Market Size of Renewable Energy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 7.09 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Renewable Energy Market Analysis
The Renewable Energy Market size is estimated at 4.23 TW in 2024, and is expected to reach 5.98 TW by 2029, at a CAGR of 7.09% during the forecast period (2024-2029).
- Over the long term, the major driving factors of the market are likely to be favorable government policies for renewable energy and declining prices of solar panels and wind turbine installations.
- However, the increasing penetration of natural gas for power generation is expected to hinder the renewable energy market’s growth.
- The ambitious renewable energy targets worldwide are anticipated to provide huge opportunities for the market studied.
- Asia-Pacific is expected to be the fastest-growing market during the forecast period, with major demand from China and India.
Renewable Energy Industry Segmentation
Renewable energy is the energy collected from renewable resources such as sunlight, wind, water movement, and geothermal heat that are naturally replenished.
The global renewable energy market is segmented by type and geography. By type, the market is segmented into solar, wind, hydro, bioenergy, and other types. The report also covers the installed capacity and forecasts for the renewable energy market across major regions. For each segment, the market size and forecasts have been done based on installed capacity.
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| Solar | |
| Wind | |
| Hydro | |
| Bioenergy | |
| Other Types (Geothermal, Tidal, etc.) |
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Renewable Energy Market Size Summary
The renewable energy market is poised for significant growth over the forecast period, driven by supportive government policies and decreasing costs of solar panels and wind turbine installations. Despite challenges posed by the increasing use of natural gas for power generation, the market is expected to benefit from ambitious global renewable energy targets, creating substantial opportunities. The Asia-Pacific region is anticipated to be the fastest-growing market, with China and India leading the demand. Hydropower remains a dominant force within the renewable sector, contributing significantly to global renewable electricity generation. Innovations in hydropower technology, such as eco-friendly turbines, are expected to further boost demand in this segment.
The Asia-Pacific region has been a leader in renewable energy deployment, with China and India at the forefront. China's substantial renewable energy capacity and India's growing power demand, driven by economic expansion and population growth, underscore the region's dominance. Both countries have set ambitious targets for renewable energy installation, with significant investments planned in solar, wind, and hydropower projects. Additionally, Japan's commitment to reducing carbon emissions and achieving carbon neutrality by 2050, along with various projects in India, are expected to enhance the region's renewable energy market. The market remains fragmented, with key players like First Solar Inc., Vestas Wind Systems AS, and General Electric Company actively participating in new projects worldwide.
Renewable Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Renewable Energy Mix, 2023
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1.3 Renewable Energy Installed Capacity and Forecast till 2029
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.1.1 Favorable Government Policies for Renewable Energy
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1.6.1.2 The Declining Price of Solar Panels and Wind Turbine Installations
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1.6.1.3 Increasing Investments in Hydropower and Pumped Storage Hydropower Projects
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1.6.1.4 Growing Emphasis on Geothermal Energy
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1.6.2 Restraints
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1.6.2.1 Increasing Penetration of Natural Gas for Power Generation
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1.7 Supply Chain Analysis
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1.8 Porter's Five Forces Analysis
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1.8.1 Bargaining Power of Suppliers
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1.8.2 Bargaining Power of Consumers
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1.8.3 Threat of New Entrants
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1.8.4 Threat of Substitutes Products and Services
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1.8.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Solar
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2.1.2 Wind
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2.1.3 Hydro
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2.1.4 Bioenergy
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2.1.5 Other Types (Geothermal, Tidal, etc.)
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States of America
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2.2.1.2 Canada
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2.2.1.3 Rest of the North America
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2.2.2 Europe
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2.2.2.1 United Kingdom
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2.2.2.2 Germany
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2.2.2.3 France
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2.2.2.4 Spain
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2.2.2.5 NORDIC
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2.2.2.6 Turkey
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2.2.2.7 Russia
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2.2.2.8 Rest of the Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 India
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2.2.3.3 Japan
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2.2.3.4 Malaysia
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2.2.3.5 Thailand
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2.2.3.6 Indonesia
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2.2.3.7 Vietnam
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2.2.3.8 Rest of Asia-Pacific
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2.2.4 Middle East and Africa
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2.2.4.1 United Arab Emirates
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2.2.4.2 Saudi Arabia
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2.2.4.3 Egypt
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2.2.4.4 Nigeria
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2.2.4.5 South Africa
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2.2.4.6 Qatar
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2.2.4.7 Rest of the Middle East and Africa
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2.2.5 South America
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2.2.5.1 Brazil
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2.2.5.2 Argentina
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2.2.5.3 Colombia
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2.2.5.4 Rest of the South America
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Renewable Energy Market Size FAQs
How big is the Renewable Energy Market?
The Renewable Energy Market size is expected to reach 4.23 tw in 2024 and grow at a CAGR of 7.09% to reach 5.98 tw by 2029.
What is the current Renewable Energy Market size?
In 2024, the Renewable Energy Market size is expected to reach 4.23 tw.
