Renewable Energy Market Size

ID: MRFR/EnP/0986-CR

200 Pages

Chitranshi Jaiswal

July 2025

Renewable Energy Market Research Report By Energy Source (Solar, Wind, Hydropower, Geothermal, Biomass), By Technology (Photovoltaic, Concentrated Solar Power, Onshore Wind Turbines, Offshore Wind Turbines, Hydroelectric Power Plants), By Application (Electricity Generation, Heating, Transportation, Cooling, Industrial Processes), By End Use (Residential, Commercial, Industrial, Utilities) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2035

Request Free Sample

Summary Table of Contents Segmentation Download PDF

Renewable Energy Size

Renewable Energy Market Growth Projections and Opportunities

The global demand for energy is on the rise, and the diminishing reserves of non-renewable energy sources are steering the trajectory of the global renewable energy market. This market is propelled by harnessing natural elements like sunlight, geothermal power, wind, and biomass, which continuously replenish themselves. Projections indicate a substantial growth with a Compound Annual Growth Rate (CAGR) of 8.54% during the forecast period from 2018 to 2023.

In 2017, Asia-Pacific took the lead in the global renewable energy market, capturing a substantial share of 34.12%, closely trailed by North America at 23.99% and Europe at 22.04%. The segmentation of the global renewable energy market is based on type, end-use, and region.

Diving into types, the market is categorized into hydropower, wind energy, solar energy, bioenergy, geothermal energy, and ocean energy. Among these, the hydropower segment is anticipated to experience the fastest growth. This surge can be attributed to the escalating hydropower generation in countries like China and India. In 2018, hydropower secured a significant 26.25% share of the overall global renewable energy market.

On the front of end-use, the global renewable energy market is segmented into industrial, residential, and commercial categories. In 2017, the industrial sector dominated with a substantial market share of 40.77%, closely followed by the residential segment, accounting for 35.18% of the market.

The promising growth of the global renewable energy market is further underlined by the continuous depletion of traditional energy sources and the escalating global energy demand. As we traverse through the forecast period, the renewable energy sector is poised to witness considerable advancements, with hydropower emerging as a frontrunner in the race.

In essence, the dynamics of renewable energy are being shaped by a global shift towards sustainable practices. The increasing recognition of the environmental impact of traditional energy sources and the urgent need for cleaner alternatives are steering the world towards embracing renewable energy solutions. With the market set to grow at a robust CAGR, the global renewable energy landscape is on the verge of transformative developments that will play a pivotal role in shaping the future of energy generation and consumption.

As the world grapples with the challenges of depleting natural resources and the environmental consequences of conventional energy, the surge in the global renewable energy market presents an optimistic outlook. The strides made in hydropower, wind energy, solar energy, bioenergy, geothermal energy, and ocean energy underscore a collective effort towards a sustainable and eco-friendly energy future.

In conclusion, the global renewable energy market is not just a market; it is a beacon of hope for a greener and more sustainable world. The increasing reliance on renewable sources signifies a fundamental shift in our approach to energy, one that is aligned with the urgent need for environmental conservation and responsible energy consumption. The future promises further growth, innovation, and a cleaner energy landscape that benefits both the planet and its inhabitants.

Market Highlights

Author

Chitranshi Jaiswal

Research Analyst Level I

In her 3 years of experience in the market research field, she has handled critical cross-domain projects. She has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.She holds an engineering degree and is an MBA professional from a well-known university, capable of evaluating the market and competitive conditions. An exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. Proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. Generated business through active client and project development, networking, and high-quality responses. Her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.

Get In Touch

FAQs

What is the current valuation of the Renewable Energy Market as of 2024?

The overall market valuation was 1219.0 USD Billion in 2024.

What is the projected market valuation for the Renewable Energy Market in 2035?

The projected valuation for 2035 is 2880.72 USD Billion.

What is the expected compound annual growth rate (CAGR) for the Renewable Energy Market from 2025 to 2035?

