Renewable Energy Market

Industry Overview

The Global Renewable Energy Market size was valued at USD 1002.8 billion in 2023. It is likely to grow up to USD 1900.4 billion by 2030 at a CAGR of 8.3% during the forecast period ranging between 2025 and 2030.

The expansion of the global renewable energy market is the result of the declining cost of operation in manufacturing renewable energy. This is the direct benefit offered by the tech developments and their integration. This has curbed the cost of vital equipment including and not limited to turbines, solar panels, and storage batteries. Such advancements have also impacted the economies of scale and improved the efficiency of the plants to produce electricity. All these have eventually led to higher adoption and market growth. 

Renewable energy is mainly derived from water, sunlight and wind. It is also produced from biomass. The main objective is to eliminate the use and sole reliance on fossil fuels, which is rapidly diminishing worldwide and replaceenergy naturally. The primary benefits of using renewable energy includes lower carbon emissions that help address issues due to changes in climatic conditions. It also promotes green energy, sustainability, and energy security apart from increasing job opportunities and reducing long-term costs.

Advanced technologies for different renewable energy sources are used such as solar panels for solar energy, turbines for wind energy, and hydroelectric dams for water energy sources. Different bioenergy systems and sophisticated geothermal plants are also used to produce electricity from natural energy sources. Renewable energy is used mainly in power generation, industrial heating and cooling, transportation, and commercial or residential energy solutions.

Global Renewable Energy Industry Dynamics      

Global Renewable Energy Market Trends/Growth Drivers:

Supportive policies and incentives of the governments

Governments all over the world are modifying their policies and offering lucrative incentives to promote adoption of renewable energy, which is one of the primary influencing factors of the extensive adoption and growth of the global renewable energy market. Tax rebates and subsidies along with favorable carbon pricing systems promote investments in renewable and clean energy sector with countries phasing out traditional methods and adopting renewable energy to meet their sustainability and carbon commitments.

Other factors such as growing demand for higher energy efficiency, low cost and cleaner energy are also driving adoption and market growth just as higher reliability of smart grids, rising adoption of EVs in transportation sector, growth of charging stations and developments in the infrastructure, and greater preference for decentralized energy mechanisms and hydrogen economy.

Global Renewable Energy Market Report Coverage

Global Renewable Energy Market Challenges

Reliability issues due to intermittent supply

Intermittency is one major problem with renewable energy sources which hinders widespread adoption and growth of global renewable energy market. It reduces its reliability because production is largely reliant on weather conditions. Apart from that, high cost of setting up the necessary equipment, growing concerns over environmental impacts, and struggling existing grid systems deter integration. Furthermore, lack of standard policies and supply chain issues present major market growth challenges.

Global Renewable Energy Market Opportunities

Development in energy storage systems and its steady expansion

The modern energy storage solutions are much more developed than before due to the tech developments and are presenting significant growth opportunity to the global renewable energy market. This is because the efficiency of these systems has improved significantly and provides proper backup during intermittent supply periods. Also, the modern solid-state or lithium-ion batteries are easy to integrate, presenting novel growth avenues as private and government fundingfor improving grid stability rises.

Global Renewable Energy Market Segmentation

VynZ Research provides an analysis of the key trends in each segment of the global renewable energy market report, along with forecasts at the regional and country levels from 2025-2030. Our report has categorized the market based on Energy Source, Technology, End Use and Application

Insight by Energy Source

The wind and solar energy segments dominate due to higher efficiency and lower costs

Different sources of energy have divided the global renewable energy market into different crucial segments such as Wind, Hydro, Solar, Geothermal, and Bioenergy segments. Among all these, the solar as well as the solar energy segments are likely to rule the market through the projected period largely because of the greater efficiency and reduced cost of operations. It is further fortified with the supportive incentives from the governments worldwide.

Insight by Technology

The photovoltaic technology segment will dominate the market for its low cost of operation 

The global renewable energy market is also categorized by diverse technologies used in energy production and supply into different categories such as Wind Turbines, Concentrated Solar Power (CSP), Photovoltaics, Bioenergy Conversion, Energy Storage, and Hydroelectric Systems categories. Out of all these major technological segments of the market, the photovoltaic technology segment is the most crucial and will dominate the market for its low cost of operation promoting adoption.

