China's renewable energy production reached nearly approximately 2,894 terawatt hours in 2023. This was the highest figure in the period of consideration and follows greater power generation capacity additions, particularly of solar and wind farms. Clean energy vanguard Building clean energy sources is not only a matter of fighting climate change; for the Chinese leadership, it is also of economic and strategic relevance. While the country is not rich in energy resources for its size, it has ideal conditions for renewable energy generation. Its vast steppe and desert regions along with an abundance of sunshine and wind in the northwest are ideal for solar and wind power generation. A vast network of rivers has also allowed for the expansion of its hydropower capacity. In the context of a climate crisis and a global scramble for resources, ensuring a high level of energy independence is crucial for the country's economy and national interest. A carbon past Despite progress in the renewable energy sector, China cannot easily shake its fossil fuel-based economy. Throughout its industrialization, coal was the only energy source that was available domestically. The rapid economic development that relied on heavy industry and manufacturing relied on coal, very much to the detriment of the environment and the population. Most cities in China’s industrial heartland suffered from severe air pollution, which garnered the country a global reputation for cities engulfed in heavy smog. Despite government efforts to address this issue, coal still accounts for the largest share of China’s energy mix.

According to the survey conducted by McKinsey on the personal impact of working through the COVID-19 crisis, about 30 percent of the respondents reported their personal energy reduced during the outbreak primarily due to the blurred boundary between life and work. The energy of the respondents bottomed out in mid-February, but then returned to normal as effective strategies emerged at both corporate and national level.

The continuous increase of carbon emissions is a serious challenge all over the world, and many countries are striving to solve this problem. Since 2020, a widespread lockdown in the country to prevent the spread of COVID-19 escalated, severely restricting the movement of people and unnecessary economic activities, which unexpectedly reduced carbon emissions. This paper aims to analyze the carbon emissions data of 30 provinces in the 2020 and provide references for reducing emissions with epidemic lockdown measures. Based on the method of time series visualization, we transform the time series data into complex networks to find out the hidden information in these data. We found that the lockdown would bring about a short-term decrease in carbon emissions, and most provinces have a short time point of impact, which is closely related to the level of economic development and industrial structure. The current results provide some insights into the evolution of carbon emissions under COVID-19 blockade measures and valuable insights into energy conservation and response to the energy crisis in the post-epidemic era.

In 2021-2022, China plans to add a new production capacity for styrene and polystyrenes. This could turn China from the world’s largest importer of those products into an exporter. Completion may be delayed due to electricity disruptions caused by increasing energy prices and regulations to reduce CO2 emissions. Despite the ban on single-use packaging, consumption of polystyrene in China will steadfastly grow, driven by a high demand for plastics in the construction, automotive and other industries.

The study aims to uncover the impact of COVID-19 and capital structure on the financial performance of 1787 renewable and nonrenewable energy firms in China from 2010 to 2022. Using the fixed effect approach, our study found that financial leverage negatively affected the return on assets and equity ratios for both renewable and nonrenewable energy. On the other hand, the study shows that COVID-19 adversely affected the financial performances of non-renewable energy firms. Conversely, COVID-19 positively affected the financial performances of renewable energy firms. The conclusions drawn by the present study are helpful for the policymakers in making corresponding financial decisions. The study suggests that policymakers must adopt profitable capital structure strategies for firms and shareholders in this context. Finally, policymakers must design more policies to overcome the adverse influence of the COVID-19 pandemic crisis and avoid any future unforeseeable pandemics.

China has the greatest number of coal-fired power stations of any country or territory in the world. As of July 2024, there were 1,161 operational coal power plants on the Chinese Mainland. This was more than four times the number of such power stations in India, which ranked second. China accounts for over 50 percent of total global coal electricity generation. Coal phase-out worldwide Coal power plants present various health and environmental threats. Besides demanding large quantities of raw material to be burned, this energy source pollutes water and has high greenhouse gas emissions. Due to these reasons and to tackle the climate crisis, 40 countries committed to phase out their coal power plants at the COP26 summit in 2021. However, the three leading economies with the greatest number of operational coal-fired plants that year did not agree to the terms. In 2021, the global capacity of coal power plants in construction stood at 184.5 gigawatts with an additional 111.8 gigawatts announced. Carbon dioxide emissions China has been the largest coal polluter worldwide since 1990. In 2021, figures reached a record high of 7.96 billion metric tons of carbon dioxide. That year, India had the second largest carbon dioxide emissions from coal use, followed by the United States. The U.S. was either the largest or second-largest polluter for 55 years, before being overtaken by India.