The expected CAGR during the forecast period 2025 - 2035 is 8.13%.

Which energy source segment is projected to have the highest valuation by 2035?

The Hydropower segment is projected to reach between 400.0 and 900.0 USD Billion by 2035.

How does the valuation of the Solar segment compare to the Wind segment in 2035?

By 2035, the Solar segment is expected to range from 300.0 to 800.0 USD Billion, while the Wind segment is projected to be between 250.0 and 600.0 USD Billion.

What are the key technologies driving the Renewable Energy Market?

Key technologies include Photovoltaic systems, Onshore and Offshore Wind Turbines, and Hydroelectric Power Plants.

Which end-use segment is anticipated to dominate the Renewable Energy Market by 2035?

The Utilities end-use segment is expected to reach between 427.2 and 930.72 USD Billion by 2035.

Who are the leading companies in the Renewable Energy Market?

Key players include NextEra Energy, Iberdrola, Enel, and Orsted, among others.

What is the projected valuation range for the Industrial application of renewable energy by 2035?

The Industrial Processes application is projected to range from 49.0 to 130.72 USD Billion by 2035.

How does the projected growth of the Renewable Energy Market reflect on global energy trends?

The anticipated growth suggests a robust shift towards renewable sources, aligning with global sustainability goals.

1. Market Overview

2. Market Trends

3. Market Segment Insights

4. Key Players and Competitive Insights

5. Industry Developments

6. Market Segmentation

7. Report Scope

8. Market Highlights

9. FAQs

Customize Report

Certified Researchers

Market Summary

As per MRFR analysis, the Renewable Energy Market size was estimated at 1219.0 USD Billion in 2024. The Renewable Energy industry is projected to grow from 1318.13 USD Billion in 2025 to 2880.72 USD Billion by 2035, exhibiting a compound annual growth rate (CAGR) of 8.13 during the forecast period 2025 - 2035.

Key Market Trends & Highlights

The Renewable Energy Market is experiencing robust growth driven by technological advancements and supportive policies.

North America remains the largest market for renewable energy, showcasing substantial investments in infrastructure. Asia-Pacific is recognized as the fastest-growing region, propelled by increasing energy demands and consumer awareness. Solar energy continues to dominate the market, while offshore wind turbines are emerging as the fastest-growing segment. Investment in renewable energy infrastructure and regulatory incentives are key drivers fueling market expansion.

Renewable Energy Market

CAGR

8.13%

Market Size & Forecast

2024 Market Size	1219.0 (USD Billion)
2035 Market Size	2880.72 (USD Billion)
CAGR (2025 - 2035)	8.13%
Largest Regional Market Share in 2024	North America

Major Players

<a href="https://www.nexteraenergyservices.com/for-home/learn-and-explore/clean-energy">NextEra Energy</a> (US), Iberdrola (ES), Enel (IT), Orsted (DK), Siemens Gamesa (ES), Vestas Wind Systems (DK), Canadian Solar (CA), First Solar (US), <a href="https://www.brookfield.com/about-us/capabilities/renewable-power-transition">Brookfield Renewable Partners</a> (CA), EDP Renewables (PT)

Market Trends

The Renewable Energy Market is currently experiencing a transformative phase characterized by a growing emphasis on sustainability and environmental responsibility. Governments and organizations worldwide are increasingly recognizing the necessity of transitioning from fossil fuels to cleaner energy sources. This shift is driven by a combination of technological advancements, policy incentives, and a heightened public awareness regarding climate change. As a result, investments in renewable technologies such as solar, wind, and hydroelectric power are on the rise, fostering innovation and creating new opportunities within the sector. Moreover, the Renewable Energy Market is witnessing a diversification of energy sources, with emerging technologies like energy storage and smart grids gaining traction. These developments not only enhance the efficiency of energy systems but also facilitate the integration of renewable sources into existing infrastructures. The collaboration between public and private sectors appears to be crucial in accelerating this transition, as partnerships are formed to develop and deploy renewable solutions. Overall, the Renewable Energy Market is poised for substantial growth, driven by a collective commitment to a sustainable future and the ongoing evolution of energy technologies.

