Market Overview

The Renewable Energy Market size was valued at around 1.09 trillion in 2023 and is expected to reach a value of USD 2.06 trillion by 2032, at a CAGR of 7.3% over the forecast period (2024–2032).

The movement towards low-carbon fuels and the fact that all the major developed countries have stringent environmental legislations in place have been the key drivers to renewable energy business. The energy production business has seen increased action in the way of renewable sources installed capacity in the last several years due to increased concerns on the environmental front and coupled pressure to curtail negative impacts of greenhouse gases (GHG). This has played a significant role in the growth of solar and wind power industries.

The U.S. renewable energy sector is fuelled by favourable policies and strategies along with high availability of biomass feedstock. Renewable energy facilities in the nation have risen due to tight government regulations on emissions. The power situation in the nation has been experiencing a shift with rising use of gas-based and renewable power sources as opposed to coal-based power production. Increased cost of electricity distribution, power loss due to failures in the main power grid, and incentives provided by the U.S. government are likely to drive end-consumers towards installing hydropower systems. This is likely to increase the demand for renewable energy.

Germany is a developed country and one of the major European markets. During the last several years, it invested in unorthodox power generation technologies so that it is not so much dependent on conventional sources like crude oil, coal, and other similar sources as well as can be energy independent. With investments being done in big percentages in renewable power generation, solar power generation market has been expanding at a very high rate in the last few years and is anticipated to grow during the forecast period. The increasing solar sector in Germany is anticipated to drive the expansion of solar market, which, in turn, is anticipated to propel the market during the forecast period. It is an energy source within the country, meaning every state can produce its own power independently without depending on any foreign source of fuel. It has flood control, safe drinking water, irrigation assistance, cheap electricity, and it is long-lasting relative to other forms of energy.

Market Drivers

Impact of Government Policies, Subsidies, and Tax Credits on Renewable Energy Adoption

• Government incentives, subsidies, and tax credits take a leading position in promoting the deployment of renewable energy by reducing economic hurdles and spurring investments. Subsidies reduce the price of renewable energy projects to the price of fossil fuels for them to compete. For domestic business and consumers investing in solar, wind, and other clean technologies, tax credits like the U.S. Investment Tax Credit (ITC) and Production Tax Credit (PTC) are avenues for tax relief. By using feed-in tariffs, renewable energy producers are guaranteed a minimum price and consistent revenue stream. Legislation for net metering also permits consumers to sell back excess electricity to the grid.  All these measures promote innovation, attract private investment and facilitate the shift towards cleaner energy.

Technological Advancements Driving Cost Reduction in Renewable Energy

• Renewable energy is increasingly competitive with fossil fuels as solar panel, wind turbine, and battery technologies continue to advance. Increased efficiency in photovoltaic (PV) cells has lowered the price of solar power by producing more energy per panel. Wind turbine technology in the form of larger rotor diameters and better materials maximizes energy output while reducing maintenance costs. Battery storage technologies, such as lithium-ion and solid-state batteries, have enhanced energy storage, resolved intermittency challenges and provided a more stable power supply. These technologies, combined with economies of scale and production efficiencies, have reduced costs, making renewable energy a viable choice for businesses, governments, and consumers looking for sustainable and cost-effective energy options.

Market Opportunity

Battery Storage Innovations Enhancing Renewable Energy Reliability

• Innovations in battery storage technology such as lithium-ion and solid-state batteries have significantly enhanced the certainty of renewable power. They reduce the intermittent character of solar and wind by holding excess energy to be utilized in low-generation periods. Lithium-ion batteries are best suited for grid applications and electric vehicles because of high efficiency, fast charging, and long life. Solid-state batteries are an emerging technology that provide higher energy density, improved safety, and longer lifetimes. These technologies reduce dependence on fossil fuel backup power systems and enable more energy to be stored, with the potential for a reliable and uninterrupted supply of power.   With declining battery prices and increasing efficiency, power storage becomes an essential part of a healthy and fully renewable electricity grid.

Hydrogen Fuel Investments Expanding Renewable Energy Applications

• Growing investment in hydrogen fuel is opening new doors for the integration of renewable energy into different sectors. Green hydrogen, created through renewable energy electrolysis, is a clean substitute for fossil fuels in transport, industry, and electricity production. Hydrogen offers a secure means of grid stability through solar and wind energy excess storage.it enables decarbonization where direct electrification is impractical, i.e., heavy industry and aviation. Low production prices and government subsidies are prompting massive hydrogen and industrial projects, increasing the percentage of the technology in the global energy revolution. With economies of scale and infrastructure improved, hydrogen fuel will play a central role in a low-carbon, sustainable energy future.

Market Restraining Factors

Intermittency Challenges in Solar and Wind Energy and the Need for Storage Solutions

• Intermittency is one of the major problems with solar and wind power because they rely on the weather to generate electricity. Solar panels only generate electricity during the day, while wind turbines need adequate wind speeds.   This uncertainty can create supply and demand mismatches, which makes it challenging to deliver a stable energy supply.  Technologies such as hydrogen fuel systems, pumped hydro storage, and lithium-ion batteries are being investigated to address this issue by storing surplus energy to be used when the generation is low. Technologies in smart grids and demand response systems help maximize the distribution of energy. With improved grid management and storage, renewable energies can be stabilized and help promote the world energy transition to a greater degree.

Segmentation Analysis

The market scope is segmented because of by Energy Source, by Technology, by End-Use Sector.

