The report covers North America Renewable Energy Market Outlook and is segmented by type (Hydro, Solar, Wind, Bioenergy, and Others) and Geography (United States, Canada, and Rest of North America). The market size and forecasts are provided in installed capacity (Gigawatts) for all the above segments.

The North America renewable energy market is primarily supporting the global industry growth, in which nearly 3058.36 Gigawatt of renewable energy was installed in 2024. Aided by the adoption of solar power as a part of renewable portfolio targets (RPS) and Federal investment tax credit (ITC), the global renewable energy installations is projected to grow at a CAGR of nearly 7.60% in the forecast period of 2025-2034 to reach 6362.26 Gigawatt by 2034.

Gain insights into the North America Renewable Energy Market size at USD 314 billion in 2023, featuring Leading Players, Market Forecasts & Outlook, and Key Players.

North America Renewable Energy Market size was valued at USD 116.82 Billion in 2023 and is projected to reach USD 363.8 Billion by 2031, growing at a CAGR of 16.80 % from 2024 to 2031.

North America Renewable Energy Market: Definition/ Overview

Renewable energy is defined as energy generated from natural sources that are constantly renewed, such as solar, wind, geothermal and hydropower. These sources are considered sustainable since they have a low environmental impact and can recover. Renewable energy, unlike fossil fuels, does not pollute or emit greenhouse gases, making it critical for sustainable development.

North America Renewable Energy Market, North America Renewable Energy Market Size, North America Renewable Energy Market Trends, North America Renewable Energy Market Forecast, North America Renewable Energy Market Risks, North America Renewable Energy Market Report, North America Renewable Energy Market Share

The North America Renewable Energy report features an extensive regional analysis, identifying market penetration levels across major geographic areas. It highlights regional growth trends and opportunities, allowing businesses to tailor their market entry strategies and maximize growth in specific regions.

The size of the North America Power Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of % during the forecast period. The power industry in North America is experiencing a profound transformation, influenced by advancements in technology, changes in regulations, and evolving energy requirements. This sector, which includes the generation, transmission, and distribution of electricity, is essential to the economic framework of the region, catering to both residential and industrial consumers. Recent developments indicate a marked shift towards cleaner and more sustainable energy options, particularly renewables, while still maintaining a significant dependence on natural gas. This transition is driven by a mix of environmental regulations, technological progress, and an increasing focus on minimizing greenhouse gas emissions. The North American power industry is shaped by several key factors, including the growing incorporation of renewable energy sources such as wind and solar, which are altering the energy landscape and prompting necessary upgrades to grid infrastructure to enhance reliability and adaptability. Innovations in energy storage and smart grid technologies are also critical, improving the efficiency and stability of power distribution systems. Furthermore, regulatory frameworks and incentives designed to encourage energy efficiency and lower carbon emissions are expediting the adoption of cleaner technologies. As the region continues to progress through its energy transition, the North American power industry is set for expansion, characterized by a combination of upgraded infrastructure, cutting-edge technologies, and a robust commitment to sustainability. This transformation mirrors broader global movements towards cleaner and more resilient energy systems. Recent developments include: In August 2022, The U.S. Department of Energy's Water Power Technologies Office has given GE Research, the technological development division of General Electric Company, a 30-month, USD 4.3 million projects to increase the operating capacity and flexibility of hydropower assets., In October 2022, Belltown Power U.S. sold a 6 GW portfolio of solar, coupled, and stand-alone battery storage development projects to ENGIE North America (ENGIE). 33 projects totaling approximately 2.7 GW of solar energy, 0.7 GW of paired storage, and 2.6 GW of standalone battery storage are included in the transaction. Acquisition of 33 early to late-stage projects will accelerate renewables development across multiple states in North America., In November 2022, EE North America joined up with Elio Energy to build a 2GW solar power pipeline and energy storage assets in Arizona and neighboring states in the United States. The company intends to build 10GW of renewable energy capacity in the country by 2026 in order to assist state and local governments across the United States in meeting their net-zero emissions targets.. Key drivers for this market are: 4., Supportive Government Policies and Incentives4.; Environmental Concerns. Potential restraints include: 4., Fossil Fuel Subsidies. Notable trends are: Conventional Thermal is Likely Dominate the Market.