Technological Advancements

Innovations in renewable technologies are reshaping the landscape of the Renewable Energy Market. Enhanced efficiency in solar panels and wind turbines, along with breakthroughs in energy storage solutions, are enabling more effective harnessing of natural resources. These advancements not only lower costs but also improve the reliability of renewable energy systems.

Policy Support

Government policies are increasingly favoring renewable energy initiatives, creating a favorable environment for investment and development. Incentives such as tax credits, subsidies, and renewable energy mandates are encouraging both businesses and consumers to adopt cleaner energy solutions, thereby driving market growth.

Consumer Awareness

There is a noticeable increase in consumer awareness regarding the benefits of renewable energy. As individuals become more informed about environmental issues, they are more likely to support and invest in sustainable energy options. This shift in consumer behavior is influencing market dynamics and encouraging companies to prioritize renewable solutions.

Renewable Energy Market Market Drivers

Rising Energy Demand

The Renewable Energy Market is responding to the rising global energy demand, which is projected to increase significantly in the coming years. As populations grow and economies develop, the need for reliable and sustainable energy sources becomes more pressing. The International Energy Agency forecasts that global energy demand could rise by 30% by 2040, necessitating a shift towards renewable energy solutions. This trend presents a substantial opportunity for the Renewable Energy Market to expand its footprint and meet the needs of consumers and industries alike. The transition to renewables is not only essential for energy security but also for mitigating climate change, making it a critical focus for policymakers and investors.

Technological Innovations

Technological innovations play a crucial role in shaping the Renewable Energy Market. Advancements in energy storage, smart grid technology, and efficiency improvements in renewable energy systems are driving down costs and enhancing the reliability of renewable sources. For example, the cost of solar photovoltaic systems has decreased by over 80% in the last decade, making solar energy more accessible to consumers and businesses alike. Additionally, innovations in wind turbine design have led to increased energy capture and reduced maintenance costs. These technological developments not only bolster the competitiveness of the Renewable Energy Market but also facilitate the integration of renewables into existing energy systems, paving the way for a more sustainable energy future.

Regulatory Framework and Incentives

The Renewable Energy Market is significantly influenced by the establishment of supportive regulatory frameworks and incentives. Governments worldwide are implementing policies that promote the adoption of renewable energy sources, such as tax credits, feed-in tariffs, and renewable portfolio standards. For instance, countries have set ambitious targets for renewable energy generation, aiming for a substantial increase in the share of renewables in their energy mix by 2030. These regulatory measures not only stimulate investment but also encourage research and development in the sector. The Renewable Energy Market is likely to see a continued expansion as these policies evolve, creating a favorable environment for both new and existing players in the market.

Corporate Sustainability Initiatives

The Renewable Energy Market is increasingly influenced by corporate sustainability initiatives as businesses recognize the importance of reducing their carbon footprints. Many corporations are committing to 100% renewable energy targets, which drives demand for renewable energy solutions. This trend is evident in various sectors, including technology, manufacturing, and retail, where companies are investing in renewable energy projects to power their operations. The Renewable Energy Market benefits from these commitments, as they create a stable demand for renewable energy sources. Furthermore, as consumers become more environmentally conscious, businesses are compelled to adopt sustainable practices, further propelling the growth of the Renewable Energy Market.

Investment in Renewable Energy Infrastructure

The Renewable Energy Market is experiencing a surge in investment, driven by the increasing recognition of the need for sustainable energy solutions. In recent years, investments in renewable energy infrastructure have reached unprecedented levels, with estimates suggesting that global investments could exceed 2 trillion dollars by 2025. This influx of capital is primarily directed towards solar, wind, and hydroelectric projects, which are seen as pivotal in reducing carbon emissions. Furthermore, the Renewable Energy Market benefits from the growing trend of institutional investors seeking to diversify their portfolios with sustainable assets. This trend not only enhances the financial viability of renewable projects but also fosters innovation and technological advancements, thereby creating a more robust and competitive market landscape.

