North America Renewable Energy Market Size (2024 - 2029)

The North American renewable energy market is poised for significant growth, driven by increasing power demand and governmental commitments to reduce carbon emissions. Despite challenges such as harsh climatic conditions and competition from conventional energy sources, the market has rebounded to pre-pandemic levels. The United States, with its vast offshore wind energy resources, is expected to lead the region, offering substantial potential for clean electricity generation. This growth trajectory underscores the expanding market size and share of renewable energy in North America.

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Market Size of North America Renewable Energy Industry

North America Renewable Energy Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 7.20 %
Market Concentration Low

Major Players

North America Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Renewable Energy Market Analysis

The North America renewable energy market is expected to register a CAGR of more than 7.2% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the medium term, factors such as rising power demand using renewable energy sources and with the commitment of the government to obtain maximum energy from renewable and reduce carbon emissions, the share of renewable is expected to grow significantly and are driving the renewable energy market further.
  • On the other hand, factors like harsh climatic conditions and the use of other conventional energy are a few restraining factors for the North America renewable energy market.
  • Nevertheless, the United States has a vast offshore wind energy resource and possess a power potential of more than 2000 GW, nearly double the nation's current electricity use. This potential is expected to provide an enormous opportunity to deliver large amounts of clean and reliable electricity to the country's largest population centers in the future.
  • The United States is expected to dominate in the North America renewable energy market. The United States is focusing on increasing its contribution to the global renewable energy market by up to 30% by the year 2025.

North America Renewable Energy Industry Segmentation

Renewable energy emanates from naturally replenishing yet flow-limited sources. Renewable resources have a virtually endless lifespan but have a limited amount of energy that can be extracted in a given amount of time. The 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 north america renewable energy market across major countries. For each segment, the installed capacity and forecasts have been done based on revenue (in gigawatts).

Type
Hydro
Solar
Wind
Bioenergy
Others
Geography
Canada
United States
Rest of North America
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North America Renewable Energy Market Size Summary

The North American renewable energy market is poised for significant growth, driven by increasing power demand and government commitments to reduce carbon emissions. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The United States is expected to lead this growth, leveraging its vast offshore wind energy resources and aiming to enhance its global renewable energy contribution. The solar energy sector, in particular, is experiencing a surge in the United States due to rising electricity demand, decreasing costs of solar modules, and supportive government policies. Regulatory frameworks like Feed-in Tariffs and Renewable Portfolio Standards are in place across North America to bolster the development of renewable energy sources, including solar and wind power.

The renewable energy sector in the United States is the fastest-growing energy source, with substantial installed capacity and a promising outlook for wind and solar energy. The solar industry, in particular, is set to become one of the largest markets for electricity generation, supported by technological advancements, declining costs, and increasing investor interest. The market is characterized by a fragmented landscape with key players such as NextEra Energy Inc., Canadian Solar Inc., and Vestas Wind Systems A/S. Collaborative efforts, like the energy task force between the United States and India, and significant manufacturing investments following the Inflation Reduction Act, are expected to further accelerate the transition to renewable energy in the region.

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North America Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity and Forecast in GW, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Force Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION & ANALYSIS

    1. 2.1 Type

      1. 2.1.1 Hydro

      2. 2.1.2 Solar

      3. 2.1.3 Wind

      4. 2.1.4 Bioenergy

      5. 2.1.5 Others

    2. 2.2 Geography

      1. 2.2.1 Canada

      2. 2.2.2 United States

      3. 2.2.3 Rest of North America

North America Renewable Energy Market Size FAQs

The North America Renewable Energy Market is projected to register a CAGR of greater than 7.20% during the forecast period (2024-2029)

NextEra Energy Inc , Vestas Wind Systems A/S , Electricite de France SA , General Electric Co. and Canadian Solar Inc. are the major companies operating in the North America Renewable Energy Market.

North America Renewable Energy Market Report Snapshots

North American Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)