Renewable Energy

Global Renewable Energy Market to Reach US$2.9 Trillion by 2030

The global market for Renewable Energy estimated at US$1.2 Trillion in the year 2024, is expected to reach US$2.9 Trillion by 2030, growing at a CAGR of 16.3% over the analysis period 2024-2030. Hydropower Renewable Energy, one of the segments analyzed in the report, is expected to record a 18.0% CAGR and reach US$1.4 Trillion by the end of the analysis period. Growth in the Wind Power Renewable Energy segment is estimated at 13.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$324.3 Billion While China is Forecast to Grow at 21.7% CAGR

The Renewable Energy market in the U.S. is estimated at US$324.3 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$651.1 Billion by the year 2030 trailing a CAGR of 21.7% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 11.8% and 14.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.0% CAGR.

Global Renewable Energy Market - Key Trends & Drivers Summarized

Why Is the Global Energy Transition Accelerating Demand for Renewables?

The global shift from fossil fuels to cleaner, more sustainable energy sources is reshaping the energy landscape at an unprecedented pace. Governments, corporations, and consumers are aligning on decarbonization goals, spurred by climate change urgency, regulatory mandates, and the falling cost of renewable energy technologies. Solar, wind, hydropower, and bioenergy are emerging as cornerstone energy assets in national energy policies and industrial decarbonization strategies. Electrification of transport, grid modernization, and clean energy investment targets have collectively propelled renewables from niche sources to mainstream energy options.

At the national level, energy independence strategies are encouraging countries to diversify their energy mix by investing in domestic renewable generation. The U.S. Inflation Reduction Act, the EU’s REPowerEU plan, and India’s National Solar Mission are examples of policy frameworks driving significant capital flows into renewable energy development. Globally, financial institutions and ESG-conscious investors are diverting capital away from fossil fuel projects and toward renewable portfolios. This macro trend is further supported by corporate sustainability goals and clean power procurement under long-term Power Purchase Agreements (PPAs).

How Are Innovations in Storage, Grid Integration, and Digitalization Supporting Scale?

One of the major enablers of renewable energy growth has been technological advancement in energy storage, grid balancing, and digital control platforms. The intermittent nature of solar and wind power is being mitigated by utility-scale battery energy storage systems (BESS), pumped hydro storage, and hydrogen-based solutions. Lithium-ion battery prices have plummeted over the past decade, making co-located storage economically viable for large solar and wind farms. These innovations are extending the dispatchability and economic value of renewable energy assets.

Simultaneously, smart inverters, dynamic grid interfaces, and AI-powered forecasting models are enhancing the ability of utilities to integrate renewables into national grids without destabilizing load profiles. Blockchain-based energy trading platforms are enabling peer-to-peer renewable energy sales, while virtual power plants (VPPs) are aggregating distributed resources for grid services. Digital twins and predictive maintenance are optimizing performance across wind turbine fleets and solar tracker systems. These digital transformations are not only lowering the levelized cost of energy (LCOE) for renewables but also redefining how energy systems are operated and monetized.

Which Market Segments Are Leading Adoption Across Residential, Commercial, and Utility Applications?

Renewables are gaining adoption across a wide spectrum of end-user categories, from residential rooftop solar and commercial solar PPAs to utility-scale wind farms and hybrid microgrids. In the residential sector, rooftop PV systems combined with home battery storage and smart meters are enabling households to become energy prosumers. Government subsidies, net metering programs, and rising electricity tariffs are accelerating adoption in regions such as Germany, Australia, California, and Japan. In the commercial sector, data centers, logistics companies, and industrial plants are installing on-site renewable systems to reduce emissions and control energy costs.

Utility-scale installations continue to dominate global capacity additions. Offshore wind is gaining momentum in markets such as the U.K., China, and the U.S., while concentrated solar power (CSP) is making a comeback in arid regions. Green hydrogen production using renewable power is opening new industrial use cases, including in steelmaking, ammonia production, and long-haul transport. The transportation sector is also contributing to demand, with EV charging infrastructure increasingly being powered by solar canopies and renewable microgrids. Each segment is adding new use cases and investment channels to the renewable energy ecosystem.

What Are the Primary Drivers Accelerating Global Market Growth?

The growth in the renewable energy market is driven by several factors, including cost competitiveness, climate commitments, geopolitical energy security concerns, and energy access goals. Solar PV and onshore wind have become the cheapest sources of new electricity in many regions, outcompeting coal and gas without subsidies. Countries are setting ambitious net-zero emissions targets, often backed by legislation and carbon pricing schemes, which are catalyzing investment in clean energy infrastructure.

Geopolitical events such as the Russia-Ukraine conflict have underscored the vulnerabilities of fossil-fuel dependence, reinforcing the strategic imperative for renewable energy independence. In emerging economies, renewables offer the fastest and most scalable solution to meet rising electricity demand while avoiding the emissions trajectory of industrialized nations. International development organizations and climate finance funds are supporting capacity building and project financing in underserved regions. From financial innovation and green bonds to distributed generation and digital energy platforms, the renewable energy market is being shaped by a confluence of forces that favor rapid, sustained growth in the decades ahead.

SCOPE OF STUDY:

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

Segments:
Type (Hydropower Renewable Energy, Wind Power Renewable Energy, Solar Power Renewable Energy, Bioenergy Renewable Energy, Other Types); Application (Industrial Application, Residential Application, Commercial Application)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 32 Featured) -

• Acciona Energia
• Brookfield Renewable Partners
• Canadian Solar Inc.
• Dongfang Electric Corporation
• EDF Renewables
• Enel Green Power
• ENGIE
• First Solar, Inc.
• Iberdrola S.A.
• JinkoSolar Holding Co., Ltd.
• LONGi Green Energy Technology
• NextEra Energy, Inc.
• Ørsted A/S
• RWE Renewables
• Siemens Gamesa Renewable Energy
• Statkraft AS
• SunPower Corporation
• Suzlon Energy Ltd.
• Tata Power Renewable Energy Ltd
• Vestas Wind Systems A/S

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