United States Renewable Energy Market Growth Analysis - Forecast Trends, Market Size, Share and Outlook (2025-2034)
Description
The United States renewable energy market size is projected to grow at a CAGR of 10.10% between 2025 and 2034.
With rising investments in the solar, wind, and hydroelectric power infrastructure, demand for renewable energy in the United States is expected to increase in the forecast period. In January 2024, the city of Charlotte commenced the construction of a 537-acre solar farm in Denton, North Carolina.
In addition, renewable energy sources such as solar and wind have become increasingly cost-competitive, making them economically viable alternatives to traditional fossil fuels. The cost of electricity from solar PV and onshore wind has fallen by 89% and 69% between 2010 and 2022, which has promoted the renewable energy market development in US.
Furthermore, US government has implemented several incentives to support deployment of renewable energy, which have contributed to the United States renewable energy market growth. These incentives include Regional Greenhouse Gas Initiative (RGGI), the Renewable Portfolio Standards (RPS), Clean Energy Standard (CES), the Zero Emission Vehicle (ZEV) program, and the Transportation and Climate Initiative (TCI).
Additionally, the emerging market for green hydrogen over traditional hydrogen presents opportunities for market growth as green hydrogen can help reduce greenhouse gas emissions in the transportation sector of the US, which is responsible for 29% of global greenhouse gas emissions. In addition, the US government has announced investments in clean hydrogen hubs, which will support the production, storage, delivery, and consumption of green hydrogen. For instance, Florida Power & Light constructed a 20 MW green hydrogen plant in 2023.
According to United States renewable energy market analysis, hydropower is one of the most traditional forms of renewable energy. The US had more than 2,200 hydroelectric power plants, with a total installed capacity of 80.3 gigawatts (GW) as of 2019. The largest hydroelectric power plant in the U.S. is the Grand Coulee Dam in Washington, with a capacity of 6.8 GW. Wind energy segment also holds a substantial market share due to expansion of onshore and offshore wind farms in US. For instance, the construction of the first large-scale offshore wind project, Vineyard Wind was started in 2021 which can further drive the market growth in future.
Market Segmentation
United States Renewable Energy Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Source
Hydro
Solar
Wind
Others
Market Breakup by Type
Product
Service
Market Breakup by End User
Residential
Commercial
Industrial
Market Breakup by Region
New England
Mideast
Great Lakes
Plains
Southeast
Southwest
Rocky Mountain
Far West
Competitive Landscape
Market leaders are engaged in constructing new power plants to cater to high demand for renewable energy and electricity.
Siemens AG
NextEra Energy, Inc.
General Electric Co.
Sunrun, Inc.
Cypress Creek Renewables LLC
Vestas Wind Systems A/S
Trina Solar Co., Ltd
Ecoplexus, Inc.
Recurrent Energy Inc.
Good Energy
Others
With rising investments in the solar, wind, and hydroelectric power infrastructure, demand for renewable energy in the United States is expected to increase in the forecast period. In January 2024, the city of Charlotte commenced the construction of a 537-acre solar farm in Denton, North Carolina.
In addition, renewable energy sources such as solar and wind have become increasingly cost-competitive, making them economically viable alternatives to traditional fossil fuels. The cost of electricity from solar PV and onshore wind has fallen by 89% and 69% between 2010 and 2022, which has promoted the renewable energy market development in US.
Furthermore, US government has implemented several incentives to support deployment of renewable energy, which have contributed to the United States renewable energy market growth. These incentives include Regional Greenhouse Gas Initiative (RGGI), the Renewable Portfolio Standards (RPS), Clean Energy Standard (CES), the Zero Emission Vehicle (ZEV) program, and the Transportation and Climate Initiative (TCI).
Additionally, the emerging market for green hydrogen over traditional hydrogen presents opportunities for market growth as green hydrogen can help reduce greenhouse gas emissions in the transportation sector of the US, which is responsible for 29% of global greenhouse gas emissions. In addition, the US government has announced investments in clean hydrogen hubs, which will support the production, storage, delivery, and consumption of green hydrogen. For instance, Florida Power & Light constructed a 20 MW green hydrogen plant in 2023.
According to United States renewable energy market analysis, hydropower is one of the most traditional forms of renewable energy. The US had more than 2,200 hydroelectric power plants, with a total installed capacity of 80.3 gigawatts (GW) as of 2019. The largest hydroelectric power plant in the U.S. is the Grand Coulee Dam in Washington, with a capacity of 6.8 GW. Wind energy segment also holds a substantial market share due to expansion of onshore and offshore wind farms in US. For instance, the construction of the first large-scale offshore wind project, Vineyard Wind was started in 2021 which can further drive the market growth in future.
Market Segmentation
United States Renewable Energy Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Source
Hydro
Solar
Wind
Others
Market Breakup by Type
Product
Service
Market Breakup by End User
Residential
Commercial
Industrial
Market Breakup by Region
New England
Mideast
Great Lakes
Plains
Southeast
Southwest
Rocky Mountain
Far West
Competitive Landscape
Market leaders are engaged in constructing new power plants to cater to high demand for renewable energy and electricity.
Siemens AG
NextEra Energy, Inc.
General Electric Co.
Sunrun, Inc.
Cypress Creek Renewables LLC
Vestas Wind Systems A/S
Trina Solar Co., Ltd
Ecoplexus, Inc.