Since 2021, the world has been immersed in an energy supply shortage that has greatly affected markets worldwide. According to a survey carried out in August 2022, European respondents listed renewable energy development as their priority regarding energy in the current context, with a share of 47 percent in the European Union and 45 percent in the United Kingdom. Meanwhile, respondents in China and the United States ranked diversification of energy supplies as their priority.

The continuous increase of carbon emissions is a serious challenge all over the world, and many countries are striving to solve this problem. Since 2020, a widespread lockdown in the country to prevent the spread of COVID-19 escalated, severely restricting the movement of people and unnecessary economic activities, which unexpectedly reduced carbon emissions. This paper aims to analyze the carbon emissions data of 30 provinces in the 2020 and provide references for reducing emissions with epidemic lockdown measures. Based on the method of time series visualization, we transform the time series data into complex networks to find out the hidden information in these data. We found that the lockdown would bring about a short-term decrease in carbon emissions, and most provinces have a short time point of impact, which is closely related to the level of economic development and industrial structure. The current results provide some insights into the evolution of carbon emissions under COVID-19 blockade measures and valuable insights into energy conservation and response to the energy crisis in the post-epidemic era.

European chemicals industry faces a pressing crisis with Jim Ratcliffe advocating for tariffs on Chinese imports and policy reforms to counter rising costs and competitive pressures from China and the US.

The impact of “intimate” relations on China’s OFDI in energy sector: Considering the financial crisis.

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Renewable Energy Market Size 2025-2029

The renewable energy market size is forecast to increase by USD 2266.2 billion at a CAGR of 9.6% between 2024 and 2029.

The market is experiencing significant growth driven by the global increase in energy demand and the rising popularity of clean energy technologies. As concerns over carbon emissions and climate change continue to mount, renewable energy sources such as solar, wind, and hydroelectric power are increasingly seen as viable alternatives to traditional fossil fuels. This shift is being fueled by advancements in technology, which have led to increased efficiency and decreased costs for renewable energy solutions. However, the market also faces challenges, including the competition from alternative energy sources like nuclear and natural gas, as well as regulatory and policy uncertainties. In the US, for example, the recent trend towards deregulation and the reduction of subsidies for renewable energy may impact market growth. To capitalize on opportunities and navigate these challenges effectively, companies in the market must stay abreast of technological advancements, regulatory developments, and market trends. By focusing on innovation, collaboration, and strategic partnerships, they can differentiate themselves and position themselves for long-term success in this dynamic and rapidly evolving market.

What will be the Size of the Renewable Energy Market during the forecast period?

Request Free SampleThe market continues to gain momentum as global interest in energy security and reducing greenhouse gas emissions intensifies. Solar Photovolvoltaic (PV) capacity and utility-scale systems have seen significant growth, driven by declining investment costs and improving efficiency. Hydroelectric power, wind energy, and solar energy collectively accounted for over 70% of global renewable energy generation in 2021. Policy makers worldwide are incentivizing the adoption of renewable energy through subsidies and regulations, particularly in the residential segment. Electricity prices and environmental conditions also play a role in market dynamics, with renewable energy becoming increasingly competitive with fossil fuels. Battery storage systems are increasingly integrated into renewable energy systems to address intermittency issues. Emerging technologies, such as ocean power and offshore wind energy, offer promising opportunities for future growth. Despite challenges, including interest rates and environmental conditions, the market is expected to continue expanding, contributing to a reduction in carbon footprint and the transition away from fossil fuels.

How is this Renewable Energy Industry segmented?