Market Segment Insights

By Energy Source: Solar (Largest) vs. Wind (Fastest-Growing)

In the renewable energy market, the distribution of market share among various energy sources showcases a clear hierarchy. Solar energy currently holds the largest share, driven by decreasing costs of <a href="https://www.marketresearchfuture.com/reports/photovoltaic-market-1061">photovoltaic</a> cells and increasing adoption across residential and commercial sectors. Wind energy follows, demonstrating significant contributions as well, especially in onshore and offshore installations, which are gaining traction globally.

Solar (Dominant) vs. Wind (Emerging)

Solar energy has established itself as the dominant player in the renewable energy sector, thanks to its scalability, versatility, and technological advancements that continue to lower installation costs. It appeals to both large-scale utility projects and individual residential setups. In contrast, wind energy, while emerging, is recognized for its fast-paced growth owing to favorable government policies and investments in modern turbine technology, enhancing efficiency and productivity. Offshore wind farms, in particular, showcase high potential, appealing to investors and contributing to grid stability.

By Technology: Photovoltaic (Largest) vs. Offshore Wind Turbines (Fastest-Growing)

The Renewable Energy Market is characterized by a diverse range of technologies, with photovoltaic (PV) systems holding the largest share. These solar panels convert sunlight directly into electricity and have gained significant traction due to decreasing costs and favorable policies. Offshore wind turbines, while currently smaller in market share compared to PV, are rapidly emerging as a key player, showing substantial growth driven by advancements in technology and increased investment in coastal wind energy projects. The growth trends within the Renewable Energy Market reflect a transition towards more innovative and sustainable practices. The demand for renewable energy sources is fueled by the global shift toward reducing carbon emissions, energy independence, and government incentives. Offshore wind energy, in particular, is witnessing accelerated deployment, contributing to its status as the fastest-growing technology, driven by its advantages of higher wind speeds and less land use compared to onshore alternatives.

Technology: Photovoltaic (Dominant) vs. Offshore Wind Turbines (Emerging)

Photovoltaic technology remains the dominant force in the Renewable Energy Market, characterized by its ease of installation and decreasing costs, making it accessible for both residential and commercial applications. This technology benefits from substantial government incentives, expanding the market’s reach and adoption. In contrast, offshore wind turbines are emerging rapidly due to their ability to generate significant energy in high-capacity installations over large areas. They are gaining traction as technological advancements improve efficiency and reduce costs. The initial high investment required for offshore projects is being mitigated by policy support and increasing demand for clean energy, positioning this segment as a critical component in the future renewable landscape.

By Application: Electricity Generation (Largest) vs. Heating (Fastest-Growing)

In the Renewable Energy Market, Electricity Generation stands out as the largest application segment, driven primarily by the increasing demand for clean and sustainable energy sources. It encompasses various technologies including solar, wind, and <a href="https://www.marketresearchfuture.com/reports/hydropower-market-4368">hydropower</a>, ultimately contributing to the bulk of renewable energy production. Meanwhile, Heating, particularly from renewable sources such as biomass and geothermal, is rapidly gaining ground, reflecting growing consumer interest in energy efficiency and sustainability.

Electricity Generation (Dominant) vs. Heating (Emerging)

Electricity Generation is recognized as the dominant application within the Renewable Energy Market. It leverages various sources like solar, wind, and hydroelectric power, which are increasingly prioritized for their low environmental impact. This segment is characterized by technological advancements that enhance energy production efficiency and energy storage solutions. In contrast, Heating is emerging as a significant application, with an emphasis on innovative technologies that harness renewable resources for residential and industrial heating needs. Factors such as government incentives and rising energy costs propel its growth, making it a key area for development and investment.

