The global renewable energy market is expected to continue its upward growth over the next years. According to the Group Next Move Strategy Consulting, the market will reach over two trillion U.S. dollars by 2030. Environmental concerns regarding fossil fuels, rapid urbanization, and economic growth in emerging regions are all major factors that are contributing to the projected market growth.

Renewable Energy Market size is predicted to reach USD 2,025.94 billion by 2030, with a CAGR of 9.6% from 2022 to 2030.

The Report Covers Germany Renewable Energy Market Size & Share and It is Segmented by Source Type (Solar, Wind, Hydro, Bioenergy and Other Renewable Energy Sources). The Report Offers the Market Size and Forecasts in Terms of Installed Capacity for all the Above Segments.

The renewable energy market size is projected to grow from USD 1,262 billion in 2024 to USD 4,607 billion by 2035, representing a CAGR of 12.48%, during the forecast period till 2035.

The Renewable Energy Market Report is Segmented by Technology (Solar Energy, Wind Energy, Hydropower, Bioenergy, Geothermal, and Ocean Energy), End-User (Utility, Commercial and Industrial, and Residential), and Geography (North America, Asia-Pacific, Europe, South America, and Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity (GW).

United States Renewable Energy Market Outlook 2031

The United States renewable energy market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 10.1% during the forecast period, 2023–2031. The growth of the market is attributed to government policies and initiatives to fulfil increased electricity demand using renewable energy sources have been praised.



In 2020, United States electricity generated through renewable energy sources (such as wind, hydropower, solar, biomass, and geothermal energy) a record 834 billion kilowatt-hours (kWh) accounting for around 21% of all electricity generated in the US.

In the United States in 2020, only natural gas (1,617 billion kWh) produced more power than renewables. For the first time in history, renewables outperformed nuclear (790 billion kWh) and coal (774 billion kWh). This result in 2020 was mostly owing to a major reduction in coal use in energy generation in the United States, as well as constantly increasing use of wind and solar.



In 2007, coal-fired electricity output in the United States reached a high of 2,016 billion kWh, although much of that capacity has since been replaced or converted to natural gas-fired power.



Until 2016 coal was the greatest source of electricity in the US, and by 2020 was the first year when renewables and nuclear power provided more electricity than coal (according to our data series that dates back to 1949). Because many nuclear power plants retired and other nuclear facilities suffered slightly more maintenance-related interruptions, nuclear electric generation dropped by Two percent from 2019 to 2020.



With a 42 % rise between 2010 and 2020, renewable energy is the rapidly growing energy source in the United States from 2000 to 2020, it increased by 90%.



In 2020, renewables accounted for about 20% of utility-scale energy generation in the United States, with hydropower <str

According to Cognitive Market Research, the global Renewable Energy Source market size will be USD 915245.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 17.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 366098.20 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 274573.65 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 210506.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 45762.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 18304.91 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.9% from 2024 to 2031.
The Solar Energy category is the fastest growing segment of the Renewable Energy Source industry

Market Dynamics of Renewable Energy Source Market

Key Drivers for Renewable Energy Source Market

Increasing awareness of climate change to Boost Market Growth

Increasing awareness of climate change is significantly driving the renewable energy source market as individuals and organizations recognize the urgent need to transition away from fossil fuels. Public concern over environmental issues has led to heightened demand for sustainable energy solutions that can mitigate climate impacts. This awareness has influenced governments to implement supportive policies and incentives to promote renewable technologies, encouraging investments in clean energy projects. Additionally, corporations are increasingly adopting sustainability goals, driving further investment in renewable energy sources. As consumers demand greener products and practices, the market is shifting towards cleaner energy alternatives, reinforcing the commitment to combat climate change and ensuring a more sustainable future. For instance, ArcelorMittal announced that its Brazilian division, ArcelorMittal Brazil, has partnered with Casa dos Ventos, a Brazilian renewable energy firm, to create a joint venture for the Babilonia wind power project, which has a capacity of 554 MW. This initiative is projected to require an investment of USD 800 million and will be situated in Bahia’s central region in northeastern Brazil. ArcelorMittal is expected to retain a 55% stake in the joint venture, with Casa dos Ventos owning the remaining share.

Declining costs of renewable technologies to Drive Market Growth

The declining costs of renewable technologies are a significant driver of the renewable energy source market, making clean energy solutions more accessible and appealing. Advances in manufacturing processes, economies of scale, and increased competition have led to substantial reductions in the prices of solar panels, wind turbines, and energy storage systems. As these technologies become more affordable, both businesses and consumers are more inclined to invest in renewable energy solutions, resulting in higher adoption rates. Lower costs also enhance the financial viability of renewable projects, attracting investments from various sectors. This trend not only supports the global transition towards sustainable energy but also encourages innovation and development within the industry, fostering further advancements in renewable technologies.