The renewable energy industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userResidentialIndustrialCommercialTypeHydropowerWindSolarOthersDeploymentOn-gridOff-gridGeographyAPACChinaIndiaJapanSouth KoreaEuropeFranceGermanyItalyNorth AmericaUSCanadaSouth AmericaBrazilMiddle East and Africa

By End-user Insights

The residential segment is estimated to witness significant growth during the forecast period.The residential sector, as the largest energy consumer globally, contributes significantly to energy inefficiency and environmental degradation. The increasing energy demand in this sector poses a challenge to achieve sustainable development goals. Transitioning to renewable energy sources, such as solar and wind, is an effective solution to address this issue. Renewable energy not only fulfills the residential sector's energy demands sustainably but also preserves limited resources for future generations. The environmental benefits include reduced greenhouse gas emissions, improved air quality, and mitigation of urban heat island effects. Policy makers play a crucial role in implementing incentives and regulations to accelerate the adoption of renewable energy in the residential segment. Key renewable energy sources include solar PV, onshore and offshore wind, hydroelectric power, and geothermal energy. Solar energy, through residential systems, commercial systems, and utility-scale onshore wind, is a significant contributor to the market. The global energy crisis, characterized by high electricity prices, has further d the need for clean and affordable energy. The integration of battery storage systems and smart cities is expected to enhance the efficiency and reliability of renewable energy systems. The market includes various players, such as Enel Spa, Enel Green Power, and Sol Customer Solutions, among others. Policy implementation, wind energy additions, and regulatory reforms are key drivers of market growth. However, undersubscription of auctions, permitting delays, and module price fluctuations pose chal

Europe's Precious and Non-Ferrous Metal Manufacturing industry has had a volatile run recently, heavily impacted by fluctuating metal prices and the far-reaching effects of COVID-19. A significant presence scattered across the continent, including Germany, France, Italy, and Eastern Europe, ensures a highly competitive market. However, it's also laden with challenges due to growing imports from cost-effective Asian countries, primarily China. The high volatility in metal prices, coupled with a drop in demand from various sectors during COVID-19 and recent inflationary pressures, have weighed on industry revenue. Revenue is projected to contract at a compound annual rate of 6.5% to €210 billion over the five years through 2024. The easing of restrictions and the rebound in economic activity brought a surge in demand for metals from downstream manufacturing industries and construction in 2021. But soaring inflation in 2022, coupled with the energy crisis triggered by the Russia-Ukraine conflict, disrupted manufacturers heavily by severely raising production costs. Even though gold prices remained high due to ongoing uncertainty, reduced demand adversely affected most non-ferrous metals. Metal price fluctuations and intense competition, including cheap imports from China, have constrained profit. Looking forward, demand from car manufacturers and the boom in electric vehicles (EVs) should bolster growth prospects. The rising use of aluminium and copper in EVs offers opportunities for non-ferrous metal manufacturers. Expanding construction sector across Europe will also fuel demand for non-ferrous metals. However, fluctuating metal prices and competition from Asian, primarily Chinese, imports could dampen growth to some extent. Sustainability will be a significant factor shaping the industry's trajectory. European manufacturers will need to align with the push for a circular economy and focus on reducing CO2 emissions through modernised processes and recycling practices. Revenue is forecast to expand at a compound annual rate of 3.5% to €248.9 billion over the five years through 2029.

Europe's Precious and Non-Ferrous Metal Manufacturing industry has had a volatile run recently, heavily impacted by fluctuating metal prices and the far-reaching effects of COVID-19. A significant presence scattered across the continent, including Germany, France, Italy, and Eastern Europe, ensures a highly competitive market. However, it's also laden with challenges due to growing imports from cost-effective Asian countries, primarily China. The high volatility in metal prices, coupled with a drop in demand from various sectors during COVID-19 and recent inflationary pressures, have weighed on industry revenue. Revenue is projected to contract at a compound annual rate of 6.5% to €210 billion over the five years through 2024. The easing of restrictions and the rebound in economic activity brought a surge in demand for metals from downstream manufacturing industries and construction in 2021. But soaring inflation in 2022, coupled with the energy crisis triggered by the Russia-Ukraine conflict, disrupted manufacturers heavily by severely raising production costs. Even though gold prices remained high due to ongoing uncertainty, reduced demand adversely affected most non-ferrous metals. Metal price fluctuations and intense competition, including cheap imports from China, have constrained profit. Looking forward, demand from car manufacturers and the boom in electric vehicles (EVs) should bolster growth prospects. The rising use of aluminium and copper in EVs offers opportunities for non-ferrous metal manufacturers. Expanding construction sector across Europe will also fuel demand for non-ferrous metals. However, fluctuating metal prices and competition from Asian, primarily Chinese, imports could dampen growth to some extent. Sustainability will be a significant factor shaping the industry's trajectory. European manufacturers will need to align with the push for a circular economy and focus on reducing CO2 emissions through modernised processes and recycling practices. Revenue is forecast to expand at a compound annual rate of 3.5% to €248.9 billion over the five years through 2029.

