs per unit of production. Suppliers leverage innovations such as the light-trapping coating on solar panels, which catches more solar radiation and results in high power generation. This enables them to produce renewable energy at low prices, which ultimately reduces buyers’ renewable energy procurement costs.
- Buyers are advised to evaluate the long-term viability of renewable energy suppliers to gain assurance of the uninterrupted supply of renewable energy. This can help buyers to diversify energy supply and reduce their dependence on imported fuels. This effectively minimizes their procurement expenditure in the renewable energy market. Buyers can assess the long-term viability of suppliers by evaluating their financial stability.
COVID-19 Impact Assessment and Market Insights
SpendEdge’s reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and latest market data to help your company overcome sourcing challenges. Our Renewable Energy Procurement Market Intelligence Report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights in the best procurement practices to mitigate losses.
To stay on top of latest trends and supply market information, check out SpendEdge’s knowledge center on COVID-19 impact assessment.
The top Renewable energy suppliers enlisted in this report
This Renewable energy procurement market intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
- NextEra Energy
- Xcel Energy
- Duke Energy
- Southern Company
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Some of the key topics covered in this report are:
- Renewable energy market spend segmentation by region
- Renewable energy supply market analysis
- Renewable energy procurement best practices
- Regional spend opportunity for renewable energy suppliers
- Renewable energy suppliers cost structure
- Total cost of ownership analysis in the renewable energy market
- Renewable energy suppliers pricing models analysis
- Category management objectives to promote an optimized renewable energy procurement
- Cost saving opportunities in the Renewable energy market
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- Global Electric Utilities Market – Procurement Intelligence Report
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