Global consumption of renewable energy has increased significantly over the last two decades. Consumption levels nearly reached 90.23 exajoules in 2023. This upward trend reflects the increasing adoption of clean energy technologies worldwide. However, despite its rapid growth, renewable energy consumption still remains far below that of fossil fuels. Fossil fuels still dominate energy landscape While renewable energy use has expanded, fossil fuels continue to dominate the global energy mix. Coal consumption reached 164 exajoules in 2023, marking its highest level to date. Oil consumption also hit a record high in 2023, exceeding 4.5 billion metric tons for the first time. Natural gas consumption has remained relatively stable in recent years, hovering around 4 trillion cubic m annually. These figures underscore the ongoing challenges in transitioning to a low-carbon energy system. Renewable energy investments The clean energy sector has experienced consistent growth over the past decade, with investments more than doubling from 263 billion U.S. dollars in 2014 to 619 billion U.S. dollars in 2023. China has emerged as the frontrunner in renewable energy investment, contributing 273 billion U.S. dollars in 2023. This substantial funding has helped propel the renewable energy industry forward.

In recent years scrutiny over the environmental impact of more traditional energy sources has seen huge growth in renewables. The share of energy from renewable sources used in global energy generation has been rising annually, reaching roughly 30 percent in 2023. Increasing capacity and production As renewable shares continue to grow, so does the installed capacity. Since 2010 the cumulative renewable energy capacity has risen from 1.2 terawatts to 3.9 terawatts in 2023. Renewable electricity production has also increased significantly, rising to 7.9 petawatts hour in 2021. Despite this impressive and steady growth, the consumption of renewable energy still pales in comparison when compared to fossil fuel consumption. Consumption on the rise In the past two decades, global consumption of renewables has risen exponentially from just 2.6 exajoules in 2000, to over 45 exajoules in 2022. Globally, both China and the United States are the leading consumers of renewable energy, with a combined consumption of 21.7 exajoules.

In 2023, renewable energy consumption in China reached 27.6 exajoules, more than any other country in the world. Renewable sources such as geothermal, wind, solar, biomass, and waste were included in this measurement, while cross-border electricity trade was not taken into account. Hydropower in China China is by far the leading consumer of hydropower, with over three times the consumption of other leading countries such as Canada and Brazil. Several of the world’s hydroelectric dams with the highest generating capacity are located in China, many of which were constructed in the past two decades. The Three Gorges Dam on the Yangtze River was completed in 2012 to become the largest in the world. Energy consumption in the United States After China, the United States was the second-highest consumer of renewable energy in the world. Both countries also consumed the most primary energy overall. The United States strives to achieve energy independence in order to reduce imports of foreign energy sources. As renewable energy gains momentum in a fossil-fuel dominated industry, renewable production in the United States has slightly exceeded the country’s consumption in recent years, and additionally, have both more than doubled since 1975.

This table expresses the use of renewable energy as gross final consumption of energy. Figures are presented in an absolute way, as well as related to the total energy use in the Netherlands. The total gross final energy consumption in the Netherlands (the denominator used to calculate the percentage of renewable energy per ‘Energy sources and techniques’) can be found in the table as ‘Total, including non-renewables’ and Energy application ‘Total’. The gross final energy consumption for the energy applications ‘Electricity’ and ‘Heat’ are also available. With these figures the percentages of the different energy sources and applications can be calculated; these values are not available in this table. The gross final energy consumption for ‘Transport’ is not available because of the complexity to calculate this. More information on this can be found in the yearly publication ‘Hernieuwbare energie in Nederland’.

Renewable energy is energy from wind, hydro power, the sun, the earth, heat from outdoor air and biomass. This is energy from natural processes that is replenished constantly.

The figures are broken down into energy source/technique and into energy application (electricity, heat and transport).

This table focuses on the share of renewable energy according to the EU Renewable Energy Directive. Under this directive, countries can apply an administrative transfer by purchasing renewable energy from countries that have consumed more renewable energy than the agreed target. For 2020, the Netherlands has implemented such a transfer by purchasing renewable energy from Denmark. This transfer has been made visible in this table as a separate energy source/technique and two totals are included; a total with statistical transfer and a total without statistical transfer.

Figures for 2020 and before were calculated based on RED I; in accordance with Eurostat these figures will not be modified anymore. Inconsistencies with other tables undergoing updates may occur.

Data available from: 1990

Status of the figures: This table contains definite figures up to and including 2022 and figures of 2023 are revised provisional figures.

Changes as of January 2025 Renewable cooling has been added as Energy source and technique from 2021 onwards, in accordance with RED II. Figures for 2020 and earlier follow RED I definitions, renewable cooling isn’t a part of these definitions.
The energy application “Heat” has been renamed to “Heating and cooling”, in accordance with RED II definitions. RED II is the current Renewable Energy Directive which entered into force in 2021

Changes as of November 15th 2024 Figures for 2021-2023 have been adjusted. 2022 is now definitive, 2023 stays revised provisional. Because of new insights for windmills regarding own electricity use and capacity, figures on 2021 have been revised.

