- Hydroelectric Power
- Wind Power
- Biofuel
- Solar Energy
- Geothermal Energy
- Biomass Energy
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.
Study Period
2024-2030Base Year
2023CAGR
13.2%Largest Market
Asia PacificFastest Growing Market
Latin America
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.
By Type
By End User
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.
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 |