PUBLISHER: Grand View Research | PRODUCT CODE: 1404970
PUBLISHER: Grand View Research | PRODUCT CODE: 1404970
Renewable Energy Market Size, Share & Trends Analysis Report By Product (Bioenergy, Hydropower, Wind Power, Solar Energy), By Application (Industrial, Residential, Commercial), By Region (Europe, Asia Pacific), And Segment Forecasts, 2024 - 2030
Renewable Energy Market Growth & Trends:
The global renewable energy market size is expected to reach USD 3.60 trillion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.2% from 2024 to 2030. Numerous governments across the world have framed various regulations to reduce Greenhouse Gas (GHG) emissions. 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 the renewable energy sector. Due to climate change and increasing environmental concerns, most governments have set targets to cut down their emissions. As a result, there have been huge investments in renewable energy and alternate fuels, and this trend is expected to continue in the coming years.
Thus, the increasing inclination toward eco-friendly products to reduce emissions is expected to fuel the demand for renewable energy over the forecast period. The hydropower segment accounted for a share of 16.65% of the overall revenue in 2023. Hydropower, also known as hydroelectric power, offers advantages to communities and plays a crucial role to help climate change by providing storage, power, and flexibility services. It is a domestic source of energy, which allows each state to generate its own energy without reliance on any international fuel sources. The solar Power segment is expected to witness the largest growth over the forecast period owing to it being low in cost and reducing electricity interruptions. The industrial segment was the largest in 2023 and accounted for a revenue share of about 61.90%.
The growing demand for clean electricity is expected to increase the number of utility projects and fuel the PV modules market growth across the industrial sector. The commercial segment is expected to grow at the fastest CAGR over the forecast period. The rapid adoption of PV modules in corporate offices, hotels, and hospitals is expected to drive product demand across the commercial sector coupled with increased power demand in communication base stations and data centers. The market in Asia Pacific was the largest in 2023 with a revenue share of 40.98%. The increasing demand for renewable energy in Asia Pacific is attributed to the rising installation of solar power projects in China and India.
These countries are the key markets for solar panels, both globally and in Asia Pacific. In addition, other countries in the region, including Australia and Japan, have high growth potential for the market as they have been investing largely in solar power generation for the last few years. Major players in the industry are focusing on innovation and technological advancements to reduce the cost of renewable energy and make it competitive with traditional power sources, such as natural gas and coal. In addition, industry participants are emphasizing practicing several strategic initiatives, such as joint ventures, partnerships, and mergers & acquisitions, to strengthen their foothold in the global market over the coming years.
Renewable Energy Market Report Highlights:
- The solar power segment held the largest share of 30.95% of the overall revenue in 2023 owing to it playing a crucial role to help climate change by providing storage, power, and flexibility services
- In terms of revenue, the industrial segment was the largest in 2023. The growing demand for clean electricity is expected to increase the number of utility projects and fuel the PV modules market growth across the industrial sector
- Asia Pacific was the dominant regional market in 2023. The increasing demand for renewable energy in Asia Pacific is attributed to the rising installation of solar power projects in China and India
Table of Contents
Chapter 1 Research Methodology & Scope
- 1.1 Market Segmentation
- 1.2 Market Scope
- 1.3 Information Procurement
- 1.3.1 Purchased Database
- 1.3.2 GVR's Internal Database
- 1.3.3 Secondary Sources
- 1.3.4 Third-Party Perspective
- 1.3.5 Primary Research
- 1.4 Information Analysis
- 1.4.1 Data Analysis Models
- 1.5 Market Formulation and Data Visualization
- 1.6 Data Validation and Publishing
- 1.7 List of Abbreviations
Chapter 2 Executive Summary
- 2.1 Market Snapshot
- 2.2 Segment Snapshot
- 2.3 Competitive Landscape Snapshot
Chapter 3 Market Variables, Trends, & Scope
- 3.1 Penetration & Growth Prospect Mapping
- 3.2 Industry Value Chain Analysis
- 3.3 Regulatory Framework
- 3.3.1 Standards & Compliances
- 3.4 Market Dynamics
- 3.4.1 Market Driver Impact Analysis
- 3.4.1.1 Rising Need For Reduced Emissions Is Positively Impacting The Demand FOR Renewable Energy
- 3.4.2 Market Restraint Impact Analysis
- 3.4.2.1 High Initial Investment Associated With Renewable Energy Production
- 3.4.3 Industry opportunities
- 3.4.1 Market Driver Impact Analysis
- 3.5 Business Environment Analysis: Renewable Energy Market
- 3.5.1 Industry Analysis - Porter's
- 3.5.2 PESTEL analysis
- 3.6 Impact of COVID-19 on the Renewable Energy Market
- 3.6.1 Impact Verdict - Medium
- 3.7 East European Geopolitical Implications on the Renewable Energy Market
- 3.8 Largest Renewable Energy Projects with Their Associated Capex and Timing to Production (Upcoming Projects)
Chapter 4 Renewable Energy Market: Product Estimates & Trend Analysis
- 4.1 Product Movement Analysis & Market Share, 2023 & 2030 (%)
- 4.2 Renewable Energy Market Estimates & Forecasts, by Product, 2018 - 2030 (TWh) (USD Billion)
- 4.2.1 Hydropower
- 4.2.2 Wind Power
- 4.2.3 Solar Power
- 4.2.4 Bioenergy
- 4.2.5 Others
Chapter 5 Renewable Energy Market: Application Estimates & Trend Analysis
- 5.1 Application Movement Analysis & Market Share, 2023 & 2030 (%)
- 5.2 Application Movement Analysis & Market Share, 2023 & 2030 (%)
- 5.3 Renewable Energy Market Estimates & Forecasts, by Application, 2018 - 2030 (TWh) (USD Billion)
- 5.3.1 Residential
- 5.3.2 Commerical
- 5.3.3 Industrial
Chapter 6 Renewable Energy Market: Regional Estimates & Trend Analysis
- 6.1 Renewable Energy Market: Regional Outlook
- 6.2 North America
- 6.2.1 North America Renewable Energy Market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.2.2 U.S.