Changes as of March 2024: Figures of the total energy applications of biogas, co-digestion of manure and other biogas have been restored for 2021 and 2022. The final energy consumption of non-compliant biogas (according to RED II) was wrongly included in the total final consumption of these types of biogas. Figures of total biogas, total biomass and total renewable energy were not influenced by this and therefore not adjusted.

When will new figures be published? Provisional figures on the gross final consumption of renewable energy in broad outlines for the previous year are published each year in June. Revised provisional figures for the previous year appear each year in June.

In November all figures on the consumption of renewable energy in the previous year will be published. These figures remain revised provisional, definite figures appear in November two years after the reporting year. Most important (expected) changes between revised provisional figures in November and definite figures a year later are the figures on solar photovoltaic energy. The figures on the share of total energy consumption in the Netherlands could also still be changed by the availability of adjusted figures on total energy consumption.

The leading countries for installed renewable energy in 2023 were China, the United States, and Brazil. China was the leader in renewable energy installations, with a capacity of around 1,453 gigawatts. The U.S., in second place, had a capacity of around 388 gigawatts. Renewable energy is an important step in addressing climate change and mitigating the consequences of this phenomenon. Renewable energy capacity and productionRenewable power capacity is defined as the maximum generating capacity of installations that use renewable sources to generate electricity. The share of renewable energy over the world’s power production has increased in recent years, surpassing 30 percent in 2023. Renewable energy consumption varies from country to country. The leading countries for renewable energy consumption are China, the United States, and Brazil.Renewable energy sourcesThere are various sources of renewable energy used globally, including bioenergy, solar energy, hydropower, and wind energy, to name a few. Globally, China and Canada are the top two countries in terms of generating the most energy through hydropower. Regarding solar power, China, the United States, and Japan boast the highest installed capacities worldwide.

Jordan JO: Renewable Energy Consumption: % of Total Final Energy Consumption data was reported at 3.229 % in 2015. This records an increase from the previous number of 3.131 % for 2014. Jordan JO: Renewable Energy Consumption: % of Total Final Energy Consumption data is updated yearly, averaging 2.332 % from Dec 1990 (Median) to 2015, with 26 observations. The data reached an all-time high of 3.229 % in 2015 and a record low of 1.688 % in 2005. Jordan JO: Renewable Energy Consumption: % of Total Final Energy Consumption data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Jordan – Table JO.World Bank: Energy Production and Consumption. Renewable energy consumption is the share of renewables energy in total final energy consumption.; ; World Bank, Sustainable Energy for All (SE4ALL) database from the SE4ALL Global Tracking Framework led jointly by the World Bank, International Energy Agency, and the Energy Sector Management Assistance Program.; Weighted Average;

United States US: Renewable Energy Consumption: % of Total Final Energy Consumption data was reported at 8.717 % in 2015. This records a decrease from the previous number of 8.754 % for 2014. United States US: Renewable Energy Consumption: % of Total Final Energy Consumption data is updated yearly, averaging 5.454 % from Dec 1990 (Median) to 2015, with 26 observations. The data reached an all-time high of 8.754 % in 2014 and a record low of 4.089 % in 1994. United States US: Renewable Energy Consumption: % of Total Final Energy Consumption data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s USA – Table US.World Bank: Energy Production and Consumption. Renewable energy consumption is the share of renewables energy in total final energy consumption.; ; World Bank, Sustainable Energy for All (SE4ALL) database from the SE4ALL Global Tracking Framework led jointly by the World Bank, International Energy Agency, and the Energy Sector Management Assistance Program.; Weighted Average;

Global Renewable Energy Consumption by Country, 2023 Discover more data with ReportLinker!

Renewable electricity is the share of electrity generated by renewable power plants in total electricity generated by all types of plants.

Iran IR: Renewable Energy Consumption: % of Total Final Energy Consumption data was reported at 0.913 % in 2015. This records a decrease from the previous number of 0.939 % for 2014. Iran IR: Renewable Energy Consumption: % of Total Final Energy Consumption data is updated yearly, averaging 0.926 % from Dec 1990 (Median) to 2015, with 26 observations. The data reached an all-time high of 1.528 % in 1993 and a record low of 0.438 % in 2000. Iran IR: Renewable Energy Consumption: % of Total Final Energy Consumption data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Iran – Table IR.World Bank: Energy Production and Consumption. Renewable energy consumption is the share of renewables energy in total final energy consumption.; ; World Bank, Sustainable Energy for All (SE4ALL) database from the SE4ALL Global Tracking Framework led jointly by the World Bank, International Energy Agency, and the Energy Sector Management Assistance Program.; Weighted Average;