Recurrent Energy Inc.
Good Energy
Others
Table of Contents
115 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 North America Renewable Energy Market Overview
- 5.1 Key Industry Highlights
- 5.2 North America Renewable Energy Historical Market (2018-2024)
- 5.3 North America Renewable Energy Market Forecast (2025-2034)
- 5.4 North America Market Share by Country
- 5.4.1 United States of America
- 5.4.2 Canada
- 6 United States Renewable Energy Market Overview
- 6.1 Key Industry Highlights
- 6.2 United States Renewable Energy Historical Market (2018-2024)
- 6.3 United States Renewable Energy Market Forecast (2025-2034)
- 7 United States Renewable Energy Market by Source
- 7.1 Hydro
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Solar
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 Wind
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 7.4 Others
- 8 United States Renewable Energy Market by Type
- 8.1 Product
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Service
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 9 United States Renewable Energy Market by End User
- 9.1 Residential
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Commercial
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 Industrial
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 10 United States Renewable Energy Market by Region
- 10.1 New England
- 10.1.1 Historical Trend (2018-2024)
- 10.1.2 Forecast Trend (2025-2034)
- 10.2 Mideast
- 10.2.1 Historical Trend (2018-2024)
- 10.2.2 Forecast Trend (2025-2034)
- 10.3 Great Lakes
- 10.3.1 Historical Trend (2018-2024)
- 10.3.2 Forecast Trend (2025-2034)
- 10.4 Plains
- 10.4.1 Historical Trend (2018-2024)
- 10.4.2 Forecast Trend (2025-2034)
- 10.5 Southeast
- 10.5.1 Historical Trend (2018-2024)
- 10.5.2 Forecast Trend (2025-2034)
- 10.6 Southwest
- 10.6.1 Historical Trend (2018-2024)
- 10.6.2 Forecast Trend (2025-2034)
- 10.7 Rocky Mountain
- 10.7.1 Historical Trend (2018-2024)
- 10.7.2 Forecast Trend (2025-2034)
- 10.8 Far West
- 10.8.1 Historical Trend (2018-2024)
- 10.8.2 Forecast Trend (2025-2034)
- 11 Market Dynamics
- 11.1 SWOT Analysis
- 11.1.1 Strengths
- 11.1.2 Weaknesses
- 11.1.3 Opportunities
- 11.1.4 Threats
- 11.2 Porter’s Five Forces Analysis
- 11.2.1 Supplier’s Power
- 11.2.2 Buyer’s Power
- 11.2.3 Threat of New Entrants
- 11.2.4 Degree of Rivalry
- 11.2.5 Threat of Substitutes
- 11.3 Key Indicators for Demand
- 11.4 Key Indicators for Price
- 12 Competitive Landscape
- 12.1 Supplier Selection
- 12.2 Key Global Players
- 12.3 Key Regional Players
- 12.4 Key Player Strategies
- 12.5 Company Profiles
- 12.5.1 General Electric Co.
- 12.5.1.1 Company Overview
- 12.5.1.2 Product Portfolio
- 12.5.1.3 Demographic Reach and Achievements
- 12.5.1.4 Certifications
- 12.5.2 Siemens AG
- 12.5.2.1 Company Overview
- 12.5.2.2 Product Portfolio
- 12.5.2.3 Demographic Reach and Achievements
- 12.5.2.4 Certifications
- 12.5.3 NextEra Energy, Inc.
- 12.5.3.1 Company Overview
- 12.5.3.2 Product Portfolio
- 12.5.3.3 Demographic Reach and Achievements
- 12.5.3.4 Certifications
- 12.5.4 Sunrun, Inc.
- 12.5.4.1 Company Overview
- 12.5.4.2 Product Portfolio
- 12.5.4.3 Demographic Reach and Achievements
- 12.5.4.4 Certifications
- 12.5.5 Cypress Creek Renewables LLC
- 12.5.5.1 Company Overview
- 12.5.5.2 Product Portfolio
- 12.5.5.3 Demographic Reach and Achievements
- 12.5.5.4 Certifications
- 12.5.6 Vestas Wind Systems A/S
- 12.5.6.1 Company Overview
- 12.5.6.2 Product Portfolio
- 12.5.6.3 Demographic Reach and Achievements
- 12.5.6.4 Certifications
- 12.5.7 Trina Solar Co., Ltd
- 12.5.7.1 Company Overview
- 12.5.7.2 Product Portfolio
- 12.5.7.3 Demographic Reach and Achievements
- 12.5.7.4 Certifications
- 12.5.8 Ecoplexus, Inc.
- 12.5.8.1 Company Overview
- 12.5.8.2 Product Portfolio
- 12.5.8.3 Demographic Reach and Achievements
- 12.5.8.4 Certifications
- 12.5.9 Recurrent Energy Inc.
- 12.5.9.1 Company Overview
- 12.5.9.2 Product Portfolio
- 12.5.9.3 Demographic Reach and Achievements
- 12.5.9.4 Certifications
- 12.5.10 Good Energy
- 12.5.10.1 Company Overview
- 12.5.10.2 Product Portfolio
- 12.5.10.3 Demographic Reach and Achievements
- 12.5.10.4 Certifications
- 12.5.11 Others
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