The North American renewable energy market, valued at over USD 234.45 billion in 2024, is seeing growth driven by government policies, technological advancements, and increasing su

In North America Renewable Energy Market, Technological breakthroughs in battery storage, floating solar, and offshore wind will open new frontiers for deployment.

Our detailed report on the Middle East and North America Renewable Energy Market using 2024 as the base year and forecasting trends from 2025 to 2030, with estimations of compound annual growth rates (CAGR).

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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 increasing global energy demand and the rising popularity of clean energy technologies. As traditional fossil fuel sources face scrutiny for their environmental impact, renewable energy sources such as solar, wind, and hydroelectric power are gaining traction. This shift is further fueled by advancements in technology, making renewable energy sources more efficient and cost-effective. However, the market is not without challenges. The competition from alternative energy sources, such as natural gas, presents a significant obstacle. Natural gas is currently a more economically viable option in many regions, making it a formidable competitor.
Additionally, the intermittency of renewable energy sources, particularly solar and wind, poses operational challenges. Ensuring a consistent energy supply requires significant investment in energy storage solutions and infrastructure. Geothermal energy, another clean energy technology, is also gaining attention due to its potential for consistent power generation. Companies seeking to capitalize on the opportunities in the market must navigate these challenges effectively, focusing on innovation, efficiency, and strategic partnerships to stay competitive.

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

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The market continues to evolve, driven by the global push towards sustainable development and net-zero emissions. Geothermal energy, harnessing the earth's heat, and wind energy, with its turbines spinning in the breeze, are two key players in this dynamic landscape. Decentralized energy solutions, such as solar panels and wind turbines, are gaining traction, enabling energy generation closer to the point of consumption. Climate change mitigation and energy transition are primary catalysts for this shift. Renewable energy sources, including solar and wind, are increasingly integrated into the energy grid, addressing intermittency issues through energy storage solutions. Hydroelectric power, a long-standing renewable energy player, undergoes reassessment due to land use impact concerns.

Geothermal power plants and hydroelectric dams, while providing significant power generation capacity, face environmental impact assessments. Biomass power plants and geothermal wells, meanwhile, offer potential as renewable energy sources but require careful consideration of biomass fuels and sustainable practices. Energy management systems, smart grids, and energy efficiency measures are essential components of this transition, ensuring optimal energy usage and reducing carbon emissions. Renewable energy research, financing, and investment continue to shape the market, with green bonds and energy audits playing crucial roles. The renewable energy sector's ongoing unfolding is a testament to its adaptability and resilience, as it navigates the complexities of energy policy, energy grid integration, and the ever-evolving energy landscape.

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-gridGeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKMiddle East and AfricaEgyptKSAOmanUAEAPACChinaIndiaJapanSouth AmericaArgentinaBrazilRest of World (ROW)

By End-user Insights

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

The market is experiencing significant growth and innovation as the world shifts towards sustainable energy practices. Photovoltaic cells and solar panels are increasingly being adopted for power generation, with solar energy becoming a viable alternative to traditional energy sources. Biomass power plants and hydropower plants continue to contribute substantially to the power generation capacity, while wind energy, with its storage solutions and smart grids, is addressing intermittency issues. Geothermal power plants and geothermal wells are also gaining traction as reliable sources of renewable energy. Energy policy and sustainable development are driving the transition to renewable energy.