Insight by End Use

The utility sector dominates due to growing need and large-scale production 

Different end users also divide the global renewable energy market into different segments such as Industrial, Residential, Commercial, and Utility Segments. The utility sector dominates the market and is expected to grow more during the study period due to growing need and large-scale production abilities.

Insight by Application

The power generation sector dominates because major renewable energy sources are engaged in the production of electricity

The global renewable energy market is also segmented by applications into several categories such as Transportation, Power Generation, Heating and Cooling. Out of these three major segments, the power generation sector dominates the market because the major renewable energy sources such as wind, water, and sun are engaged in conversion and production of electricity.

Global Renewable Energy Market: Geographic Overview

North America leads the global renewable energy market and promises to grow more during the projected period due to greater focus and development in storage systems.

Europe market is growing steadily mainly due to strict policies, higher targets, and growing investments in this specific sector.

The market in the Asia-Pacific region is anticipated to grow at the highest CAGR during the study period due to the dominance by China with higher investments in wind and solar energy productions.

Global Renewable Energy Market: Major Players

Global Renewable Energy Market: Recent Developments

Iberdrola of Spain has partnered with Kansai ElectricPower Company of Japan to promote global electrification through developed electricity grids.

NextEra Energy has sold off USD 2 billion in first mortgage bonds to develop the renewable energy infrastructure.

1.    Research Overview

        1.1.    The Report Offers
        1.2.    Market Coverage
                  1.2.1.    By Energy Source 
                  1.2.2.    By Technology 
                  1.2.3.    By End Use 
                  1.2.4.    By Application 
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Market Methodology
                  1.5.1.  Data Sources
                             1.5.1.1. Primary Research
                             1.5.1.2. Secondary Research
                  1.5.2.  Methodology
                             1.5.2.1. Data Exploration
                             1.5.2.2. Forecast Parameters
                             1.5.2.3. Data Validation
                             1.5.2.4. Assumptions
                  1.5.3.  Study Period & Data Reporting Unit

2.    Executive Summary

3.    Industry Overview

       3.1.    Industry Dynamics
                 3.1.1.    Market Growth Drivers
                 3.1.2.    Market Restraints
                 3.1.3.    Key Market Trends
                 3.1.4.    Major Opportunities
       3.2.    Industry Ecosystem
                 3.2.1.    Porter’s Five Forces Analysis
                 3.2.2.    Recent Development Analysis
                 3.2.3.    Value Chain Analysis
       3.3.    Competitive Insight
                 3.3.1.    Competitive Position of Industry Players
                 3.3.2.    Market Attractive Analysis
                 3.3.3.    Market Share Analysis

4.    Global Market Estimate and Forecast

       4.1.    Global Market Overview
       4.2.    Global Market Estimate and Forecast to 2030

5.    Market Segmentation Estimate and Forecast

       5.1.    By Energy Source 
                 5.1.1. Wind
                           5.1.1.1. Market Definition
                           5.1.1.2. Market Estimation and Forecast to 2030
                 5.1.2. Hydro
                           5.1.2.1. Market Definition
                           5.1.2.2. Market Estimation and Forecast to 2030
                 5.1.3. Solar
                           5.1.3.1. Market Definition
                           5.1.3.2. Market Estimation and Forecast to 2030
                 5.1.4. Geothermal
                           5.1.4.1. Market Definition
                           5.1.4.2. Market Estimation and Forecast to 2030
                 5.1.5. Bioenergy
                           5.1.5.1. Market Definition
                           5.1.5.2. Market Estimation and Forecast to 2030

       5.2.    By Technology 
                 5.2.1. Wind Turbines
                           5.2.1.1. Market Definition
                           5.2.1.2. Market Estimation and Forecast to 2030
                 5.2.2. Concentrated Solar Power (CSP)
                           5.2.2.1. Market Definition
                           5.2.2.2. Market Estimation and Forecast to 2030
                 5.2.3. Photovoltaics
                           5.2.3.1. Market Definition
                           5.2.3.2. Market Estimation and Forecast to 2030
                 5.2.4. Bioenergy Conversion
                           5.2.4.1. Market Definition
                           5.2.4.2. Market Estimation and Forecast to 2030
                 5.2.5. Energy Storage
                           5.2.5.1. Market Definition
                           5.2.5.2. Market Estimation and Forecast to 2030
                 5.2.6. Hydroelectric Systems
                           5.2.6.1. Market Definition
                           5.2.6.2. Market Estimation and Forecast to 2030

