Renewable Energy Market Size, Trends and Insights By Energy Type (Solar Power, Wind Power, Hydroelectric Power, Geothermal, Bio Energy), By End User (Residential, Industrial, Commercial), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- ACCIONA
- ABB Ltd.
- EDF
- Geronimo Energy
- Enel Spa
- Others
Reports Description
The “Global Renewable Energy Market” report includes comprehensive information regarding the market’s historical and current estimations, future projections, market trends, competition, market dynamics, and recent developments in the Renewable Energy market forecast from 2022 to 2030.
According to the study, the market accounted for around USD 885 billion in 2021 and is expected to grow at a CAGR of 8.5% during 2022-2030. The market for global Renewable Energy market is forecasted to account for nearly USD 1980 billion by 2030.
Renewable Energy Market: Overview
Renewable Energy is derived from resources capable to be recycled or replenished naturally. Electricity is produced using all forms of Renewable Energy. Geothermal steam is additionally used directly for cooking and heating. Also, biomass and solar energy are used for space and water heating. For transportation, ethanol, biodiesel, and to a lesser extent, gaseous biomethane is used.
Renewable Energy sources emit no or low greenhouse gases during operation. The emissions from a neutral source are balanced by the carbon dioxide taken in throughout the growing phase. However, the overall environmental impact of any source depends on its lifecycle.
Renewable Energy Market: COVID–19 Impact Analysis
As per the International Energy Agency, despite ongoing logistical issues and rising costs, renewable electricity capacity installations hit another record in 2021, and biofuel demand nearly returned to pre-Covid levels. However, the invasion of Ukraine by the Russian Federation has shocked the oil and agricultural industries, leading to an unprecedented global energy crisis.
Many governments are taking initiatives to hasten the switch to sustainable energy technologies, minimize reliance on Russian supply, and shield consumers from rising energy prices. Also, the demand for biofuel recovered back in 2021 from COVID-19 lows to levels close to those of 2019. Further, it is anticipated to increase year over year by 5% in 2022 and by 3% in 2023. Demand for biofuels in the US is likely to rise by 6% in 2022 compared to 2021. This growth will be fueled by the return of gasoline and diesel use to pre-COVID levels, California’s low-carbon fuel regulations, the adoption of renewable fuel standards, and the federal tax credits for biodiesel blenders.
Renewable Energy Market: Growth Drivers
Rising Focus on Next-Generation Technologies
The development of next-generation technology is gaining momentum. Stakeholders in the Renewable Energy sector are considering investing in them, which might eventually support the assured integration of variable renewables, including wind and solar, into the electric grid. Private investment, pilot projects, and federal research funding might hasten the commercialization of cutting-edge technologies such as enhanced batteries, green hydrogen, and other types of long-duration storage for a previously focused market on solar and wind.
The goal of 100% clean energy can be achieved through these technologies. They can offer zero-carbon, longer-term seasonal electricity storage, reduce grid congestion, stem Renewable Energy curtailment, and increase reliability. Further, they make integrating solar and wind power into the grid easier.
Growth in Solar Power Investments
Solar photovoltaic systems are among the most economically competitive energy sources on the market, with costs having dropped by 85% over the previous ten years. The solar sector will probably raise attempts to examine alternative configurations and business models as it stretches its competitive strength. Additionally, the sector may explore floating solar PV modules in 2022 as well as growing solar community projects into new geographies.
Another significant trend noticed is the growth of community solar initiatives into new markets in the US. In addition to Washington, DC, 22 states have policies that support community solar. These programmers enable residential consumers to take advantage of shared solar power since more than half of US families are unable to purchase rooftop solar due to insufficient sunlight, access to credit, homeownership, or other issues.
Floating solar photovoltaics, a nascent technology, are also gaining popularity in the US. Several developers are looking into these projects, either independently or in combination with hydro, which might benefit from a common substation and transmission.