By End Use: Residential (Largest) vs. Commercial (Fastest-Growing)

In the Renewable Energy Market, the end-use segment is primarily divided into Residential, Commercial, Industrial, and Utilities. Among these, the Residential sector holds the largest share due to the rising adoption of solar panels and home energy solutions. Consumers are increasingly investing in renewable technologies to enhance energy efficiency and reduce dependence on fossil fuels. On the other hand, the Commercial segment is rapidly expanding as businesses look to lower energy costs and improve sustainability practices through renewable sources. The accelerating growth of the Commercial segment can be attributed to various factors, including government incentives for green energy adoption, rising electricity prices, and increasing awareness of corporate social responsibility. Innovations in energy storage technologies and the declining costs of solar and <a href="https://www.marketresearchfuture.com/reports/wind-energy-market-21722">wind energy</a> systems are encouraging more commercial enterprises to transition to renewable energy sources. This shift not only benefits the businesses in terms of cost savings but also contributes positively to the environment by reducing carbon footprints.

Residential (Dominant) vs. Utilities (Emerging)

The Residential sector is characterized by its vast market potential, driven by individual homeowners seeking sustainable energy solutions that also offer long-term savings. This segment leads in market share as consumers are increasingly inclined to invest in off-grid systems and solar installations that provide energy independence. Furthermore, urbanization and the push towards energy-efficient homes enhance the growth prospects. In contrast, the Utilities segment, while classified as emerging, is on the verge of transformation. Utilities are rapidly expanding their renewable energy portfolios, integrating technologies such as smart grids to facilitate cleaner energy distribution. This shift is driven by the urgent need to meet regulatory requirements and adapt to the changing energy landscape, making it an attractive area for investment and innovation within the renewable energy market.

Get more detailed insights about Renewable Energy Market Research Report - Global Forecast to 2035

Regional Insights

North America : Renewable Energy Market Leader

North America is a powerhouse in the renewable energy market, driven by strong government policies and technological advancements. The United States holds the largest market share at approximately 60%, followed by Canada at around 15%. Regulatory incentives, such as tax credits and renewable portfolio standards, are pivotal in fostering growth and investment in solar and wind energy sectors. The competitive landscape is marked by key players like NextEra Energy and First Solar, which are leading the charge in solar energy production. Canada is also making significant strides with companies like Canadian Solar and Brookfield Renewable Partners. The region's focus on sustainability and innovation positions it as a global leader in renewable energy solutions.

Europe : Sustainable Energy Transition

Europe is at the forefront of the renewable energy transition, with ambitious targets set by the European Union to achieve carbon neutrality by 2050. Germany and Spain are the largest markets, holding approximately 25% and 20% of the market share, respectively. Regulatory frameworks, such as the EU Green Deal, are crucial in driving investments and fostering innovation in renewable technologies. Leading countries like Germany, Spain, and Denmark are home to major players such as Iberdrola and Siemens Gamesa. The competitive landscape is characterized by a strong emphasis on wind and solar energy, with significant investments in offshore wind farms. The region's commitment to sustainability and renewable energy technologies positions it as a global leader in the sector.

Asia-Pacific : Emerging Renewable Powerhouse

Asia-Pacific is rapidly emerging as a significant player in the renewable energy market, driven by increasing energy demands and government initiatives. China is the largest market, accounting for approximately 45% of the global share, followed by India at around 10%. The region's growth is fueled by investments in solar and wind energy, supported by favorable policies and incentives from governments. China's dominance is complemented by India's aggressive renewable targets, with key players like Enel and Orsted expanding their operations in the region. The competitive landscape is vibrant, with numerous local and international companies vying for market share. The focus on sustainable energy solutions is reshaping the energy landscape in Asia-Pacific, making it a critical region for future growth.