Distributed generation and decentralized energy systems are enabling energy independence and reducing carbon emissions. Energy efficiency and energy conservation are essential components of this transition, with energy management systems and ene

North America renewable energy certificate market reached US$ 5.52 billion in 2024 and is expected to reach US$ 12.04 billion by 2032

The renewable energy market is experiencing robust growth, driven by increasing concerns about climate change, depleting fossil fuel reserves, and supportive government policies promoting clean energy adoption. The market, valued at approximately $XX million in 2025 (assuming a reasonable market size based on the provided CAGR of 3.37% and a forecast period of 2025-2033), is projected to expand significantly over the next decade. Key drivers include technological advancements leading to lower costs for solar, wind, and other renewable energy technologies, growing energy demand in developing economies, and the increasing affordability and accessibility of renewable energy solutions. Market trends indicate a shift towards decentralized energy generation, increased integration of renewable energy sources into existing grids, and the rise of smart grid technologies for better energy management. While challenges remain, such as intermittency issues associated with solar and wind power and the need for substantial grid infrastructure upgrades, the long-term outlook for the renewable energy market remains positive. The market segmentation reveals diverse opportunities across various types of renewable energy (e.g., solar, wind, hydro, biomass) and their applications (e.g., electricity generation, heating, transportation). Leading companies are employing a range of competitive strategies, including strategic partnerships, mergers and acquisitions, and technological innovation, to secure market share. Consumer engagement is crucial for widespread adoption, necessitating public awareness campaigns, educational initiatives, and transparent communication about the benefits of renewable energy. Regional variations exist, with North America, Europe, and Asia-Pacific emerging as key markets. However, the growth potential in developing regions is considerable, presenting significant opportunities for investment and expansion. The historical period (2019-2024) likely reflects a period of accelerating growth leading up to the 2025 base year. The forecast period (2025-2033) suggests continued expansion, although the pace of growth may vary depending on technological advancements, policy changes, and global economic conditions.

The report covers North American Power Market Analysis and it is segmented by Generation (Conventional Thermal, Hydro, Nuclear, and Non-Hydro Renewable), Transmission and Distribution, and Geography (United States, Canada, and Rest of North America). The market size and forecasts are provided in terms of revenue (USD Billion) for all the above segments.

North America Solar Energy market size will be USD 38180.6 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031. North America has emerged as a prominent participant, and its sales revenue is estimated to reach USD 57255.6 Million by 2031. This growth is mainly attributed to the region's Supportive Government Policies and Incentives.

The size of the North American Clean Energy Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 7.20% during the forecast period. North America's clean energy industry is growing and remains in a healthy growth phase, with the coming together of scientific and technological progress, supportive government policies, and growing public awareness of climate change. Renewable energy sources include solar, wind, hydroelectric, and bioenergy, which are necessary to decrease greenhouse gas emissions and progress toward an ultimate shift from fossil fuels. One of the key areas of investment is clean energy infrastructure, which will be concentrated in ambitious net-zero carbon emissions goals within the next few decades for both the U.S. and Canada. Notably, solar and wind energy are on a steep curve of increasing capacities as the cost of those technologies has gone down and the efficiencies have improved. Solutions in energy storage batteries are also making renewable sources more viable by taking care of two major concerns-reliability and intermittency. In addition, the Biden administration streamlined its approach to clean energy initiatives along with policy moves at the state level, which have provided financial incentives, tax credits, and grants to spur further investment in this sector. Despite these positive trends, barriers include regulatory hurdles, the need for grid modernization, and fossil fuel industry resistance. Nevertheless, increasing public and corporate commitments to sustainability are expected to fuel significant expansion of North American clean energy. Market clearly will become core to addressing climate change and other determinants of sustainability Recent developments include: In October 2022, the United States and India announced that a new energy task force would be established to promote the extensive integration of renewable energy required to enable the clean energy transition., In October 2022, since the IRA was signed, fresh manufacturing investments totaling almost USD 28 billion have been announced. These investments have mainly been made in the solar, battery, and electric vehicle production industries.. Key drivers for this market are: 4., Increasing Integration Of Renewable Energy Generation4.; Aging Power Grids And Investments In Transmission And Distribution Infrastructure. Potential restraints include: 4., Increasing Raw Material Prices And Investment In Distributed Renewable Energy Generation Affect The Growth. Notable trends are: Solar Energy is Expected to have Significant Growth in the Market.