- 6.2.2.1 Key country dynamics
- 6.2.2.2 U.S. Renewable Energy Market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.2.3 Canada
- 6.2.3.1 Key country dynamics
- 6.2.3.2 Canada Renewable Energy Market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.2.4 Mexico
- 6.2.4.1 Key country dynamics
- 6.2.4.2 Mexico Renewable Energy Market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.3 Europe
- 6.3.1 Europe Renewable Energy Market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.3.2 Italy
- 6.3.2.1 Key country dynamics
- 6.3.2.2 ITALY Renewable Energy Market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.3.3 Germany
- 6.3.3.1 Key country dynamics
- 6.3.3.2 Germany Renewable Energy Market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.3.4 UK
- 6.3.4.1 Key country dynamics
- 6.3.4.2 UK Renewable Energy Market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.3.5 Norway
- 6.3.5.1 Key country dynamics
- 6.3.5.2 Norway Renewable Energy Market estimates & Forecasts, 2018 - 2030(USD Billion) (TWh)
- 6.4 Asia Pacific
- 6.4.1 Asia Pacific Renewable Energy market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWH)
- 6.4.2 China
- 6.4.2.1 Key country dynamics
- 6.4.2.2 China Renewable Energy market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.4.3 India
- 6.4.3.1 Key country dynamics
- 6.4.3.2 India Renewable Energy market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.4.4 Japan
- 6.4.4.1 Key country dynamics
- 6.4.4.2 Japan Renewable Energy market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.4.5 Australia
- 6.4.5.1 Key country dynamics
- 6.4.5.2 Australia Renewable Energy market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.5 Central & South America
- 6.5.1 Central & South America Renewable Energy market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.5.2 Brazil
- 6.5.2.1 Key country dynamics
- 6.5.2.2 Brazil Renewable Energy market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.5.3 Argentina
- 6.5.3.1 Key country dynamics
- 6.5.3.2 Argentina Renewable Energy market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.6 Middle East and Africa
- 6.6.1 Middle East and Africa Renewable Energy market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.6.2 Iran
- 6.6.2.1 Key country dynamics
- 6.6.2.2 Iran Renewable Energy market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- 6.6.3 Egypt
- 6.6.3.1 Key country dynamics
- 6.6.3.2 Egypt Renewable Energy market estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
Chapter 7 Renewable Energy Market: Competitive Landscape
- 7.1 Recent Developments & Impact Analysis by Key Market Participants
- 7.2 Company Categorization
- 7.3 Participant's Overview
- 7.3.1 ACCIONA
- 7.3.2 General Electric
- 7.3.3 Enel S.p.A.
- 7.3.4 Tata Power
- 7.3.5 Innergex
- 7.3.6 Suzlon Energy Limited
- 7.3.7 Invenergy
- 7.3.8 ABB
- 7.3.9 Siemens Gamesa Renewable Energy, S.A.
- 7.3.10 Xcel Energy, Inc.