Renewable Energy Market: Segmentation Analysis
The Renewable Energy market is segmented into energy type and end user. By energy type, the hydroelectric power segment market is expected to lead the market throughout 2022-2030. Brazil had a tremendous quantity of hydropower development. Across the SAM continent, activity has increased, with significant projects in Colombia and Peru.
The market for small hydropower plants has expanded as a result of an increase in investments in off-grid energy generation and rural electrification throughout developing nations, including India, China, Brazil, and Vietnam. In addition, programs such as the Rajiv Gandhi Grameen Vidyutikaran Yojana and the Small Hydropower Programme by the Ministry of New and Renewable Energy aim to electrify rural areas and encourage the use of small hydropower energy for off-grid and mini-grid, are anticipated to fuel market expansion.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 885 Billion |
| Projected Market Size in 2030 | USD 1980 Billion |
| CAGR Growth Rate | 8.5% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | ACCIONA, ABB Ltd., EDF, Geronimo Energy, Enel Spa, Invenergy, General Electric, Innergex, Xcel Energy Inc., THE TATA POWER COMPANY LIMITED (Tata Power), and Others |
| Key Segment | By Energy Type, End User, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Insights:
- As per the analysis shared by our research analyst, the Renewable Energy market is estimated to grow annually at a CAGR of around 8.5% over the forecast period (2022-2030).
- In terms of revenue, the Renewable Energy market size was valued at around USD 885 billion in 2021 and is projected to reach USD 1980 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on energy type, the hydroelectric power segment was estimated to hold the maximum market share in the year 2021.
- Based on end-user segmentation, the residential segment was the leading revenue-generating category in 2021.
- On the basis of region, the Asia Pacific region was the leading revenue generator in 2021.
Recent Development
- July 2022: India-based Adani Enterprises announced its plans to invest US$ 70 billion in clean energy with an aim to become a facilitator for the country’s green energy transition. Further, the company plans to become the net exporter of clean energy.
- July 2022: Proteus Power and Pelion Green Future collaborated to build more than 3 GW of Renewable Energy as well as energy storage projects in North America.
- July 2022: Canadian Solar Inc. has successfully sold two fully authorized solar and battery energy storage projects in the UK to Gresham House, a specialized alternative asset manager. The two projects include a collocated solar and battery energy storage project in Durham with a solar capacity of 50 MWp and a battery energy storage capacity of 38 MW (or 76 MWh) and a stand-alone solar project in Warwickshire with a solar capacity of 28 MWp.
Regional Landscape
In 2021, the Renewable Energy market in the Asia Pacific was estimated to hold a market share of over 35%. According to estimates, the Asia Pacific region consumes more than half of all Renewable Energy produced worldwide.
The region’s increasing industrialization and urbanization are the factors attributing to the sharp rise in pollution levels. The need for clean electricity is also being fueled by the region’s rapidly growing population and residential development.
Competitive Landscape
Due to the presence of several major market competitors, the market for Renewable Energy is moderately fragmented. To enhance their positions and expand their market shares, these market players are consistently engaged in a variety of developmental strategies, including partnerships, mergers, acquisitions, collaborations, new product launches, and many others.
