The increasing acceptance worldwide of the need to transition to renewable energy to address climate change concerns, President Biden’s support of green infrastructure development, and the declining cost of energy storage technologies should drive the renewable energy industry’s growth. So, we think it could be worth adding renewable energy stocks Equinor (EQNR), TPI Composites (NASDAQ:TPIC), and Beam (BEEM) to one’s watchlist. Wall Street analysts recommend buying these stocks. So, let’s discuss these names.Favorable government policies, the adoption of electric vehicles (EVs), and the declining cost of energy storage technologies are expected to propel the renewable energy industry’s growth. The renewable energy market is expected to reach $2.17 trillion by 2030, representing a 10.1% CAGR .
According to a Deloitte report, concerns over climate change and support for environmental, social, and corporate governance (ESG) policies should drive the renewable energy sector’s growth in 2022. Moreover, President Biden’s support for building a clean energy economy and increasing renewable energy adoption should further fuel the industry’s growth.
Given this backdrop, Wall Street analysts recommend buying renewable energy stocks Equinor ASA (NYSE:EQNR), TPI Composites, Inc. (TPIC), and Beam Global (BEEM). So, we think it could be worth adding these stocks to one’s watchlist.