Renewable Power Market Size, Share, Growth, Trends, and Industry Analysis: By Type (Hydroelectric Power, Wind Power, Biofuel, Solar Energy, Geothermal Energy, and Biomass Energy), By End User (Residential, Commercial, Industrial, and Others), and Region Forecast 2019-2030

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Renewable Power Market size was valued at USD 783.5 billion in 2023 and is poised to grow at a CAGR of 13.2% over the forecast year to reach USD 1,866.2 billion in 2030. Energy produced from naturally replenishing sources also known as limitless resources is referred to as renewable electricity. Compared to fossil fuels, which are limited and cause pollution and greenhouse gas emissions, such as coal, oil, and natural gas, renewable energy sources are sustainable and have less of an adverse effect on the environment.

This merging of the increased demand for energy, the rapid growth of technology, and the world's focus on sustainability to reduce climatic change is envisioned as being what is driving the renewable power market. The projection today would be that in 2023, renewables are going to be nearly half of global electricity generation by 2030, bringing about a paradigm in energy. However, the market faces severe restraints, such as the high initial investment required for capital, intermittency of renewable sources, and inconsistent regulatory environments, which are also posing a significant threat to the development of projects.

However, there is an emerging opportunity, especially in the developing world, where clean energy infrastructure investment is gaining momentum. The emergence of energy storage solutions and smart grid technologies is allowing renewables to add more value to both viability and efficiency. Trends in that regard include the rising use of corporate power purchase agreements, cooperation in both public and private areas, and transitions to decentralized systems, all of which are so situated that the renewable power sector is ready for market growth in the next years.

Renewable Power Market Key Developments:

  • In August 2023Adani Energy Solutions announced the successful financial closure of its USD 1 billion Green HVDC link project. This initiative aims to enhance the supply of renewable power to the city and address its increasing electricity demand. The credit facility is integrated into the USD 700 million revolving project finance initiative established in October 2021 for AESL's ongoing transmission assets portfolio. This distinctive platform in infrastructure financing ensures steady access to capital for upcoming projects in AESL's transmission portfolio, utilizing funds repaid by. 
  • In April 2021, Walmart announced the installation of 6.5 MW of solar power systems at seven of its California stores, developed by Sol Customer Solutions. Bank of America (BOA) served as the tax-equity partner for the portfolio, which featured a mix of solar power systems on parking lot rooftops and carports, with an estimated cost of around US$10 million.

Renewable Power Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

13.2%

Largest Market

Asia Pacific

Fastest Growing Market

Latin America

Renewable Power Market Dynamics

Many factors propel the renewable power market, but its opportunities are large enough. Developing countries shift towards clean energy infrastructure in an attempt to complement increasing energy needs and often leapfrog over the traditional sources of fossil fuel. This not only creates new markets for renewable technologies but also supports economic growth and the creation of jobs in these regions. The second driver towards renewable sources of energy is the declining cost of solar and wind technologies, putting them even more easily within reach for businesses and consumers. Advances in energy storage and grid management technologies enable further improvements in reliability and efficiency among renewable sources, thus allowing their integration into existing systems at many locations. In addition, corporate change toward sustainability is taking the form of an increase in the number of PPAs-the tool through which companies can ensure long-term supplies of renewable energy and reduce their carbon footprint. Overall, this forms a positive investment and growth climate in the renewable power sector.

Renewable Power Market Segmentation

By Type

  • Hydroelectric Power
  • Wind Power
  • Biofuel
  • Solar Energy
  • Geothermal Energy
  • Biomass Energy

By End User

  • Residential
  • Commercial
  • Industrial
  • Others

Frequently Asked Questions

The renewable power market was valued at USD 783.5 billion in 2023 and is expected to grow at a CAGR of 13.2% over the forecast year to reach USD 1,866.2 billion in 2030.

This merging of the increased demand for energy, the rapid growth of technology, and the world's focus on sustainability to reduce climatic change is envisioned as being what is driving the renewable power market.

Trends in that regard include the rising use of corporate power purchase agreements, cooperation in both public and private areas, and transitions to decentralized systems, all of which are so situated that the renewable power sector.

Asai-Pacific is the dominant region in the renewable power market.

Latin America is the fastest-growing region in the renewable power market.

Key Features of the Report

  • The renewable power market 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 Power Market Introduction 
2.1.Global Renewable Power Market  - Taxonomy
2.2.Global Renewable Power Market  - Definitions
2.2.1.Type 
2.2.2.End User
2.2.3.Region
3.Global Renewable Power 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 Power 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 Power 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. Biofuel
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. Biomass Energy
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 Power 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 Power 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 Power 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.Biofuel
8.1.4.Solar Energy
8.1.5.Geothermal Energy
8.1.6.Biomass Energy
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 Power 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.Biofuel
9.1.4.Solar Energy
9.1.5.Geothermal Energy
9.1.6.Biomass Energy
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
10.Asia Pacific (APAC) Renewable Power 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.Biofuel
10.1.4.Solar Energy
10.1.5.Geothermal Energy
10.1.6.Biomass Energy
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 Power 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.Biofuel
11.1.4.Solar Energy
11.1.5.Geothermal Energy
11.1.6.Biomass Energy
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 Power 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.Biofuel
12.1.4.Solar Energy
12.1.5.Geothermal Energy
12.1.6.Biomass Energy
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.Acconia S.A.
13.2.3.Enel Spa
13.2.4.General Electric
13.2.5.Innergex
13.2.6.Invenergy
13.2.7.Schneider Electric
13.2.8.Siemens Gamesa Renewable Energy, S.A.
13.2.9.Suzlon Energy Ltd.
13.2.10.Tata Power
14. Research Methodology 
15. Appendix and Abbreviations 
  • ABB
  • Acconia S.A.
  • Enel Spa
  • General Electric
  • Innergex
  • Invenergy
  • Schneider Electric
  • Siemens Gamesa Renewable Energy, S.A.
  • Suzlon Energy Ltd.
  • Tata Power

Adjacent Markets