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).

According to Cognitive Market Research, the global Renewable energy market size will be USD 1124514.6 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 449805.84 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 337354.38 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 258638.36 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 56225.73 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 22490.29 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031.
The Solar PV segment is the dominant category in the renewable energy market, driven by its widespread adoption and decreasing cost

Market Dynamics of Renewable energy Market

Key Drivers for Renewable energy Market

Rising Global Awareness About Climate Change to Boost Market Growth

As climate change concerns intensify worldwide, there is a significant push for sustainable energy sources. The environmental impact of fossil fuels, including carbon emissions, has led governments, businesses, and individuals to prioritize the transition to renewable energy. This shift is further supported by scientific studies linking climate change to extreme weather patterns, which has made the public more conscious of the urgent need for eco-friendly energy solutions. Governments are increasingly setting ambitious renewable energy targets, which are contributing to the accelerated adoption of clean energy technologies globally. For instance, In February 2023, Green World Renewable Energy LLC launched innovative solar panel and combiner box at ISNA, solar storage exhibition. This solar energy product provides a reliable and efficient solution for harnessing the power of the sun. This system is designed to meet the growing demand for renewable energy sources and provides a clean, cost-effective, and sustainable alternative to traditional energy sources

Technological Advancements Reducing Costs to Drive Market Growth

The renewable energy market has witnessed significant technological advancements, particularly in solar and wind energy production, which have driven down production and installation costs. Innovations such as more efficient photovoltaic panels, larger and more efficient wind turbines, and energy storage systems have made renewable energy more affordable and accessible. As these technologies continue to evolve, economies of scale are improving, further reducing the cost of renewable energy generation. The decreasing costs, combined with increased efficiency, have encouraged both private and public sector investments, contributing to the market's growth.

Restraint Factor for the Renewable energy Market

High Initial Capital Investment, will Limit Market Growth

Despite the long-term savings and environmental benefits, one of the key barriers to the widespread adoption of renewable energy is the high upfront capital investment required for infrastructure development. The installation of solar panels, wind turbines, and other renewable energy systems demands substantial financial resources, which can be a deterrent for smaller businesses or individuals. Although costs have decreased over the years, the financial commitment for setting up renewable energy facilities, including grid integration, can still be prohibitive. This makes it challenging for emerging economies or less affluent communities to transition to renewable energy solutions.

Impact of Covid-19 on the Renewable energy Market

Covid-19 pandemic had a significant impact on the renewable energy market, causing delays in project timelines and disruptions in supply chains. Global lockdowns led to the temporary closure of manufacturing plants, resulting in shortages of essential components like solar panels and wind turbine parts. Construction activities were also hinde...

The size of the North America Distributed Power Generation Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 7.00">> 7.00% during the forecast period. Distributed power generation refers to the production of electricity from small, modular energy sources located close to the point of use, rather than centralized power plants. These systems, known as Distributed Energy Resources (DERs), include solar panels, wind turbines, fuel cells, and combined heat and power (CHP) systems. Distributed generation reduces transmission and distribution losses, enhances grid reliability, and allows for greater integration of renewable energy sources. It also provides flexibility and resilience, as these systems can operate independently or in conjunction with the main power grid. By generating electricity locally, distributed power generation can lower greenhouse gas emissions and support energy security. Recent developments include: In October 2022, LONGi, a leading solar technology company, announced its plan to expand its presence in Canada. As part of the expansion, the company is introducing its flagship distributed solar module, the Hi-MO 5 54-cell module, to the Canadian residential and commercial sector., In May 2022, Hanwha Q Cells announced its plans to build a 1.4 GW solar panel factory in the United States. The company also plans to invest USD 320 million in the expansion plan, of which USD 170 million will be devoted to constructing a 1.4 GW factory in the United States.. Key drivers for this market are: 4., Declining Solar Panel Costs4.; Supportive Government Policies. Potential restraints include: 4., High Upfront Cost. Notable trends are: Solar PV Sector to Witness Significant Growth.