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Aeroderivative Gas Turbine Market Size 2024-2028

The aeroderivative gas turbine market size is forecast to increase by USD 947 million at a CAGR of 2.2% between 2023 and 2028.

The market is experiencing significant growth due to various driving factors. Decarbonization goals are pushing the adoption of these turbines in LNG liquefaction processes and renewable energy applications. Product innovations, such as improved fuel compatibility and material strength, are enhancing the capabilities of aeroderivative gas turbines. The energy crisis is also increasing the demand for these turbines as they offer high efficiency and reliability in power generation. In military aircraft, aeroderivative gas turbines are preferred for their heat resistance and power output. However, challenges such as high capital costs and complex maintenance requirements may hinder market growth. Overall, the market is poised for expansion as it addresses the need for carbon emission curbing and reliable power supply systems.

What will be the Size of the Aeroderivative Gas Turbine Market during the forecast period?

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The market is experiencing significant growth due to the increasing demand for cleaner energy sources and improved fuel efficiency in power generation. Gas-based electricity generation continues to be a crucial aspect of electrical infrastructure, particularly in North America, where domestic gas production from shale and other sources has increased. Compact and lightweight designs of aeroderivative gas turbines are gaining popularity due to their ease of transportation and installation. These turbines are increasingly being used in renewable energy integration, allowing for the efficient conversion of intermittent renewable energy sources into a consistent electrical power output. Natural gas production and the shift from coal-based power plants to cleaner energy sources are further boosting the market.
Digitalization is transforming the market, with remote monitoring systems enabling real-time performance analysis and predictive maintenance. Dual-fuel systems, which allow the use of both natural gas and liquid fuels, offer flexibility and improved efficiency in power generation. Fuel efficiency is a key consideration In the market, with low combustion technology and advanced emission reduction systems being essential features of modern aeroderivative gas turbines. The durability of these turbines, combined with their ability to operate in open cycle or combined cycle configurations, makes them a reliable choice for power generation applications. The increasing adoption of clean turbine technologies In the power sector is expected to drive the growth of the market.
Renewable energy sources, such as wind and solar, are becoming more prevalent In the energy mix, and aeroderivative gas turbines offer an effective solution for balancing the grid and providing backup power when renewable sources are not available. In summary, the market is witnessing steady growth due to the increasing demand for cleaner energy sources, improved fuel efficiency, and the need for flexible and efficient power generation solutions. Digitalization, compact and lightweight designs, and dual-fuel systems are key trends driving the market, while the durability and low emissions of these turbines make them an attractive choice for power generation applications.

How is this Aeroderivative Gas Turbine Industry segmented?

The aeroderivative gas turbine industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Technology

  Combined cycle gas turbine (CCGT)
  Open cycle gas turbine (OCGT)


End-user

  Power generation
  Oil and gas
  Mobility


Geography

  APAC

    China
    India
    Japan
    South Korea


  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  Middle East and Africa



  South America

By Technology Insights

The combined cycle gas turbine (CCGT) segment is estimated to witness significant growth during the forecast period.

The market experiences steady growth due to the increasing demand for efficient and versatile power generation solutions. Mechanical drives and electric power generation are the primary applications for these turbines. Aeroderivative gas turbines, which are derived from jet engines, employ axial and centrifugal compressors and combustion systems to convert natural gas, diesel, liquid propane gas, aviation jet fuel, and other fuels into mechanical power. In the power generation sector, these turbines are increasingly being used in distributed generation and backup power sources.