Hong Kong HK: Renewable Energy Consumption: % of Total Final Energy Consumption data was reported at 0.853 % in 2015. This records a decrease from the previous number of 0.858 % for 2014. Hong Kong HK: Renewable Energy Consumption: % of Total Final Energy Consumption data is updated yearly, averaging 0.815 % from Dec 1990 (Median) to 2015, with 26 observations. The data reached an all-time high of 1.074 % in 1990 and a record low of 0.525 % in 1999. Hong Kong HK: Renewable Energy Consumption: % of Total Final Energy Consumption data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Hong Kong – Table HK.World Bank: Energy Production and Consumption. Renewable energy consumption is the share of renewables energy in total final energy consumption.; ; World Bank, Sustainable Energy for All (SE4ALL) database from the SE4ALL Global Tracking Framework led jointly by the World Bank, International Energy Agency, and the Energy Sector Management Assistance Program.; Weighted average;

Oman OM: Renewable Energy Consumption: % of Total Final Energy Consumption data was reported at 0.000 % in 2015. This stayed constant from the previous number of 0.000 % for 2014. Oman OM: Renewable Energy Consumption: % of Total Final Energy Consumption data is updated yearly, averaging 0.000 % from Dec 1990 (Median) to 2015, with 26 observations. Oman OM: Renewable Energy Consumption: % of Total Final Energy Consumption data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Oman – Table OM.World Bank: Energy Production and Consumption. Renewable energy consumption is the share of renewables energy in total final energy consumption.; ; World Bank, Sustainable Energy for All (SE4ALL) database from the SE4ALL Global Tracking Framework led jointly by the World Bank, International Energy Agency, and the Energy Sector Management Assistance Program.; Weighted average;

Germany DE: Renewable Energy Consumption: % of Total Final Energy Consumption data was reported at 17.600 % in 2021. This records a decrease from the previous number of 18.500 % for 2020. Germany DE: Renewable Energy Consumption: % of Total Final Energy Consumption data is updated yearly, averaging 7.950 % from Dec 1990 (Median) to 2021, with 32 observations. The data reached an all-time high of 18.500 % in 2020 and a record low of 2.000 % in 1991. Germany DE: Renewable Energy Consumption: % of Total Final Energy Consumption data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Germany – Table DE.World Bank.WDI: Environmental: Energy Production and Consumption. Renewable energy consumption is the share of renewables energy in total final energy consumption.;IEA, IRENA, UNSD, World Bank, WHO. 2023. Tracking SDG 7: The Energy Progress Report. World Bank, Washington DC. © World Bank. License: Creative Commons Attribution—NonCommercial 3.0 IGO (CC BY-NC 3.0 IGO).;Weighted average;

Philippines PH: Renewable Energy Consumption: % of Total Final Energy Consumption data was reported at 27.452 % in 2015. This records a decrease from the previous number of 28.582 % for 2014. Philippines PH: Renewable Energy Consumption: % of Total Final Energy Consumption data is updated yearly, averaging 32.712 % from Dec 1990 (Median) to 2015, with 26 observations. The data reached an all-time high of 51.960 % in 1991 and a record low of 27.452 % in 2015. Philippines PH: Renewable Energy Consumption: % of Total Final Energy Consumption data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank: Energy Production and Consumption. Renewable energy consumption is the share of renewables energy in total final energy consumption.; ; World Bank, Sustainable Energy for All (SE4ALL) database from the SE4ALL Global Tracking Framework led jointly by the World Bank, International Energy Agency, and the Energy Sector Management Assistance Program.; Weighted Average;

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...

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...

Global RD&D in Renewable Energy Sources by Country, 2023 Discover more data with ReportLinker!

Malaysia Renewable Energy Consumption: % of Total Final Energy Consumption data was reported at 5.194 % in 2015. This records an increase from the previous number of 4.770 % for 2014. Malaysia Renewable Energy Consumption: % of Total Final Energy Consumption data is updated yearly, averaging 5.565 % from Dec 1990 (Median) to 2015, with 26 observations. The data reached an all-time high of 11.981 % in 1990 and a record low of 3.819 % in 2010. Malaysia Renewable Energy Consumption: % of Total Final Energy Consumption data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Malaysia – Table MY.World Bank: Energy Production and Consumption. Renewable energy consumption is the share of renewables energy in total final energy consumption.; ; World Bank, Sustainable Energy for All (SE4ALL) database from the SE4ALL Global Tracking Framework led jointly by the World Bank, International Energy Agency, and the Energy Sector Management Assistance Program.; Weighted average;

Renewable energy consumption (% of total final energy consumption) in Indonesia was reported at 20.2 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. Indonesia - Renewable energy consumption (% of total final energy consumption) - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

This bar chart displays renewable energy consumption (% of total final energy consumption) by ISO 2 country code using the aggregation average and is filtered where the region is Middle Africa. The data is about countries.