- 7.3.11 Schneider Electric
- 7.4 Financial Performance
- 7.5 Product Benchmarking
- 7.6 Company Market Positioning
- 7.7 Company Heat Map Analysis
- 7.8 Strategy Mapping
- 7.8.1 expansion
- 7.8.2 mergers & acquisitions
- 7.8.3 collaborations
- 7.8.4 new product launches
- 7.8.5 research & Development
- 7.9 Company Market Share Analysis
List of Tables
- Table 1 List of Abbreviations
- Table 2 Global Renewable Energy Market Revenue Estimates and Forecasts, by Type, 2018 - 2030 (TWh)
- Table 3 Global Renewable Energy Market Revenue Estimates and Forecasts, by Type, 2018 - 2030 (USD Billion)
- Table 4 Global Renewable Energy Market Revenue Estimates and Forecasts, by Application, 2018 - 2030 (TWh)
- Table 5 Global Renewable Energy Market Revenue Estimates and Forecasts, by Application, 2018 - 2030 (USD Billion)
- Table 6 U.S. macro-economic outlay
- Table 7 Canada macro-economic outlay
- Table 8 Mexico macro-economic outlay
- Table 9 Italy macro-economic outlay
- Table 10 Germany macro-economic outlay
- Table 11 UK Macro-Economic Outlay
- Table 12 Norway macro-economic outlay
- Table 13 China macro-economic outlay
- Table 14 India macro-economic outlay
- Table 15 Japan macro-economic outlay
- Table 16 Australia macro-economic outlay
- Table 17 Brazil macro-economic outlay
- Table 18 Argentina macro-economic outlay
- Table 19 Iran macro-economic outlay
- Table 20 Egypt macro-economic outlay
- Table 21 Recent Developments & Impact Analysis by Key Market Participants
- Table 22 Company Heat Map Analysis
- Table 23 Key companies undergoing expansion
- Table 24 Key companies involved in M&A
- Table 25 Key companies undergoing collaborations
- Table 26 Key companies launching new products
- Table 27 Key companies undertaking R&D activities
List of Figures
- Fig. 1 Renewable Energy Market Segmentation
- Fig. 2 Information procurement
- Fig. 3 Primary research pattern
- Fig. 4 Primary research process
- Fig. 5 Primary research approaches
- Fig. 6 Market Snapshot
- Fig. 7 Segment Snapshot
- Fig. 8 Competitive Landscape Snapshot
- Fig. 9 Energy market Volume, 2023(TWh)
- Fig. 10 Renewable energy market - Industry Value Chain Analysis
- Fig. 11 Renewable Energy - Market Dynamics
- Fig. 12 Renewable Energy Market - Porter's Analysis
- Fig. 13 Renewable Energy Market - PESTEL analysis
- Fig. 14 Renewable Energy Market, by Type: Key Takeaways
- Fig. 15 Renewable Energy Market Share, by Type, 2023 & 2030 (%)
- Fig. 16 Renewable Energy Market Share, by Type, 2023 & 2030 (%)
- Fig. 17 Hydropower Market Estimates & Forecasts, 2018 - 2030 (TWh) (USD Billion)
- Fig. 18 Wind Power Market Estimates & Forecasts, 2018 - 2030 (TWh) (USD Billion)
- Fig. 19 Solar Power Market Estimates & Forecasts, 2018 - 2030 (TWh) (USD Billion)
- Fig. 20 Bioenergy Market Estimates & Forecasts, 2018 - 2030 (TWh) (USD Billion)
- Fig. 21 Others Market Estimates & Forecasts, 2018 - 2030 (TWh) (USD Billion)
- Fig. 22 Renewable Energy Market, by Application: Key Takeaways
- Fig. 23 Renewable Energy Market Share, by Application, 2023 & 2030 (%)
- Fig. 24 Renewable Energy Market Share, by Application, 2023 & 2030 (%)
- Fig. 25 Residential market estimates & forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 26 Commercial market estimates & forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 27 Industrial market estimates & forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 28 Renewable energy market revenue, by region, 2023 & 2030 (USD Billion)
- Fig. 29 Regional marketplace: Key takeaways
- Fig. 30 Regional marketplace: Key takeaways
- Fig. 31 North America Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (TWh) (USD Billion)
- Fig. 32 U.S. Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (TWh) (USD Billion)
- Fig. 33 Canada Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 34 Mexico Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 35 Europe Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 36 Italy Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 37 Germany Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 38 UK Renewable Energy Market estimates & forecast, 2018 - 2030 (USD Billion) (TWh)
- Fig. 39 Norway Renewable Energy Market estimates & forecast, 2018 - 2030 (USD Billion) (TWh)
- Fig. 40 Asia Pacific Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 41 China Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 42 India Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 43 Japan Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 44 Australia Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 45 Central & South America Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 46 Brazil Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 47 Argentina Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 48 Middle East and Africa Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 49 Iran Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 50 Egypt Renewable Energy Market Estimates & Forecasts, 2018 - 2030 (USD Billion) (TWh)
- Fig. 51 Key Company Categorization
- Fig. 52 Company Market Positioning
- Fig. 53 Strategic Framework