Combined cycle gas turbine (CCGT) technology, which recovers heat from the exhaust gases to generate additional power, is a

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Bioenergy Market Size and Trends

The bioenergy market size is forecasted to increase by USD 88.4 billion, at a CAGR of 7.81% between 2023 and 2028. The market's growth hinges on various factors, notably escalating concerns regarding the environment and energy security, alongside an augmented demand for renewable, clean fuel sources. Supportive government policies further propel this trajectory, fostering a conducive environment for market expansion. As sustainability takes center stage globally, industries are increasingly turning towards renewable energy solutions to mitigate environmental impact and enhance energy resilience. This paradigm shift towards clean fuel underscores the market's pivotal role in addressing contemporary energy challenges. With governments incentivizing renewable energy adoption and fostering innovation in this domain, especially in clean energy technologies, the market is poised for substantial growth, driving advancements towards a more sustainable and secure energy future.

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The market encompasses various renewable sources, including biomass, agricultural waste, and solid waste. Biofuels, such as biogas and liquid biofuels derived from these sources, play a significant role in this sector. Bioorganic waste, including timber, compost, sugarcane, straw, and other agricultural residues, serves as essential feedstocks for bioenergy production. The installed base of bioenergy technologies includes biogas plants, dle (direct liquid extraction) systems, and green hydrogen production facilities. Landfills can also be utilized as sources of biogas and energy. Renewable energy investment in bioenergy has been increasing due to the potential for electricity generation, energy security, and mitigating the energy crisis. Biomass supply is a critical factor in the success of this industry, with ongoing research and development in bioenergy investment and bioenergy technologies. Bioenergy from biomass and organic waste can be converted into various forms, including biogas, liquid biofuels, and green hydrogen. These alternative energy sources offer a sustainable solution to the reliance on traditional fossil fuels like oil.

Market Segmentation

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in 'USD Billion' for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

Application Outlook

  Off-grid electricity
  Cooking 
  Transportation 
  Others





Product Type Outlook 


  Liquid biofuel 
  Solid biomass 
  Biogas 





Region Outlook 

  North America

    The U.S.
    Canada





  Europe

    The U.K.
    Germany
    France
    Rest of Europe





  APAC

    China
    India





  Middle East & Africa

    Saudi Arabia
    South Africa
    Rest of the Middle East & Africa


  South America

    Argentina
    Brazil
    Chile

By Application Insights

The market share growth by the transportation segment will be significant during the forecast period. This growth is attributed to factors such as a rise in the demand for biodiesel products. Biodiesel is an alternative to regular diesel for diesel engines, as it is environmentally friendly.

Get a glance at the market share of various regions Download the PDF Sample

The transportation segment showed a gradual increase in the market share of USD 62.90 billion in 2018. Conventional fuels are increasingly being replaced by alternatives such as bioethanol and biodiesel. Biodiesel, gasoline-blended methyl tert-butyl ether (MTBE)/tert-amyl methyl ether (TAME), and dimethyl ether (DME) are widely used in the automotive industry. The demand for fuels such as MTBE/TAME, biodiesel, and DME is expected to rise during the forecast period due to the increasing adoption of emission-controlled fuels.

Regional Analysis

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North America is estimated to contribute 28% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to companies is Europe. European market witnesses significant investment due to its role in ensuring energy security and reducing reliance on oil. With oil price fluctuations, the need for alternative and renewable energy sources has become increasingly important. Biofuel technologies, such as cellulosic ethanol and algae-based biofuels, are strategic announcements towards a sustainable energy future. Solid biomass resources, including agricultural byproducts and waste materials, serve as the primary feedstocks for bioenergy production. Biogas demand continues to rise, contributing to a reduction in greenhouse gas emi

