Renewable Energy Market: By Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy, Others) By End User (Residential, Commercial, Industrial, and Others), and Geography

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Renewable Energy Market was valued at USD 1,052.2 billion in 2023 and is poised to grow at an 8.9% CAGR from 2024 to 2030. Renewable energy is also referred to as clean energy usually derived from natural sources such as wind power energy, geothermal energy, bioenergy, solar energy, and hydropower energy which are constantly replenished. The increasing concern about reducing greenhouse gas emissions and the increasing need for energy owing to the growing population across the globe are expected to drive the growth of the renewable energy market over the forecast period. For instance, the Climate Act calls for a 49% reduction in greenhouse gas emissions by 2030 versus 1990 levels and a 95% reduction by 2050.

In addition, increasing investments in the development of renewable energy sources, and supporting government policies are expected to boost the growth of the renewable energy market. However, the high initial investment cost to set up a renewable energy source is expected to hinder the market growth over the forecast period. Moreover, the technological advancement in renewable energy is anticipated to reduce the cost of renewable energy, and high competitiveness in the battery storage systems are increasing which is expected to open great opportunities to the market players in the growth of the renewable energy market over the forecast period. For instance, solar photovoltaic cell installations will reach 143GW by 2020, which accounts for 43% of all renewable energy capacity across the globe. and also, the direct writing and lithography can be used to produce 14-nm wafers instead of older and more laborious 29-nm process lines. 

Renewable Energy Market Key Developments:

  • For instance, in September 2021, the UK government established a USD 1.2 billion package for public and private investments in India’s green initiatives and renewable power
  • In January 2023, Cepsa announced their three new solar power projects in Castilla-La Mancha Spain with a total capacity of 400MWand with an investment of EUR 280 million.

Renewable Energy Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

8.9%

Largest Market

Asia-Pacific

Fastest Growing Market

North America
Renewable Energy Market Dynamics

The renewable energy market is expected to grow over the forecasted period due to the increasing environmental consciousness among the public influences the demand for sustainable and lowering impact on environment which drives the renewable energy market growth. The increasing concern about reducing the greenhouse gas emission by reducing the use of fossil fuel are expected to drive the growth of renewable energy market over the forecast period. Furthermore, the increasing demand for energy due to the increasing population across the globe needs an alternative to generate energy as the fossil fuels are very limited in nature, thus, this drives the demand for renewable energy.

Renewable Energy Market Segmentation

By Type
  • Hydroelectric Power
  • Wind Power
  • Bioenergy
  • Solar Energy
  • Geothermal Energy
  • Others
By End User
  • Residential
  • Commercial
  • Industrial
  • Others
By Geography
  • North America
  • Europe
  • The Asia Pacific
  • Latin America
  • MEA

Frequently Asked Questions

Renewable Energy Market was valued at USD 1,052.2 billion in 2023 and is expected to grow at an 8.9% CAGR from 2024 to 2030.

Increasing concern about the environment and decreasing greenhouse gas emission are the major drivers in the growth of renewable energy.

The leading players in the global Renewable Energy market are ABB, ACCIONA, Enel Spa, General Electric, Geronimo Energy, Invenergy, Innergex, The Tata Power Company Limited, Xcel Energy Inc., First Solar Inc., Canadian Solar Inc., Jinko Solar Holding Co. Ltd, Vestas Wind Systems AS.

Asia Pacific region is expected to have largest CAGR and is expected to dominate the renewable energy market over the forecast period.