Restraint Factor for the Renewable Energy Source Market

High Initial Costs will Limit Market Growth

High initial costs are a significant restraint on the renewable energy source market, often deterring investment and adoption. Many renewable technologies, such as solar panels, wind turbines, and energy storage systems, require substantial upfront capital for installation and infrastructure development. This financial barrier can be particularly challenging for small businesses and low-income households, limiting their access to renewable energy solutions. While long-term savings on energy bills can offset these costs, the lack of immediate affordability may discourage potential users. Additionally, financing options ma...

Uncover the Renewable Energy Market, valued at USD 1080 Billion in 2024, projected to reach USD 1918 Billion by 2030, growing at a 12.17% CAGR during 2025-30.

Finland Renewable Energy Market Outlook 2031

The Finland Renewable Energy Market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 8% during 2023–2031. The growth of the market is attributed to the government regulations that emphasize decreasing greenhouse gas emissions via the use of renewable energy.



Finland's emphasis on renewable energy makes the country self-sufficient while also helping to boost jobs. However, obstacles such as the inconstancy of accessible solar energy in the nation, as well as high installation prices, are likely to stymie the market's expansion.

Finland has approved the National Energy and Climate Strategy for 2030 intending to boost its renewable energy contribution in the energy mix. The plan lays out specific measures and goals for achieving the goal of increasing renewable energy's share in the energy mix to more than 50% by 2030. Furthermore, the strategy specifies actions to reduce greenhouse gas emissions to about 80-90 per cent by 2050. As a result, the effort is likely to provide the market with a boost shortly.



Wind power is a renewable energy source. After hydropower, Finland is the second-largest source of renewable energy. In terms of power generation, it increased by about 55 percent in 2018. Finland plans to build seven new wind energy projects to meet its 2050 greenhouse emission reduction objective and lessen its reliance on neighboring nations for electricity. The wind project's first installation is expected to be operational in 2020.



The seven wind energy projects are expected to generate 1.36 terawatt-hours (TWh) of electricity annually, reducing the country's dependency on power imports from Sweden and Russia. Furthermore, Finland has a small number of other wind projects in the works, with approximately 13000 MW onshore and 2700 MW offshore projects. The execution of these projects is intended to propel Finland's future renewable energy industry.



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The United Kingdom Renewable Energy Market Report is Segmented by Source (Wind, Solar, Hydro, Bioenergy, and Other), Installation Scale (Above 10 MW, 100 KW To 10 MW, and Below 100 KW), and End-User Sector (Utilities, Commercial and Industrial, and Residential). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity (GW).

Global renewable energy market size & share estimated to surpass USD 2,202.90 billion by 2032, to grow at a CAGR of 8.5% during the forecast period.

Global renewable energy market size will exceed a valuation of USD 2,202.90 billion by 2032, to grow at a CAGR of 8.60% during the forecast period.

United Kingdom Renewable Energy Market Outlook 2031

United Kingdom renewable energy market size was valued at USD XX Billion in 2022 and is projected to reach USD XX Billion by 2031, expanding at a CAGR of 10.04% during the forecast period 2023 - 2031. The growth of the market is attributed to increasing energy consumption, traditional power sources unable to meet requirement, and growing numbers in renewable energy manufactures.

Renewable energy can be supplied to tides, waves, rain, and wind. While renewable energy is commonly thought of as a replacement technology, harnessing nature’s power has long been used for transportation, lighting, and heating. Now there are innovative and less-expensive ways to capture and retain wind and solar energy renewables are getting an additional necessary power supply.

The COVID-19 outbreak was not able to affect the renewable energy corporation. Renewable energy market players faced several problems vary from getting component require to develop renewable energy and providing end products to attracting workers from quarantines.

The coronavirus-driven internment places a brake on the element and device production that increased product costs, lowering the market demand. However, the renewable energy trade is returning to traditional, witnessing the steady increasing energy demand, particularly from the commercial sectors.

United Kingdom Renewable Energy Market Trends, Drivers, Restraints, and Opportunities

• Increase in consumer purchasing capacity and growing population is projected to boost the market in the coming year.
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Middle East and Africa Renewable Energy Market Size 2024-2028

The Middle East and Africa renewable energy market size is forecast to increase by USD 17.28 billion at a CAGR of 8.88% between 2023 and 2028.

