Renewable Electricity Generation

Global Renewable Electricity Generation Market to Reach US$725.2 Billion by 2030

The global market for Renewable Electricity Generation estimated at US$360.8 Billion in the year 2024, is expected to reach US$725.2 Billion by 2030, growing at a CAGR of 12.3% over the analysis period 2024-2030. Solar Energy, one of the segments analyzed in the report, is expected to record a 11.8% CAGR and reach US$304.8 Billion by the end of the analysis period. Growth in the Wind Energy segment is estimated at 14.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$94.8 Billion While China is Forecast to Grow at 11.6% CAGR

The Renewable Electricity Generation market in the U.S. is estimated at US$94.8 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$113.1 Billion by the year 2030 trailing a CAGR of 11.6% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 11.3% and 10.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.1% CAGR.

Global Renewable Electricity Generation Market - Key Trends & Drivers Summarized

How Is Renewable Electricity Generation Shaping Global Energy Transitions?

Renewable electricity generation, encompassing technologies like solar PV, wind power, hydropower, geothermal, and bioenergy, is central to the global transition from fossil fuels to sustainable, low-emission power systems. As electricity demand grows due to urbanization, digitalization, and electrification of transport and industry, renewable sources are increasingly displacing coal and natural gas in national energy mixes. Many countries have set ambitious renewable energy targets, with solar and wind emerging as the fastest-growing technologies.

Global renewable electricity generation capacity surpassed 3,700 GW in 2023, with solar and wind accounting for over 80% of new additions. The expansion is underpinned by falling technology costs, government subsidies, and environmental policy frameworks. Hydropower remains the largest contributor to renewable electricity output globally, though its growth is slowing due to environmental constraints and limited remaining potential in developed markets. Meanwhile, utility-scale solar parks and offshore wind farms are scaling rapidly to meet the demands of grid operators and decarbonization targets.

What Are the Technological Pillars Supporting Large-Scale Renewable Deployment?

Utility-scale solar PV installations continue to lead new capacity additions due to improved cell efficiency, low levelized cost of electricity (LCOE), and modular scalability. Innovations in heterojunction cells, perovskite-silicon tandems, and bifacial panels are increasing yield per unit area. On the wind front, both onshore and offshore segments are benefitting from larger turbine sizes, higher hub heights, and advanced rotor blade materials. Offshore wind, in particular, is witnessing rapid innovation with floating platforms and deep-sea anchoring technologies.

Grid integration of variable renewables is supported by flexible generation assets, battery storage systems, and high-voltage direct current (HVDC) transmission lines. Digital technologies such as predictive maintenance algorithms, digital twin modeling, and weather forecasting tools are improving asset performance and grid reliability. Advanced control systems and energy management platforms are enabling real-time balancing of renewable supply with grid demand, minimizing curtailment and enhancing dispatchability. Investment in grid-scale storage, including pumped hydro, lithium-ion, and flow batteries, is crucial for stabilizing renewable-heavy grids.

Which Countries and Sectors Are Leading Adoption and Innovation?

China, the United States, India, Germany, and Brazil are among the top markets for renewable electricity generation. China leads in solar, wind, and hydropower capacity, driven by aggressive government targets, manufacturing scale, and domestic deployment mandates. The U.S. continues to see strong growth in wind and solar, supported by production tax credits, state-level RPS, and corporate power purchase agreements (PPAs). India’s solar capacity has expanded rapidly due to auction-based procurement and federal subsidy schemes, while Brazil is leveraging its vast hydro and wind resources.

Corporate procurement of renewable electricity is a major trend, with data centers, manufacturing plants, and logistics firms entering long-term PPAs to meet sustainability goals. The transport sector’s electrification is also driving grid demand for clean power. Electric vehicle charging networks, green hydrogen production, and electrified industrial heating are new end-use sectors requiring large volumes of renewable electricity. Utilities are transforming their generation portfolios, retiring fossil plants and investing in renewable-heavy energy mixes to remain compliant with decarbonization mandates.

What Factors Are Driving the Growth of the Renewable Electricity Generation Market?

The growth in the Renewable Electricity Generation market is driven by climate change imperatives, government policy support, declining technology costs, and rising electricity demand across sectors. The Paris Agreement and subsequent national net-zero pledges are pushing countries to decarbonize electricity systems, with renewables at the forefront. Feed-in tariffs, tax incentives, carbon pricing, and clean energy standards are shaping a favorable policy environment for both utility-scale and distributed renewables.

Economies of scale, supply chain maturity, and competitive auctions have made solar and wind generation cost-competitive with conventional sources in many regions. Innovations in project financing, such as green bonds, climate funds, and blended finance structures, are unlocking capital for large-scale deployment. Furthermore, societal and investor pressure on corporates to reduce Scope 2 emissions is fueling voluntary renewable procurement through green tariffs and certificates.

The rapid evolution of energy storage, smart grid infrastructure, and digital platforms is enabling higher renewable penetration while maintaining grid reliability. International cooperation through interconnectors, regional power pools, and transnational HVDC projects is enhancing resource sharing and balancing variability. Overall, renewable electricity generation is no longer an alternative - it is becoming the foundation of resilient, future-ready power systems worldwide.

SCOPE OF STUDY:

The report analyzes the Renewable Electricity Generation market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Type (Solar Energy, Wind Energy, Hydropower, Biomass Energy, Other Types); End-Use (Residential End-Use, Industrial End-Use, Commercial End-Use)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Select Competitors (Total 43 Featured) -

• Acciona S.A.
• Adani Green Energy Limited
• Algonquin Power & Utilities Corp.
• Brookfield Renewable Partners
• Canadian Solar Inc.
• China Three Gorges Corporation
• Clearway Energy, Inc.
• Constellation Energy Corp.
• Daqo New Energy Corp.
• EDP Renováveis (EDPR)
• Enel Green Power
• First Solar, Inc.
• GE Vernova
• Iberdrola S.A.
• JinkoSolar Holding Co., Ltd.
• LONGi Green Energy Technology Co., Ltd.
• NextEra Energy, Inc.
• Ørsted
• Sungrow Power Supply Co., Ltd.
• Vestas Wind Systems A/S

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