Middle East and Africa : Resource-Rich Energy Frontier

The Middle East and Africa region is increasingly recognizing the potential of renewable energy, driven by abundant natural resources and a need for energy diversification. Countries like South Africa and the UAE are leading the charge, with South Africa holding about 10% of the market share. The region's growth is supported by government initiatives aimed at reducing reliance on fossil fuels and promoting sustainable energy solutions. The competitive landscape is evolving, with key players like EDP Renewables and local firms investing heavily in solar and wind projects. The region's unique challenges, such as infrastructure and financing, are being addressed through international partnerships and investments. As the focus shifts towards renewable energy, the Middle East and Africa are poised for significant growth in the coming years.

Key Players and Competitive Insights

The Renewable Energy Market is currently characterized by a dynamic competitive landscape, driven by increasing global demand for sustainable energy solutions and the urgent need to address climate change. Key players such as NextEra Energy (US), Iberdrola (ES), and Orsted (DK) are at the forefront, each adopting distinct strategies to enhance their market positioning. NextEra Energy (US) focuses on innovation in solar and wind technologies, while Iberdrola (ES) emphasizes regional expansion through strategic acquisitions in Europe and Latin America. Orsted (DK), known for its leadership in offshore wind, is actively pursuing digital transformation initiatives to optimize operational efficiency. Collectively, these strategies not only bolster individual company growth but also intensify competition within the market, as firms strive to differentiate themselves through technological advancements and sustainable practices.

In terms of business tactics, companies are increasingly localizing manufacturing and optimizing supply chains to enhance resilience and reduce costs. The market structure appears moderately fragmented, with a mix of large multinational corporations and smaller, specialized firms. This fragmentation allows for diverse approaches to renewable energy solutions, yet the collective influence of major players like Vestas Wind Systems (DK) and Enel (IT) is significant, as they set benchmarks for innovation and operational excellence.

In August 2025, Vestas Wind Systems (DK) announced a groundbreaking partnership with a leading technology firm to develop AI-driven predictive maintenance solutions for wind turbines. This strategic move is poised to enhance operational efficiency and reduce downtime, thereby increasing the overall reliability of wind energy production. The integration of AI into their operations reflects a broader trend within the industry towards digitalization, which is likely to redefine maintenance practices and operational strategies.

In September 2025, Iberdrola (ES) completed the acquisition of a significant solar project in Brazil, further solidifying its presence in the Latin American market. This acquisition not only expands Iberdrola's renewable portfolio but also aligns with its commitment to sustainability and regional growth. The strategic importance of this move lies in its potential to enhance Iberdrola's competitive edge in a rapidly growing market, where solar energy demand is surging.

In October 2025, Orsted (DK) unveiled plans to invest heavily in hydrogen production technology, aiming to diversify its energy offerings beyond traditional renewables. This initiative is indicative of a broader industry trend towards exploring alternative energy sources, which may play a crucial role in achieving carbon neutrality goals. By positioning itself at the forefront of hydrogen technology, Orsted is likely to enhance its competitive differentiation in the evolving energy landscape.

As of October 2025, the competitive trends within the Renewable Energy Market are increasingly shaped by digitalization, sustainability, and the integration of advanced technologies such as AI. Strategic alliances are becoming more prevalent, as companies recognize the value of collaboration in driving innovation and enhancing operational capabilities. Looking ahead, the competitive landscape is expected to evolve from a focus on price-based competition to one centered on technological innovation, supply chain reliability, and sustainable practices, ultimately redefining how companies differentiate themselves in this vital sector.

