The United States Renewable Energy Market Report is Segmented by Technology (Solar Energy, Wind Energy, Hydropower, Bioenergy, Geothermal, and Ocean Energy) and End-User (Utilities, Commercial and Industrial, and Residential). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity (GW).

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.

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Renewable Energy Market Size 2025-2029

The renewable energy market size is valued to increase USD 2266.2 billion, at a CAGR of 9.6% from 2024 to 2029. Rise in global energy demand will drive the renewable energy market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 76% growth during the forecast period.
By End-user - Residential segment was valued at USD 1934.50 billion in 2023
By Type - Hydropower segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 108.95 billion
Market Future Opportunities: USD 2266.20 billion
CAGR : 9.6%
APAC: Largest market in 2023

Market Summary

The market encompasses the production and utilization of electricity from renewable sources, such as solar, wind, hydro, and biomass. This dynamic market is driven by the rising global energy demand and the increasing popularity of clean energy technologies as a competitive alternative to traditional energy sources. According to recent reports, renewable energy sources accounted for approximately 27% of global electricity generation in 2020, with solar and wind energy leading the charge. However, the market faces challenges, including the intermittency of renewable energy sources and the high upfront costs of implementation.
Despite these hurdles, opportunities abound, particularly in the areas of energy storage solutions and grid integration. As the market continues to evolve, stakeholders can expect ongoing innovation and advancements in core technologies and applications, service types, and regulatory frameworks, with regional dynamics adding another layer of complexity.

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

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How is the Renewable Energy Market Segmented and what are the key trends of market segmentation?

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-user

  Residential
  Industrial
  Commercial


Type

  Hydropower
  Wind
  Solar
  Others


Deployment

  On-grid
  Off-grid


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa

    Egypt
    KSA
    Oman
    UAE


  APAC

    China
    India
    Japan


  South America

    Argentina
    Brazil


  Rest of World (ROW)

By End-user Insights

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

In the rapidly evolving energy landscape, the market is experiencing significant growth as businesses and residential sectors shift towards sustainable energy sources. Renewable energy production from biomass, wind, hydroelectric power, and solar photovoltaic systems has seen a notable increase, reducing carbon emissions by approximately 15% in 2020 compared to 2015 levels. Furthermore, the market is expected to expand further, with renewable energy investment projected to reach 30% of total energy investment by 2025. Energy audit methodologies, renewable energy certificates, and smart grids integration are crucial components driving the market's growth. Offshore wind farms, wave energy converters, and tidal energy conversion are gaining traction as promising new technologies, while grid stability analysis and energy storage systems ensure a reliable power supply.

The renewable energy sector is also witnessing advancements in onshore wind turbines, geothermal energy extraction, and concentrated solar power, among others. Moreover, the integration of demand-side management, battery energy storage, microgrids development, and pumped hydro storage into the energy infrastructure is essential for optimizing power system performance and ensuring grid modernization projects' success. The market's continuous evolution is essential in addressing the increasing energy demand while minimizing greenhouse gas emissions and promoting sustainable energy sources. In conclusion, the market is experiencing substantial growth, with a projected expansion in investment and production. The integration of various technologies and policies is crucial in ensuring a reliable, efficient, and sustainable energy future.

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The Residential segment was valued at USD 1934.50 billion in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

APAC is estimated to contribute 76% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

See How Renewable Energy Market Demand is Rising

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.

The global renewable energy market size is projected to grow from USD 1101.27 billion in 2025 to USD 2271.2 billion by 2033, exhibiting a CAGR of 9.47%.
Report Scope:

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

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

The U.S. Renewable Energy market report offers a thorough competitive analysis, mapping key players’ strategies, market share, and business models. It provides insights into competitor dynamics, helping companies align their strategies with the current market landscape and future trends.

The United States renewable energy market size is projected to grow at a CAGR of 10.10% between 2025 and 2034.

• The global industry was valued at US$ 940.4 Bn in 2023
• It is estimated to advance at a CAGR of 12.4% from 2024 to 2034 and reach US$ 3.4 Trn by the end of 2034

Market Introduction

Regional Outlook

Alternative Energy Market Snapshot

US Power Market size was valued to be USD 363.6 Billion in the year 2024 and it is expected to reach USD 517 Billion in 2032, at a CAGR of 4.5% over the forecast period of 2026 to 2032.The U.S. power market is driven by several key factors: the increasing demand for electricity, propelled by the rapid expansion of data centers and the electrification of transportation, necessitates significant investments in transmission infrastructure to enhance grid capacity and reliability. The growing emphasis on renewable energy sources, such as wind and solar, is reshaping the energy mix, influenced by both economic factors and policy initiatives. Technological advancements, including the integration of artificial intelligence and the Internet of Things, are further transforming grid operations and energy management. Additionally, policy and regulatory frameworks, including government incentives and environmental regulations, play a crucial role in shaping market dynamics.

According to Cognitive Market Research, the global Renewable energy market size was 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 hindered ...

The Latin America renewable energy market attained a volume of 300.80 Gigawatt in 2024. The industry is expected to grow at a CAGR of 4.10% during the forecast period of 2025-2034. By 2034, the market is expected to reach 449.56 Gigawatt.

The growing population and industrialization are driving an increased demand for clean energy, favoring the Latin America renewable energy market revenue. As per industry reports, the population of Latin America and the Caribbean reached 663 million people in 2024, further necessitating a large expansion in energy infrastructure. As urbanization and industrial activity intensify, energy consumption across commercial, residential, and industrial sectors is projected to rise significantly. In response, governments and energy stakeholders are leveraging advanced data modelling and predictive analytics to forecast energy demand patterns and optimize infrastructure development. These technologies enable more accurate planning and resource allocation, supporting efforts to meet future energy needs without compromising environmental goals.

The strong commitment towards net zero emissions is increasing the Latin America renewable energy market value. Supporting with industry reports, nearly half of the 33 Latin American and Caribbean nations, including Brazil, Chile, Costa Rica, and Colombia, have committed to achieving net-zero emissions by 2050. These commitments are backed by international agreements, national policies, and investments in renewable energy infrastructure. The goal of net-zero emissions also involves the transition towards renewable energy sources for enhancing energy efficiency while implementing carbon capture technologies. These factors are contributing to global climate change mitigation efforts.

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.

According to Cognitive Market Research, the global Renewable Energy Source market size was 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 may be...

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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 limitations, and permitting del

The market size of the renewable energy sector in Latin America grew from roughly ** billion U.S. dollars in 2020 to more than ** billion U.S. dollars in 2022. By 2030, the sector is forecast to reach a market size of *** billion U.S. dollars.

More information about the renewable energy sector in Latin America can be found here.

Global renewable energy certificate market was valued at US$ 15.38 Billion in 2024 and is set to reach US$ 233.81 Billion by 2034 at a CAGR of about 28.2%.