Key Features of the Reports

  • The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
1.Executive Summary
2.Global Renewable Energy Market Introduction 
2.1.Global Renewable Energy Market  - Taxonomy
2.2.Global Renewable Energy Market  - Definitions
2.2.1.Type
2.2.2.End User
2.2.3.Region
3.Global Renewable Energy Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Product Landscape
3.6. New Product Launches
3.7. Impact of COVID 19 on Market
4.Global Renewable Energy Market Analysis, 2019-2023 and Forecast 2024-2030
4.1.  Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
4.3.  Market Opportunity Analysis 
5.Global Renewable Energy Market  By Type, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
5.1. Hydroelectric Power
5.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.1.3. Market Opportunity Analysis 
5.2. Wind Power
5.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.2.3. Market Opportunity Analysis 
5.3. Bioenergy
5.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.3.3. Market Opportunity Analysis 
5.4. Solar Energy
5.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.4.3. Market Opportunity Analysis 
5.5. Geothermal Energy
5.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.5.3. Market Opportunity Analysis 
5.6. Others
5.6.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.6.3. Market Opportunity Analysis 
6.Global Renewable Energy Market  By End User, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
6.1. Residential
6.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.1.3. Market Opportunity Analysis 
6.2. Commercial
6.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.2.3. Market Opportunity Analysis 
6.3. Industrial
6.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.3.3. Market Opportunity Analysis 
6.4. Others
6.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.4.3. Market Opportunity Analysis 
7.Global Renewable Energy Market  By Region, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
7.1. North America
7.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.1.3. Market Opportunity Analysis 
7.2. Europe
7.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.2.3. Market Opportunity Analysis 
7.3. Asia Pacific (APAC)
7.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.3.3. Market Opportunity Analysis 
7.4. Middle East and Africa (MEA)
7.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.4.3. Market Opportunity Analysis 
7.5. Latin America
7.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.5.3. Market Opportunity Analysis 
8.North America Renewable Energy Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
8.1. Type Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
8.1.1.Hydroelectric Power
8.1.2.Wind Power
8.1.3.Bioenergy
8.1.4.Solar Energy
8.1.5.Geothermal Energy
8.1.6.Others
8.2.  End User Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
8.2.1.Residential
8.2.2.Commercial
8.2.3.Industrial
8.2.4.Others
8.3.  Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
8.3.1.United States of America (USA)
8.3.2.Canada
9.Europe Renewable Energy Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
9.1. Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.1.1.Hydroelectric Power
9.1.2.Wind Power
9.1.3.Bioenergy
9.1.4.Solar Energy
9.1.5.Geothermal Energy
9.1.6.Others
9.2.  End User Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.2.1.Residential
9.2.2.Commercial
9.2.3.Industrial
9.2.4.Others
9.3.  Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.3.1.Germany
9.3.2.France
9.3.3.Italy
9.3.4.United Kingdom (UK)
9.3.5.Spain
9.3.6.Rest of EU
10.Asia Pacific (APAC) Renewable Energy Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
10.1. Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.1.1.Hydroelectric Power
10.1.2.Wind Power
10.1.3.Bioenergy
10.1.4.Solar Energy
10.1.5.Geothermal Energy
10.1.6.Others
10.2.  End User Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.2.1.Residential
10.2.2.Commercial
10.2.3.Industrial
10.2.4.Others
10.3.  Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.3.1.China
10.3.2.India
10.3.3.Australia and New Zealand (ANZ)
10.3.4.Japan
10.3.5.Rest of APAC
11.Middle East and Africa (MEA) Renewable Energy Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
11.1. Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.1.1.Hydroelectric Power
11.1.2.Wind Power
11.1.3.Bioenergy
11.1.4.Solar Energy
11.1.5.Geothermal Energy
11.1.6.Others
11.2.  End User Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.2.1.Residential
11.2.2.Commercial
11.2.3.Industrial
11.2.4.Others
11.3.  Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.3.1.GCC Countries
11.3.2.South Africa
11.3.3.Rest of MEA
12.Latin America Renewable Energy Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
12.1. Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.1.1.Hydroelectric Power
12.1.2.Wind Power
12.1.3.Bioenergy
12.1.4.Solar Energy
12.1.5.Geothermal Energy
12.1.6.Others
12.2.  End User Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.2.1.Residential
12.2.2.Commercial
12.2.3.Industrial
12.2.4.Others
12.3.  Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.3.1.Brazil
12.3.2.Mexico
12.3.3.Rest of LA
13. Competition Landscape
13.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
13.2.1.ABB
13.2.2.ACCIONA
13.2.3.Enel Spa
13.2.4.General Electric
13.2.5.Geronimo Energy
13.2.6.Invenergy
13.2.7.The Tata Power Company Limited
13.2.8.Xcel Energy Inc.
13.2.9.First Solar Inc.
13.2.10.Canadian Solar Inc.
13.2.11.Jinko Solar Holding Co. Ltd
14. Research Methodology 
15. Appendix and Abbreviations 
  • ABB
  • ACCIONA
  • Enel Spa
  • General Electric
  • Geronimo Energy
  • Invenergy
  • Innergex
  • The Tata Power Company Limited
  • Xcel Energy Inc.
  • First Solar Inc.
  • Canadian Solar Inc.
  • Jinko Solar Holding Co. Ltd
  • Vestas Wind Systems AS.

Adjacent Markets