Renewable Energy Market Size, Share & Trends Analysis growing at a CAGR of 17.2% from 2024 to 2030
The global renewable energy market size was estimated at USD 1.21 trillion in 2023 and is projected to reach USD 3.60 trillion by 2030, growing at a CAGR of 17.2% from 2024 to 2030. The shift toward low-carbon fuels and the presence of stringent environmental regulations in most of the developed countries have provided a major boost to renewable energy sector.
Key Market Trends & Insights
- Asia Pacific accounted for a significant revenue share of 40.98% in 2023.
- By product, the solar power segment accounted for the largest market share of 30.95% in 2023.
- Based on application, industrial segment led the market in 2023 and accounted for a revenue share of 61.90%
Market Size & Forecast
- 2023 Market Size: USD 1.21 Trillion
- 2030 Projected Market Size: USD 3.60 Trillion
- CAGR (2024-2030): 17.2%
- Asia Pacific: Largest market in 2023
Request a free sample copy or view report summary: https://www.grandviewresearch.com/industry-analysis/renewable-energy-market/request/rs1
The energy generation market has witnessed growth in terms of installed capacity of renewable sources in the past few years on account of growing environmental concerns coupled with pressure to reduce harmful effects of greenhouse gases (GHG). This has been a major factor in the expansion of solar and wind energy sectors.
The U.S. renewable energy industry is driven by supportive policies and plans coupled with abundant availability of biomass feedstock. Renewable energy plants in the country have increased owing to stringent government regulations regarding emissions. The power scenario in the country has been witnessing a change with increased adoption of gas-based and renewable power sources as compared to coal-based power generation. Rising electricity distribution costs, power outages caused by faults in the main grid, and incentive programs introduced by the U.S. government are expected to propel end-users to shift toward setting up hydropower systems. This is expected to boost the demand for renewable energy.
Germany is a developed economy and one of the leading markets in Europe. Over the past few years, the country invested in unconventional power generation technologies to reduce its reliance on conventional sources, such as crude oil, coal, and others, as well as to be energy self-sufficient. With investments made in large proportions in renewable power generation, solar power generation market has been growing rapidly over the past few years and is expected to witness growth during the forecast period. The growing solar industry in Germany is expected to propel the growth of solar market, which, in turn, is expected to drive the market over the forecast period. It is a domestic source of energy, which allows each state to generate its own energy without reliance on any international fuel sources. It offers flood control, clean drinking water, irrigation support, low-cost electricity, and is durable as compared to other sources of energy.