The global Renewable Energy market is segmented as follows:
By Energy Type
- Solar Power
- Wind Power
- Hydroelectric Power
- Geothermal
- Bio Energy
By End User
- Residential
- Industrial
- Commercial
On the basis of Geography
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Renewable Energy Market, (2022 – 2030) (USD Billion)
- 2.2 Global Renewable Energy Market: snapshot
- Chapter 3. Global Renewable Energy Market – Industry Analysis
- 3.1 Renewable Energy Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Rising Focus on Next Generation Technologies
- 3.2.2 Driver 2
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Energy Type
- 3.7.2 Market attractiveness analysis By End User
- Chapter 4. Global Renewable Energy Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Renewable Energy Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Renewable Energy Market – Energy Type Analysis
- 5.1 Global Renewable Energy Market overview: By Energy Type
- 5.1.1 Global Renewable Energy Market share, By Energy Type, 2021 and 2030
- 5.2 Solar Power
- 5.2.1 Global Renewable Energy Market by Solar Power, 2022 – 2030 (USD Billion)
- 5.3 Wind Power
- 5.3.1 Global Renewable Energy Market by Wind Power, 2022 – 2030 (USD Billion)
- 5.4 Hydroelectric Power
- 5.4.1 Global Renewable Energy Market by Hydroelectric Power, 2022 – 2030 (USD Billion)
- 5.5 Geothermal
- 5.5.1 Global Renewable Energy Market by Geothermal, 2022 – 2030 (USD Billion)
- 5.6 Bio Energy
- 5.6.1 Global Renewable Energy Market by Bio Energy, 2022 – 2030 (USD Billion)
- 5.1 Global Renewable Energy Market overview: By Energy Type
- Chapter 6. Global Renewable Energy Market – End User Analysis
- 6.1 Global Renewable Energy Market overview: By End User
- 6.1.1 Global Renewable Energy Market share, By End User, 2021 and 2030
- 6.2 Residential
- 6.2.1 Global Renewable Energy Market by Residential, 2022 – 2030 (USD Billion)
- 6.3 Industrial
- 6.3.1 Global Renewable Energy Market by Industrial, 2022 – 2030 (USD Billion)
- 6.4 Commercial
- 6.4.1 Global Renewable Energy Market by Commercial, 2022 – 2030 (USD Billion)
- 6.1 Global Renewable Energy Market overview: By End User
- Chapter 7. Renewable Energy Market – Regional Analysis
- 7.1 Global Renewable Energy Market Regional Overview
- 7.2 Global Renewable Energy Market Share, by Region, 2021 & 2030 (USD Billion)
- 7.3. North America
- 7.3.1 North America Renewable Energy Market, 2022 – 2030 (USD Billion)
- 7.3.1.1 North America Renewable Energy Market, by Country, 2022 – 2030 (USD Billion)
- 7.3.1 North America Renewable Energy Market, 2022 – 2030 (USD Billion)
- 7.4 North America Renewable Energy Market, by Energy Type, 2022 – 2030
- 7.4.1 North America Renewable Energy Market, by Energy Type, 2022 – 2030 (USD Billion)
- 7.5 North America Renewable Energy Market, by End User, 2022 – 2030
- 7.5.1 North America Renewable Energy Market, by End User, 2022 – 2030 (USD Billion)
- 7.4. Europe
- 7.4.2 Europe Renewable Energy Market, 2022 – 2030 (USD Billion)
- 7.4.2.1 Europe Renewable Energy Market, by Country, 2022 – 2030 (USD Billion)
- 7.4.2 Europe Renewable Energy Market, 2022 – 2030 (USD Billion)
- 7.4 Europe Renewable Energy Market, by Energy Type, 2022 – 2030
- 7.4.1 Europe Renewable Energy Market, by Energy Type, 2022 – 2030 (USD Billion)
- 7.5 Europe Renewable Energy Market, by End User, 2022 – 2030
- 7.5.1 Europe Renewable Energy Market, by End User, 2022 – 2030 (USD Billion)
- 7.5. Asia Pacific
- 7.5.3 Asia Pacific Renewable Energy Market, 2022 – 2030 (USD Billion)
- 7.5.3.1 Asia Pacific Renewable Energy Market, by Country, 2022 – 2030 (USD Billion)
- 7.5.3 Asia Pacific Renewable Energy Market, 2022 – 2030 (USD Billion)