Europe's Precious and Non-Ferrous Metal Manufacturing industry has had a volatile run recently, heavily impacted by fluctuating metal prices and the far-reaching effects of COVID-19. A significant presence scattered across the continent, including Germany, France, Italy, and Eastern Europe, ensures a highly competitive market. However, it's also laden with challenges due to growing imports from cost-effective Asian countries, primarily China. The high volatility in metal prices, coupled with a drop in demand from various sectors during COVID-19 and recent inflationary pressures, have weighed on industry revenue. Revenue is projected to contract at a compound annual rate of 6.5% to €210 billion over the five years through 2024. The easing of restrictions and the rebound in economic activity brought a surge in demand for metals from downstream manufacturing industries and construction in 2021. But soaring inflation in 2022, coupled with the energy crisis triggered by the Russia-Ukraine conflict, disrupted manufacturers heavily by severely raising production costs. Even though gold prices remained high due to ongoing uncertainty, reduced demand adversely affected most non-ferrous metals. Metal price fluctuations and intense competition, including cheap imports from China, have constrained profit. Looking forward, demand from car manufacturers and the boom in electric vehicles (EVs) should bolster growth prospects. The rising use of aluminium and copper in EVs offers opportunities for non-ferrous metal manufacturers. Expanding construction sector across Europe will also fuel demand for non-ferrous metals. However, fluctuating metal prices and competition from Asian, primarily Chinese, imports could dampen growth to some extent. Sustainability will be a significant factor shaping the industry's trajectory. European manufacturers will need to align with the push for a circular economy and focus on reducing CO2 emissions through modernised processes and recycling practices. Revenue is forecast to expand at a compound annual rate of 3.5% to €248.9 billion over the five years through 2029.

China added approximately 76.7 gigawatts of wind power capacity in 2023.The cumulative capacity of installed wind power worldwide surpassed one terawatt in 2023.

Need for renewable energy

Some forty years ago, the major industrialized countries were rendered helpless in the face of a severe energy crisis, when Arab petroleum producers proclaimed an oil embargo and the Iranian energy industry was plunged into the chaos of revolution. Once more, politicians and the public in industrial countries were reminded of the finite and limited nature of fossil fuels. The lack of alternatives to oil, gas and coal energy lead to the development of renewable, sustainable energy technologies, including solar thermal and PV systems, hydroelectricity and wind power.

Rise of wind power

In terms of cumulative wind power capacity installations, the market used to be dominated by European economies. However, beginning in the mid-2000s, China emerged as the driving force behind global wind power capacity growth. In 2023, Asia’s economic power horse added a whopping 76.7 gigawatts of new wind power capacity, to reach cumulative capacity of more than 440 gigawatts. With a market share of 47 percent in 2022, China lead the ranking of the largest wind power countries worldwide, ahead of the United States, Brazil and Finland. Chinese wind turbine manufacturers have also started increase their market shares, shortening the distance with the leading players - including General Electric Energy, Siemens and Vestas. That said, Europe still accounts for about 48 percent of global cumulative offshore wind power capacity.

Private household consumer spending on shoes and clothing in Germany fluctuated in the last four decades, amounting to around 78.58 billion euros in 2023 (preliminary figures). This was an increase compared to the year before. Shop talk Consumer spending on clothing and shoes is influenced by various factors. Currently, the leading among them might be rising item prices due to inflation and the ongoing energy crisis. Other influences include the motivation for sustainable shopping and consumption, with customers searching for second-hand options both online and in physical stores. E-commerce has massively transformed the German clothing and shoes market, with revenue only growing in recent years. Foreign supplier markets While Made in Germany is a coveted slogan and even a promise consumers still value highly, the German clothing market relies heavily on imports from abroad. As of 2022, the leading supply countries by far were China and Bangladesh. Around 10.2 billion euros worth of clothes were bought from China alone. While China's apparel production volume had decreased in recent years, it did began picking up, with over 23.5 billion pieces produced in 2021.

The United States consumed approximately 93.58 quadrillion British thermal units of primary energy in 2023. This was a decrease in comparison to the previous year of roughly one quadrillion British thermal units. Primary energy refers to energy harvested directly from natural resources and includes both fossil fuels and renewable sources. U.S. has one of the highest energy consumptions in the world The U.S. has had a consistently strong demand for energy over the past two decades, ranking second among the largest primary energy consuming countries in the world, following China. As energy consumption increases, so have energy efficiency and the use of renewable energy, causing a decrease in greenhouse gas emissions in the country. Energy market shifts Fluctuations since the global financial crisis and energy crisis have resulted in part from destabilized fossil fuel markets. A surge and crash in international oil prices led the United States to invest more in domestic shale oil and natural gas production, as well as clean energy technologies. Renewable investments surged to 141 billion U.S. dollars in 2022.

The impact of COVID-19 on the relationship among leverage and performance.