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.

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).

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.

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.

The renewable energy market is projected to reach **** trillion U.S. dollars worldwide in 2025. The growth in the renewable energy market has seen the propensity for non-renewable energy sources, such as coal, subsiding and the demand for renewable sources rising as long-term cost-effectiveness becomes increasingly feasible. Renewable sources like wind and solar have reached price parity along the electricity grid and are getting ever closer to reaching the performance potential of conventional sources. Increased use of technological advancements like automation, artificial intelligence, and blockchain will also increase renewable capacity deployment by decreasing costs and easing the integration of new energy infrastructure. Clean energy investment Clean energy investment has also generally risen in the past decade. Lower investment figures during this time are usually due to the reduction in project development costs. Investors focusing on long-term investments over short-term will also drive these investment trends. It is estimated that clean energy investment must accelerate to a faster pace in order to reduce emissions to levels recommended by the United Nations Intergovernmental Panel on Climate Change (IPCC).

The Indonesia Renewable Energy Market Report is Segmented by Source (Solar, Wind, Hydro, Geothermal, and Bioenergy), End User (Utility-Scale, Commercial and Industrial, and Residential), and Installation Type (Grid-Connected Centralised, Off-Grid Microgrid, and Hybrid RE and Storage). The Market Size and Forecasts are Provided in Terms of Installed Capacity (GW).

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 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).

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.

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 European Union's renewable energy industry generated a total of ***** billion euros in revenue in 2023. That year, solar PV was the sector with the largest revenue within the renewable energy industry, at over ** billion euros. Heat pumps followed in second place, with more than ** billion euros in revenue.

Global Renewable Energy Market reached USD 1.1 trillion in 2022 and is expected to reach USD 2.0 trillion by 2031

The Asia-Pacific Renewable Energy Market is segmented by type (Solar, Wind, Hydro, Bioenergy, and Other Types) and Geography ( China, India, Japan, Australia and Rest of Asia-Pacific)

Global Renewable Energy market size is expected to reach $1688.98 billion by 2029 at 9.3%, segmented as by type, solar energy, wind energy, bio energy, hydro energy, geothermal energy

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.

Global Renewable Energy Market By Size, Share, Trends, Opportunity and Forecast, 2018-2028, Segmented By Type, By End Use Industry, By Region, By Competition Forecast and Opportunities

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...

The global green energy market size is poised to rise from USD 119.63 billion to USD 379.23 billion, witnessing a CAGR of more than 9.2% throughout the forecast period, between 2025 and 2037. Asia Pacific is predicted to dominate majority industry share by 2037, ascribed to highest utilization and adoption of solar and hydro energy in the region, along with high adoption of green energy in major countries such as China, India, and Japan.

Renewable Energy Market Outlook

According to our latest research, the global renewable energy market size stood at USD 1.55 trillion in 2024, exhibiting robust expansion driven by policy support and technological advancements. The market is expected to grow at a CAGR of 9.6% from 2025 to 2033, reaching a projected value of USD 3.54 trillion by 2033. This impressive growth trajectory is fueled by increasing investments in clean energy infrastructure, stringent emission regulations, and a global shift toward sustainability as climate change concerns intensify.

One of the primary growth factors for the renewable energy market is the intensifying global focus on decarbonization and reducing greenhouse gas emissions. Governments across the world are implementing ambitious renewable energy targets, supported by favorable policies, subsidies, and tax incentives. These initiatives are encouraging both public and private sector investments in solar, wind, hydropower, and other renewable technologies. Additionally, international agreements such as the Paris Agreement are compelling nations to accelerate their renewable energy adoption, further propelling market growth. The growing urgency to transition away from fossil fuels, in light of escalating climate risks, is making renewable energy an integral part of national energy strategies.

Technological advancements are another crucial driver of the renewable energy market. Innovations in solar photovoltaic (PV) cells, wind turbine design, energy storage solutions, and grid integration are significantly enhancing the efficiency, reliability, and cost-effectiveness of renewable energy systems. The declining costs of solar and wind power, coupled with improvements in battery storage and smart grid technologies, are making renewables increasingly competitive with conventional energy sources. This progress is enabling wider deployment of renewable energy in both developed and developing regions, broadening the market base and attracting new investments. The ongoing digital transformation and the integration of artificial intelligence and IoT in energy management are further optimizing renewable energy operations, reducing operational costs, and improving energy yield.

The surging demand for electricity, especially in emerging economies, is also stimulating the growth of the renewable energy market. Rapid urbanization, industrialization, and population growth are driving up energy consumption, necessitating reliable, affordable, and sustainable energy solutions. Renewable energy offers a viable alternative to meet this rising demand, particularly in regions with abundant natural resources such as solar and wind. Furthermore, the increasing adoption of electric vehicles and the electrification of heating and industrial processes are creating new avenues for renewable energy integration. As energy consumers become more environmentally conscious, the demand for clean and green energy solutions is expected to rise, further boosting market expansion.

From a regional perspective, Asia Pacific is emerging as the dominant force in the global renewable energy market, accounting for the largest share of installed capacity and new investments. China and India are leading the charge with aggressive renewable energy targets and large-scale solar and wind projects. Europe continues to make significant strides, driven by stringent emission reduction goals and strong policy frameworks. North America is witnessing steady growth, supported by state-level renewable portfolio standards and corporate clean energy commitments. Meanwhile, Latin America and the Middle East & Africa are gradually increasing their renewable energy investments, focusing on harnessing their vast solar and wind resources. This regional diversification is ensuring a balanced and resilient global renewable energy market.

Energy Type Analysis

The renewable energy market is segmented by energy type into solar, wind, hydropower, geothermal, biomass, and others, each contr

The renewable energy certificate market size was USD 5.8 billion in 2024 and is estimated to reach USD 102.2 billion by the end of 2037, expanding at a CAGR of 24.7% during the forecast period, i.e., 2025-2037. North America industry is expected to account for the largest revenue share of 32.2% during the forecast period due to supportive regulatory frameworks, high preference for sustainable energy solutions across residential and non-residential sectors.