The renewable energy market in the Middle East and Africa is experiencing significant growth due to increasing energy demand and the rising popularity of clean energy technologies. Solar energy, harnessed from the abundant sunlight in these regions, is a major focus. However, off-grid power solutions are also gaining traction to address power outages, particularly in remote areas. Wind energy, though dependent on weather conditions, is another promising source. Rain, tides, waves, and geothermal heat are also being explored for their potential. The environmental impact of these technologies is a crucial consideration, with efforts underway to minimize disruptions to ecosystems. Competition from alternative energy sources, such as fossil fuels, remains a challenge. One of the primary reasons for the growth of the renewable energy market in the Middle East and Africa is the need to reduce greenhouse gas (GHG) emissions. Overall, the renewable energy market in the Middle East and Africa presents significant opportunities for growth, driven by the region's unique energy resources and the global shift towards sustainable energy solutions.

What will be the size of the market during the forecast period?

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The renewable energy market in the Middle East and Africa is witnessing significant growth due to various factors. The region's abundant natural resources, including sunlight, wind, rain, tides, waves, and geothermal heat, make it an ideal location for renewable energy generation. This shift towards clean energy is driven by several key trends and challenges. The region is home to some of the world's largest fossil fuel reserves, making it a significant contributor to global GHG emissions. Renewable energy sources, such as solar, wind, hydro, and biomass, offer a viable alternative to traditional gas-based power generation. Another factor driving the renewable energy market in the Middle East and Africa is energy security. The region is heavily reliant on imported fossil fuels, making it vulnerable to price volatility and supply disruptions. Renewable energy sources offer a more stable and secure energy supply, reducing the region's dependence on imported fuels. Despite the numerous benefits of renewable energy, there are also challenges that need to be addressed. One of the main challenges is the environmental impact of renewable energy generation.
For instance, the production of solar panels and wind turbines requires the use of raw materials and energy-intensive manufacturing processes. Additionally, the construction of hydroelectric power plants can have significant environmental impacts, including the displacement of communities and the destruction of habitats. Another challenge is the high upfront costs of renewable energy projects. Solar and wind energy, in particular, require significant capital investment for the installation of solar panels and wind turbines. However, the long-term cost savings and the environmental benefits make renewable energy a worthwhile investment. The renewable energy market in the Middle East and Africa is expected to continue growing in the coming years. In conclusion, the renewable energy market in the Middle East and Africa offers significant opportunities for growth. The region's abundant natural resources, the need to reduce GHG emissions, and the desire for energy security are driving the shift towards renewable energy. While there are challenges, such as the environmental impact and high upfront costs, these can be addressed through sustainable practices and innovative technologies. The renewable energy market in the Middle East and Africa is poised for growth, and it is an exciting time for investors, developers, and policymakers to be a part of this transformation.

How is this market segmented and which is the largest segment?

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

End-user

  Residential
  Industrial
  Commercial


Type

  Hydropower
  Wind
  Solar
  Others


Geography

  Middle East and Africa

By End-user Insights

The residential segment is estimated to witness significant growth during the forecast period.

The residential sector is a significant consumer of energy worldwide, leading to energy inefficiency and negative environmental impacts. These impacts include air pollution, greenhouse gas emissions, and the urban heat island effect, which can negatively influence human health and social and economic development. To mitigate these issues, transitioning to renew

India's Renewable Energy Market is set to grow from USD 24 Billion in 2024 to USD 37 Billion by 2030, with a 9% CAGR from 2025-30, driven by sustainable energy initiatives.

According to Cognitive Market Research, the global renewable energy investment market size will be USD 981542.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 9.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 392616.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 294462.66 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 225754.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 49077.11 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 19630.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031.
The solar energy is the fastest growing segment of the renewable energy investment industry

Market Dynamics of Renewable Energy Investment Market

Key Drivers for Renewable Energy Investment Market

Increasing global energy demand to drive market growth

Increasing global energy demand is a significant driver of growth in the Renewable Energy Investment Market. As populations expand and economies develop, the need for sustainable and reliable energy sources intensifies. Urbanization and industrialization, particularly in emerging economies, lead to higher electricity consumption, pushing energy providers to seek alternatives to fossil fuels. Renewable energy sources, such as solar, wind, and hydro, present viable solutions that not only meet rising demand but also contribute to environmental sustainability. Additionally, the push for energy security and independence encourages investments in renewable technologies, allowing countries to reduce their reliance on imported fuels. This growing appetite for clean energy solutions drives innovation, efficiency improvements, and ultimately, a more robust and diversified energy portfolio, facilitating a transition to a low-carbon economy.

International climate agreements to boost market growth

International climate agreements play a crucial role in boosting growth in the Renewable Energy Investment Market. Initiatives like the Paris Agreement set ambitious targets for reducing greenhouse gas emissions, compelling nations to transition from fossil fuels to renewable energy sources. These agreements foster global cooperation, encouraging countries to commit to specific renewable energy targets, thereby increasing investments in clean technologies. As governments implement policies aligned with these agreements, they provide incentives such as tax breaks, subsidies, and grants, further driving investment. Moreover, corporate commitments to sustainability and net-zero emissions align with international goals, amplifying market demand for renewable energy projects. This synergistic relationship between policy frameworks and market dynamics accelerates the development and deployment of renewable energy solutions, positioning the sector for significant growth in the coming years.