       5.3.    By End Use 
                 5.3.1. Industrial
                           5.3.1.1. Market Definition
                           5.3.1.2. Market Estimation and Forecast to 2030
                 5.3.2. Residential
                           5.3.2.1. Market Definition
                           5.3.2.2. Market Estimation and Forecast to 2030
                 5.3.3. Commercial
                           5.3.3.1. Market Definition
                           5.3.3.2. Market Estimation and Forecast to 2030
                 5.3.4. Utility
                           5.3.4.1. Market Definition
                           5.3.4.2. Market Estimation and Forecast to 2030

       5.4.    By Application 
                 5.4.1. Transportation
                           5.4.1.1. Market Definition
                           5.4.1.2. Market Estimation and Forecast to 2030
                 5.4.2. Power Generation
                           5.4.2.1. Market Definition
                           5.4.2.2. Market Estimation and Forecast to 2030
                 5.4.3. Heating and Cooling
                           5.4.3.1. Market Definition
                           5.4.3.2. Market Estimation and Forecast to 2030

6.   North America Market Estimate and Forecast

      6.1.    By Energy Source   
      6.2.    By Technology   
      6.3.    By End Use   
      6.4.    By Application   
                6.4.1.    U.S. Market Estimate and Forecast
                6.4.2.    Canada Market Estimate and Forecast
                6.4.3.    Mexico Market Estimate and Forecast

7.   Europe Market Estimate and Forecast

      7.1.    By Energy Source   
      7.2.    By Technology   
      7.3.    By End Use   
      7.4.    By Application   
                7.4.1.    Germany Market Estimate and Forecast
                7.4.2.    U.K. Market Estimate and Forecast
                7.4.3.    France Market Estimate and Forecast
                7.4.4.    Italy Market Estimate and Forecast
                7.4.5.    Spain Market Estimate and Forecast
                7.4.6.    Russia Market Estimate and Forecast
                7.4.7.    Rest of Europe Market Estimate and Forecast

8.   Asia-Pacific (APAC) Market Estimate and Forecast

      8.1.    By Energy Source   
      8.2.    By Technology   
      8.3.    By End Use   
      8.4.    By Application   
                8.4.1.    China Market Estimate and Forecast
                8.4.2.    Japan Market Estimate and Forecast
                8.4.3.    India Market Estimate and Forecast
                8.4.4.    South Korea Market Estimate and Forecast
                8.4.5.    Vietnam Market Estimate and Forecast
                8.4.6.    Thailand Market Estimate and Forecast
                8.4.7.    Malaysia Market Estimate and Forecast
                8.4.8.    Rest of Asia-Pacific Market Estimate and Forecast

9.   Rest of the World (RoW) Market Estimate and Forecast

      9.1.    By Energy Source   
      9.2.    By Technology   
      9.3.    By End Use   
      9.4.    By Application   
                9.4.1.    Brazil Market Estimate and Forecast
                9.4.2.    Saudi Arabia Market Estimate and Forecast
                9.4.3.    South Africa Market Estimate and Forecast
                9.4.4.    U.A.E. Market Estimate and Forecast
                9.4.5.    Other Countries Market Estimate and Forecast

10.  Company Profiles

       10.1.   NextEra Energy of the United States
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   Iberdrola and Siemens Gamesa Renewable Energy of Spain
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   Neoenof France
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   ACEN Corporation of Philippines
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   Vestas Wind Systems of Denmark
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   Encavis AG of Germany
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   Enel Green Power of Italy
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   Sembcorp Industries of Singapore
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   Brookfield Renewable Partners of Canada
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments

11.    Appendix

         11.1.    Exchange Rates
         11.2.    Abbreviations

Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.