Key Companies in the Renewable Energy Market market include

Industry Developments

Q2 2024: Siemens Gamesa to build new wind turbine blade factory in New York Siemens Gamesa announced plans to construct a wind turbine blade manufacturing facility in New York, marking a significant investment in U.S. renewable energy infrastructure and supporting local job creation.
Q2 2024: NextEra Energy Partners Announces $1.1 Billion Acquisition of Renewable Energy Market Assets NextEra Energy Partners acquired a portfolio of wind and solar assets valued at $1.1 billion, expanding its renewable energy footprint across several U.S. states.
Q2 2024: BP and Equinor sign $1.3bn deal to develop US offshore wind projects BP and Equinor finalized a $1.3 billion agreement to jointly develop offshore wind projects in the United States, aiming to accelerate the transition to clean energy.
Q2 2024: Enel Green Power starts operations at 300 MW solar plant in Texas Enel Green Power commenced commercial operations at its new 300 MW solar power plant in Texas, further expanding its renewable energy generation capacity in the U.S.
Q2 2024: SunPower Raises $450 Million in Convertible Debt to Fund Solar Expansion SunPower secured $450 million in convertible debt financing to support the expansion of its residential and commercial solar business in North America.
Q2 2024: Vestas wins 500 MW wind turbine order from Pattern Energy Vestas received a 500 MW wind turbine order from Pattern Energy for a new wind farm project in the United States, strengthening its position in the U.S. wind market.
Q2 2024: TotalEnergies and Adani Green Energy form $600m Indian renewables partnership TotalEnergies and Adani Green Energy entered a $600 million partnership to jointly develop renewable energy projects in India, targeting significant capacity additions.
Q2 2024: Brookfield Renewable closes $2 billion acquisition of US solar developer Brookfield Renewable completed the $2 billion acquisition of a major U.S. solar project developer, expanding its renewable energy portfolio and project pipeline.
Q2 2024: First Solar to build new $1.1 billion manufacturing facility in Louisiana First Solar announced plans to invest $1.1 billion in a new solar panel manufacturing facility in Louisiana, expected to create hundreds of jobs and boost U.S. solar manufacturing capacity.
Q2 2024: Orsted secures $1.5 billion in green bond offering for offshore wind projects Orsted raised $1.5 billion through a green bond issuance to finance the development of new offshore wind projects in Europe and North America.
Q2 2024: Tesla launches new Megapack battery factory in Shanghai Tesla officially opened its new Megapack battery manufacturing facility in Shanghai, aiming to meet growing demand for grid-scale energy storage solutions in Asia.
Q2 2024: Iberdrola appoints new CEO to lead global renewables expansion Iberdrola named a new chief executive officer to drive its global renewable energy expansion strategy, focusing on wind, solar, and green hydrogen projects.

Future Outlook

Renewable Energy Market Future Outlook

The Renewable Energy Market is projected to grow at an 8.13% CAGR from 2024 to 2035, driven by technological advancements, regulatory support, and increasing demand for sustainable energy solutions.

New opportunities lie in:

Development of energy storage solutions for grid stabilityExpansion of renewable energy microgrids in urban areasInvestment in carbon capture technologies for emissions reduction

By 2035, the Renewable Energy Market is expected to be robust, driven by innovation and increasing global energy demands.

Market Segmentation

Renewable Energy Market End Use Outlook

Residential
Commercial
Industrial
Utilities

Renewable Energy Market Technology Outlook

Photovoltaic
Concentrated Solar Power
Onshore Wind Turbines
Offshore Wind Turbines
Hydroelectric Power Plants

Renewable Energy Market Application Outlook

Electricity Generation
Heating
Transportation
Cooling
Industrial Processes

Renewable Energy Market Energy Source Outlook

Solar
Wind
Hydropower
Geothermal
Biomass

Report Scope

MARKET SIZE 2024	1219.0(USD Billion)
MARKET SIZE 2025	1318.13(USD Billion)
MARKET SIZE 2035	2880.72(USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR)	8.13% (2024 - 2035)
REPORT COVERAGE	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR	2024
Market Forecast Period	2025 - 2035
Historical Data	2019 - 2024
Market Forecast Units	USD Billion
Key Companies Profiled	Market analysis in progress
Segments Covered	Market segmentation analysis in progress
Key Market Opportunities	Integration of energy storage solutions enhances reliability in the Renewable Energy Market.
Key Market Dynamics	Technological advancements and regulatory support drive rapid growth and competition in the renewable energy sector.
Countries Covered	North America, Europe, APAC, South America, MEA