Restraint Factor for the Renewable Energy Investment Market

High initial investment costs to limit market growth

High initial investment costs represent a significant restraint on the growth of the Renewable Energy Investment Market. While renewable technologies, such as solar panels and wind turbines, have seen decreasing costs over time, the upfront capital required for infrastructure development remains substantial. This barrier can deter potential investors, especially in regions where financial resources are limited or where fossil fuel alternatives are more economically attractive in the short term. Additionally, the lengthy payback periods associated with renewable energy projects can further complicate investment decisions. Smaller businesses and households may lack access to financing options, limiting their ability to participate in the renewable energy transition. Consequently, these high initial costs can slow down the adoption of renewable technologies, hindering the overall market growth desp...

The size of the India Renewable Energy Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 10.00">> 10.00% during the forecast period. The renewable energy sector in India is experiencing significant growth as the nation seeks to diversify its energy sources and tackle urgent environmental issues. India has established ambitious objectives to enhance the proportion of renewable energy in its overall energy framework, aiming for 500 gigawatts (GW) of non-fossil fuel capacity by the year 2030. This initiative is propelled by a blend of national policy initiatives, international climate obligations, and an increasing recognition of the necessity to lower greenhouse gas emissions and address climate change. The landscape of renewable energy in India is varied, incorporating solar, wind, hydro, and biomass energy sources. Solar energy is at the forefront, supported by the country's plentiful sunlight and substantial investments in extensive solar parks and rooftop systems. Wind energy also holds significant importance, especially in areas with optimal wind conditions, such as Tamil Nadu and Gujarat. While hydropower and biomass are part of the energy mix, their expansion has been comparatively slower than that of solar and wind energy. The government has introduced a range of incentives and policy strategies to encourage the growth of renewable energy, including financial subsidies, tax incentives, and favorable regulations. Nevertheless, challenges such as limitations in grid infrastructure, financing difficulties, and land acquisition issues remain. In spite of these challenges, India’s renewable energy sector is progressing positively, demonstrating the country’s dedication to sustainable development and a cleaner energy future. Recent developments include: June 2022: Ayana Renewable Power Pvt Ltd (Ayana) announced plans to set up renewable energy projects adding up to 2 gigawatts (GWs) with an investment of USD 1.53 billion in Karnataka., February 2022: Creduce Advanced HCPL JV declared winning the bid for India's single-biggest hydropower carbon credit project with Satluj Jal Vidyut Nigam, which will make in excess of 80 million carbon credits.. Key drivers for this market are: 4., Supportive Government Policies for Developing Solar Energy4.; Declining Cost of Solar Power Technology. Potential restraints include: 4., Unpredictability in the Continuity of Power Supply. Notable trends are: Solar Segment to Witness a Significant Growth.

Renewable Energy Market is projected to reach USD 4,393.6 Billion by 2034, with a 12.9% CAGR from 2025 to 2034.

The size of the Brazil Renewable Energy Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 6.40% during the forecast period. It involves the exploitation of renewable resources like solar, wind, hydro, and biomass in the production of sustainable power. Some features that best characterize the market include scalability, being environmentally friendly, and a step toward energy diversification in Brazil. Technologies applied are advanced solar panels, wind turbines, and hydroelectric systems. This market caters to energy security and economic growth with a reduced GHG emission. It has the benefits of long-term cost savings, greater renewable energy penetration, and reduced carbon emissions. One major drawback is the high initial investment needed for infrastructure. The market is expected to grow significantly on the back of Brazil's push for its renewables program. Recent developments include: March 2024: Energea, an online investment platform that provides access to portfolios of renewable energy projects, announced the completion of 12 new projects in its Community Solar in Brazil portfolio. These latest additions mark a significant milestone in Energea's mission to provide sustainable and efficient energy solutions across Brazil., October 2023: ENGIE Brasil Energia awarded ANDRITZ a contract for the modernization of the 424 MW Jaguara hydropower plant. The ANDRITZ scope of supply includes the modernization of the four Francis turbine-generator units with a capacity of 106 MW each, governors, excitation system, automation system, and all related auxiliary systems. ANDRITZ Hydro Brazil will execute the contract.. Key drivers for this market are: 4., Increasing Investments in Wind and Solar Energy 4.; Supportive Government Policies in Developing Renewable Energy. Potential restraints include: 4., Limited Land And Limited Power Capacity By Variable Renewable Energy Sources. Notable trends are: The Wind Energy Segment is Expected to Witness Significant Growth.

Renewable Energy Market to reach USD 6.8 Trillion by 2035 Market is expected to develop at an annualized growth rate CAGR of 15.1% during the forecast period