- 7.4 Asia Pacific Renewable Energy Market, by Energy Type, 2022 – 2030
- 7.4.1 Asia Pacific Renewable Energy Market, by Energy Type, 2022 – 2030 (USD Billion)
- 7.5 Asia Pacific Renewable Energy Market, by End User, 2022 – 2030
- 7.5.1 Asia Pacific Renewable Energy Market, by End User, 2022 – 2030 (USD Billion)
- 7.6. Latin America
- 7.6.4 Latin America Renewable Energy Market, 2022 – 2030 (USD Billion)
- 7.6.4.1 Latin America Renewable Energy Market, by Country, 2022 – 2030 (USD Billion)
- 7.6.4 Latin America Renewable Energy Market, 2022 – 2030 (USD Billion)
- 7.4 Latin America Renewable Energy Market, by Energy Type, 2022 – 2030
- 7.4.1 Latin America Renewable Energy Market, by Energy Type, 2022 – 2030 (USD Billion)
- 7.5 Latin America Renewable Energy Market, by End User, 2022 – 2030
- 7.5.1 Latin America Renewable Energy Market, by End User, 2022 – 2030 (USD Billion)
- 7.7. The Middle-East and Africa
- 7.7.5 The Middle-East and Africa Renewable Energy Market, 2022 – 2030 (USD Billion)
- 7.7.5.1 The Middle-East and Africa Renewable Energy Market, by Country, 2022 – 2030 (USD Billion)
- 7.7.5 The Middle-East and Africa Renewable Energy Market, 2022 – 2030 (USD Billion)
- 7.4 The Middle-East and Africa Renewable Energy Market, by Energy Type, 2022 – 2030
- 7.4.1 The Middle-East and Africa Renewable Energy Market, by Energy Type, 2022 – 2030 (USD Billion)
- 7.5 The Middle-East and Africa Renewable Energy Market, by End User, 2022 – 2030
- 7.5.1 The Middle-East and Africa Renewable Energy Market, by End User, 2022 – 2030 (USD Billion)
- Chapter 8. Company Profiles
- 8.1 ACCIONA
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 ABB Ltd.
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 EDF
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 Geronimo Energy
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 Enel Spa
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.6 Invenergy
- 8.6.1 Overview
- 8.6.2 Financials
- 8.6.3 Product Portfolio
- 8.6.4 Business Strategy
- 8.6.5 Recent Developments
- 8.7 General Electric
- 8.7.1 Overview
- 8.7.2 Financials
- 8.7.3 Product Portfolio
- 8.7.4 Business Strategy
- 8.7.5 Recent Developments
- 8.8 Innergex
- 8.8.1 Overview
- 8.8.2 Financials
- 8.8.3 Product Portfolio
- 8.8.4 Business Strategy
- 8.8.5 Recent Developments
- 8.9 Xcel Energy Inc.
- 8.9.1 Overview
- 8.9.2 Financials
- 8.9.3 Product Portfolio
- 8.9.4 Business Strategy
- 8.9.5 Recent Developments
- 8.10 THE TATA POWER COMPANY LIMITED (Tata Power)
- 8.10.1 Overview
- 8.10.2 Financials
- 8.10.3 Product Portfolio
- 8.10.4 Business Strategy
- 8.10.5 Recent Developments
- 8.1 ACCIONA
List Of Figures
Figures 1 to 22
List Of Tables
Tables 1 to 52
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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FAQs
“Asia Pacific” region will lead the global Renewable Energy market during the forecast period 2022 to 2030.
The solar sector will probably raise attempts to examine alternative configurations and business models as it stretches its competitive strength. Additionally, the sector may explore floating solar PV modules in 2022 as well as growing solar community projects into new geographies.
The key players operating in the Renewable Energy market are ACCIONA, ABB Ltd., EDF, Geronimo Energy, Enel Spa, Invenergy, General Electric, Innergex, Xcel Energy Inc., THE TATA POWER COMPANY LIMITED (Tata Power), and Others.
The global Renewable Energy market is expanding growth with a CAGR of approximately 8.5% during the forecast period (2022 to 2030).
The global Renewable Energy market size was valued at USD 885 billion in 2021 and it is projected to reach around USD 1980 billion by 2030.