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Renewable Energy Investment Market Size 2024-2028

The renewable energy investment market size is forecast to increase by USD 181.9 billion at a CAGR of 8.11% between 2023 and 2028.

The market is experiencing significant growth, driven by supportive government policies and increased spending on utility-scale projects. According to the latest market analysis, the global renewable energy sector is anticipated to witness substantial investments due to the increasing focus on reducing carbon emissions and transitioning away from fossil fuels. Governments worldwide are implementing policies and incentives to promote renewable energy adoption, creating a favorable business environment for investors. Moreover, the trend towards large-scale renewable energy projects is gaining momentum, with utility-scale solar and wind farms attracting substantial investments. However, the market is not without challenges. Competition from traditional energy sources, particularly fossil fuels, remains a significant barrier to growth. The volatility of renewable energy sources and the intermittency of solar and wind power generation are also concerns for investors. To capitalize on market opportunities and navigate challenges effectively, companies must stay informed about regulatory developments, technological advancements, and market trends. Strategic partnerships, innovation, and operational efficiency will be key differentiators for success in the market.

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

Request Free SampleThe market in the US is experiencing growth, driven by the increasing deployment of solar technology and offshore wind for electricity generation. Utility-scale solar projects are leading the charge, with capacity additions expected to continue due to grid resilience and energy affordability concerns. Federal investments and energy security considerations are also significant growth factors, as the US seeks to reduce greenhouse gas emissions in line with the Paris Agreement and various clean energy laws. Policy developments, such as renewable portfolio standards and tax-credit transfer markets, are further fueling the market's expansion. The manufacturing sector is also playing a crucial role, with advancements in solar, wind, and biofuels technology driving innovation and efficiency. The renewable energy sector's growth is not limited to the US, as the EU and other regions are also making substantial investments in renewable energy. The IEA assessment indicates that renewable energy will continue to dominate new electricity capacity additions, with biofuels and generative artificial intelligence also playing a role in the energy transition. The energy crisis and decarbonization targets are further emphasizing the importance of renewable energy in the power system integration. The UN Climate Change Conference's Energy Transitions Stocktake and the Paris Agreement's policy developments are also influencing the market's direction. Overall, the renewable energy market is a dynamic and growing sector, with significant potential for continued expansion.

How is this Renewable Energy Investment Industry segmented?

The renewable energy investment industry 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. TypeAsset financeSmall distributed capacityGeographyAPACChinaJapanNorth AmericaUSEuropeGermanySouth AmericaBrazilMiddle East and Africa

By Type Insights

The asset finance segment is estimated to witness significant growth during the forecast period.The market is experiencing significant growth as businesses seek energy affordability and decarbonization solutions amidst increasing energy crisis and regulatory boosts. companies offering financial services for renewable power projects, such as the Clean Energy Finance Corporation, are playing a crucial role in this expansion. These entities provide investments for small-scale clean energy projects, enabling businesses, manufacturers, commercial property owners, and farmers to transition to a low-emission future. However, investments in solar thermal projects, including concentrated solar power (CSP) and solar heating systems, have declined, with offshore wind now holding the third-largest share of investments at 7%. Hydroelectric power accounts for 4%, while other renewables account for 3%. Policy developments, such as renewable portfolio standards and clean energy laws, are driving the demand for fossil fuel alternatives, particularly wind technology and solar PV. Infrastructure investment in distributed systems, grid resilience, and power system integration is also essential for the competitiveness of renewable energy. Despite challenges, such as labor costs, transmission limitatio