• By Energy Source

Based on the Energy Source of the market is segmented into Solar Energy, Wind Energy, Hydropower, Bioenergy, Geothermal Energy, Hydrogen Energy.

Solar power dominates the renewable energy market due to its affordability, scalability, and filled up in no time.   It is produced from sunlight using photovoltaic (PV) panels or concentrated solar power (CSP) plants.   For example, the world's largest solar farm, India's Bhadla Solar Park, produces 2.25 GW of power.

Wind energy is another massive industry that uses turbines to produce electricity from wind energy. Onshore and offshore wind farms, including the UK's Hornsea One Offshore Wind Farm, are large producers of clean energy.

Hydropower, the oldest of the renewables, produces power from running water. Great dams like China's Three Gorges Dam show its possibility, though small hydro is growing.

Bioenergy uses organic materials like crop waste and wood to produce heat and electricity. Sweden's bioenergy market effectively replaces fossil fuels for district heating.

Geothermal energy utilizes ground heat for direct use or to produce electricity, like Iceland's extensive geothermal heating system.

Hydrogen energy, particularly green hydrogen, is being developed as a clean-burning fuel substitute, with projects like Japan's Fukushima Hydrogen Energy Research Field leading the charge.

• By Technology

Based on the Technology of the market is segmented into Photovoltaic (PV) Systems. Wind Turbines, Battery Storage Systems, Hydroelectric Turbines, Fuel Cells.

Photovoltaic (PV) systems are the forerunner in the renewable energy sector due to their technological advancements, affordability, and scalability. PV systems convert sunlight to electricity using solar panels, and they are massively applied in homes, businesses, and utility scale. An example is China's Tengger Desert Solar Park, the world's biggest solar PV farm that provides more than 1.5 GW of clean power.

Wind turbines use wind energy to generate power, and onshore and offshore installations have become an important part of global energy transition. The UK's Hornsea One Offshore Wind Farm, producing 1.2 GW, is a testament to the potential of wind power.

Battery storage plants, like lithium-ion and solid-state batteries, play a role in making the grid resilient by storing excess renewable energy to be used later. The California-based 1.6 GWh Moss Landing Energy Storage Facility is a perfect example of integrating large-scale battery storage.

Flowing waterpower hydroelectric turbines, such as the Three Gorges Dam in China, the largest hydropower facility globally.

Fuel cells, such as hydrogen fuel cells, are providing clean energy technologies, Japan's Fukushima Hydrogen Energy Research Field being the display of how hydrogen can utilize sustainable power supply.

• Regional Snapshots

By region, Insights into the markets in North America, Europe, Asia-Pacific, Latin America and MEA are provided by the study. Asia Pacific held a substantial revenue share of 40.98% in 2023. The growing demand for renewable energy in the Asia Pacific region is due to growing installations of solar power projects in India and China. India and China are major solar panel markets for solar panels both internationally and in the Asia Pacific region. Moreover, nations within the region, such as Australia and Japan, have tremendous growth prospects since they have been heavily investing in solar power generation over the past couple of years.

The North American market is anticipated to develop at a strong rate during the forecast period. The power generation from industry has grown with each passing year because of more efficient solar cells available in the market. Increased competition in industry has made the cost of electricity generated lower as well as the variety of solar panels higher. These drivers are anticipated to support demand for renewable energy in the region during the forecast period. Additionally, drivers such as increasing concerns regarding GHG emissions, cost of generation, and regulations to reduce carbon footprint are expected to fuel growth of renewable energy during the forecast period.

List of Companies Profiled:

• ABB
• Acconia S.A.
• Enel Spa
• General Electric
• Innergex
• Invenergy
• Schneider Electric
• Siemens Gamesa Renewable Energy, S.A.
• Suzlon Energy Ltd.
• Tata Power
• Xcel Energy Inc.
• p.A.
• EDF Renewables
• National Grid Renewables.

Recent Developments

In February 2024, Grew Energy introduced state-of-the-art solar PV modules at Intersolar. The firm introduced its cutting-edge 'P-type' and 'N-type' solar PV modules at the event, a major step in the development of green energy solutions.

In December 2023, Ricoh placed its first ever renewable energy self-consignment. This is the first step as part of the steps Ricoh is taking toward reaching its target of 50% renewable electricity used for business by 2030.

In February 2023, Green World Renewable Energy LLC introduced new solar panel and combiner box at ISNA, solar storage exhibition. This solar product offers a clean and efficient way of tapping the power of the sun. This system aims to address the increasing demand for renewable sources of energy and offer a clean, affordable, and sustainable source of energy in comparison to the conventional sources of energy.

Report Coverage

The report will cover the qualitative and quantitative data on the global Renewable Energy Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations

Global Renewable Energy Market Regional Analysis

North America accounted for the highest Renewable Energy Market% market share in terms of revenue in the Renewable Energy Market and is expected to expand at a CAGR of Renewable Energy Market% during the forecast period. This growth can be attributed to the growing adoption of Renewable Energy Market. The market in APAC is expected to witness significant growth and is expected to register a CAGR of Renewable Energy Market% over upcoming years, because of the presence of key Renewable Energy Market companies in economies such as Japan and China.

The objective of the report is to present comprehensive analysis of Global Renewable Energy Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

Renewable Energy Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions

• How much the global Renewable Energy Market valued?
• Which region has the largest share in 2024 for the global Renewable Energy Market ?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Renewable Energy Market

• Historic year: 2019- 2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Million

Renewable Energy Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: