PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1617200
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1617200
Renewable Energy Market Forecasts to 2030 - Global Analysis By Type, Application and By Geography
According to Stratistics MRC, the Global Renewable Energy Market is accounted for $1269.14 billion in 2024 and is expected to reach $3567.85 billion by 2030 growing at a CAGR of 18.8% during the forecast period. Renewable energy describes energy that comes from natural resources like sunlight, wind, rain, tides, waves, and geothermal heat that are restored on a human timescale. Since renewable energy sources emit fewer greenhouse gases and contribute to less environmental pollution than fossil fuels, they are essential for halting climate change and guaranteeing sustainable development.
According to the International Energy Agency (IEA), global renewable energy capacity is set to nearly triple by 2030 under its accelerated scenario, reaching almost 11,000 GW.
Market Dynamics:
Driver:
Reduction in renewable technology costs
Renewable energy technologies have become economically competitive with fossil fuels due to a significant decrease in cost over the last ten years. The International Renewable Energy Agency (IRENA) reports that onshore wind costs have dropped by 40% since 2010, while solar PV module prices have dropped by 80%. This trend is being driven by technological innovations, economies of scale, and manufacturing advancements. Additionally, China's hegemony in the production of solar panels, for instance, has helped to lower prices globally, and advancements in turbine efficiency have made wind power more affordable.
Restraint:
Expensive initial investment costs
Despite considerable cost reductions, renewable energy technologies still require a large initial investment when compared to conventional fossil fuel systems. Large financial investments are needed for infrastructure such as wind turbines, solar farms, and sophisticated grid systems. Large offshore wind projects, for example, can put off investors due to the costs of grid integration, subsea cabling, and turbine installation. Furthermore, adoption rates are also slowed by developing nations limited financial resources, which frequently make it difficult to set aside money for renewable energy projects without outside assistance or loans.
Opportunity:
Development of green hydrogen
Renewable energy has a revolutionary opportunity with the burgeoning green hydrogen sector. Decarbonizing hard-to-abate industries like heavy industry, shipping, and aviation may be possible with green hydrogen, which is generated using renewable electricity. Australia, Japan, and Germany are among the nations making significant investments in green hydrogen infrastructure and projects. Moreover, collaborations between industries and renewable energy firms are propelling the commercialization of hydrogen technologies.
Threat:
Conventional energy's competitiveness
Fossil fuels continue to be a major rival despite environmental concerns, particularly in areas where they are plentiful and heavily subsidized. Coal and natural gas continue to be more affordable and available than renewable alternatives in many nations. The competitive advantage of renewable energy is further hampered by governments that offer tax breaks or subsidies to the fossil fuel industry. Additionally, the established energy networks and infrastructure that support fossil fuels also make the switch to renewable energy sources more difficult.
Covid-19 Impact:
The COVID-19 pandemic affected the market for renewable energy in different ways. The deployment of renewable energy projects was slowed down, on the one hand, by supply chain disruptions and project development delays brought on by lockdowns and restrictions. Funding for renewable energy was impacted in certain areas as investments were momentarily reallocated to address pressing economic and public health issues. However, as energy demand patterns changed and renewables grew in proportion to the energy mix in many nations, the pandemic demonstrated the resilience of renewables in comparison to fossil fuels.
The Hydroelectric Power segment is expected to be the largest during the forecast period
The market for renewable energy is expected to be dominated by the hydroelectric power segment. Its established infrastructure, scalability, and dependability as a steady energy source are the reasons for its dominance. Hydroelectric plants are an essential part of the world's energy mix because they supply base load electricity. Hydropower plants can swiftly modify their output to satisfy changing energy demands, in contrast to intermittent sources like solar and wind. Furthermore, hydropower is a major source of renewable energy in many nations, such as China, Brazil, and Canada. Despite obstacles like high initial capital investment and environmental concerns, the segment enjoys long operational life spans and low operating costs.
The Residential segment is expected to have the highest CAGR during the forecast period
In the market for renewable energy, the residential segment is projected to grow at the highest CAGR. The growing use of small-scale renewable energy sources like home battery storage systems, rooftop solar panels, and residential wind turbines is what is causing this growth. The growth of the market is being further accelerated by governments around the world offering incentives such as tax credits, feed-in tariffs, and subsidies to entice homeowners to switch to renewable energy. Moreover, technological developments have reduced the cost and increased the efficiency of renewable energy systems, satisfying consumer demands for environmental sustainability and energy independence.
Region with largest share:
The market for renewable energy is expected to be dominated by the Asia Pacific region. Significant investments in solar power projects, especially in nations like China and India, which are major participants in the global solar panel market, are the driving force behind this dominance. Rapid urbanization and industrialization in the area have raised energy demands, which is why governments are enacting incentives to encourage the use of renewable energy. Additionally, countries like Australia and Japan are making significant investments in renewable infrastructure, strengthening the region's standing as a pioneer in the development of renewable energy.
Region with highest CAGR:
Over the course of the forecast period, the renewable energy market is expected to grow at the highest CAGR in the North American region. Government programs aimed at lowering carbon emissions and encouraging sustainable energy practices, as well as growing investments in renewable technologies, particularly solar and wind energy, are driving this growth. The region's emphasis on cutting-edge renewable energy production techniques is anticipated to further accelerate market expansion as the demand for electricity continues to rise as a result of economic growth.
Key players in the market
Some of the key players in Renewable Energy market include ABB Ltd, EDF Renewables, Innergex, Schneider Electric, Adani Green Energy Ltd, Tata Power Company Limited, General Electric (GE), Enel Green Power S.p.A, Acconia S.A., Invenergy, Suzlon Energy Ltd., Geronimo Energy, Xcel Energy Inc, Orient Green Power Company Ltd and Siemens Gamesa Renewable Energy, S.A.
Key Developments:
In November 2024, EDF Renewables North America has signed a 20-year Energy Storage Power Purchase Agreement (PPA) with Arizona Public Service (APS) for the development of the Beehive Battery Energy Storage System in Peoria, Arizona. This stand-alone battery energy storage system (BESS), with a capacity of 250 MW and four-hour duration, is expected to begin construction in 2025 and reach commercial operation in 2026.
In October 2024, Schneider Electric and StarCharge have signed a joint venture agreement aimed at driving innovation in the European electric vehicle (EV) and energy storage markets. The joint venture will create a leading European prosumer company delivering EV charging infrastructure, photovoltaic inverters, AC and DC chargers, and storage systems to the European market.
In May 2024, ABB Canada and Powrmatic Canada Ltd announced a new regional distribution agreement. Powrmatic will provide electrical contractors increased access to a complete portfolio of cutting-edge ABB products and smart building solutions including, safety switches, switchboards, panelboards, amongst others, aimed at lowering energy consumption and ensuring electrical safety in residential and commercial buildings.
Types Covered:
- Hydroelectric Power
- Wind Power
- Bioenergy
- Solar Energy
- Geothermal Energy
- Ocean Energy
Applications Covered:
- Residential
- Commercial
- Industrial
- Utilities
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Renewable Energy Market, By Type
- 5.1 Introduction
- 5.2 Hydroelectric Power
- 5.3 Wind Power
- 5.4 Bioenergy
- 5.5 Solar Energy
- 5.6 Geothermal Energy
- 5.7 Ocean Energy
6 Global Renewable Energy Market, By Application
- 6.1 Introduction
- 6.2 Residential
- 6.3 Commercial
- 6.4 Industrial
- 6.4.1 Power
- 6.4.2 Chemicals & Petrochemicals
- 6.4.3 Oil & Gas
- 6.4.4 Food & Beverage
- 6.5 Utilities
- 6.6 Other Applications
7 Global Renewable Energy Market, By Geography
- 7.1 Introduction
- 7.2 North America
- 7.2.1 US
- 7.2.2 Canada
- 7.2.3 Mexico
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 Italy
- 7.3.4 France
- 7.3.5 Spain
- 7.3.6 Rest of Europe
- 7.4 Asia Pacific
- 7.4.1 Japan
- 7.4.2 China
- 7.4.3 India
- 7.4.4 Australia
- 7.4.5 New Zealand
- 7.4.6 South Korea
- 7.4.7 Rest of Asia Pacific
- 7.5 South America
- 7.5.1 Argentina
- 7.5.2 Brazil
- 7.5.3 Chile
- 7.5.4 Rest of South America
- 7.6 Middle East & Africa
- 7.6.1 Saudi Arabia
- 7.6.2 UAE
- 7.6.3 Qatar
- 7.6.4 South Africa
- 7.6.5 Rest of Middle East & Africa
8 Key Developments
- 8.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 8.2 Acquisitions & Mergers
- 8.3 New Product Launch
- 8.4 Expansions
- 8.5 Other Key Strategies
9 Company Profiling
- 9.1 ABB Ltd
- 9.2 EDF Renewables
- 9.3 Innergex
- 9.4 Schneider Electric
- 9.5 Adani Green Energy Ltd
- 9.6 Tata Power Company Limited
- 9.7 General Electric (GE)
- 9.8 Enel Green Power S.p.A
- 9.9 Acconia S.A.
- 9.10 Invenergy
- 9.11 Suzlon Energy Ltd.
- 9.12 Geronimo Energy
- 9.13 Xcel Energy Inc
- 9.14 Orient Green Power Company Ltd
- 9.15 Siemens Gamesa Renewable Energy, S.A.
List of Tables
- Table 1 Global Renewable Energy Market Outlook, By Region (2022-2030) ($MN)
- Table 2 Global Renewable Energy Market Outlook, By Type (2022-2030) ($MN)
- Table 3 Global Renewable Energy Market Outlook, By Hydroelectric Power (2022-2030) ($MN)
- Table 4 Global Renewable Energy Market Outlook, By Wind Power (2022-2030) ($MN)
- Table 5 Global Renewable Energy Market Outlook, By Bioenergy (2022-2030) ($MN)
- Table 6 Global Renewable Energy Market Outlook, By Solar Energy (2022-2030) ($MN)
- Table 7 Global Renewable Energy Market Outlook, By Geothermal Energy (2022-2030) ($MN)
- Table 8 Global Renewable Energy Market Outlook, By Ocean Energy (2022-2030) ($MN)
- Table 9 Global Renewable Energy Market Outlook, By Application (2022-2030) ($MN)
- Table 10 Global Renewable Energy Market Outlook, By Residential (2022-2030) ($MN)
- Table 11 Global Renewable Energy Market Outlook, By Commercial (2022-2030) ($MN)
- Table 12 Global Renewable Energy Market Outlook, By Industrial (2022-2030) ($MN)
- Table 13 Global Renewable Energy Market Outlook, By Power (2022-2030) ($MN)
- Table 14 Global Renewable Energy Market Outlook, By Chemicals & Petrochemicals (2022-2030) ($MN)
- Table 15 Global Renewable Energy Market Outlook, By Oil & Gas (2022-2030) ($MN)
- Table 16 Global Renewable Energy Market Outlook, By Food & Beverage (2022-2030) ($MN)
- Table 17 Global Renewable Energy Market Outlook, By Utilities (2022-2030) ($MN)
- Table 18 Global Renewable Energy Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 19 North America Renewable Energy Market Outlook, By Country (2022-2030) ($MN)
- Table 20 North America Renewable Energy Market Outlook, By Type (2022-2030) ($MN)
- Table 21 North America Renewable Energy Market Outlook, By Hydroelectric Power (2022-2030) ($MN)
- Table 22 North America Renewable Energy Market Outlook, By Wind Power (2022-2030) ($MN)
- Table 23 North America Renewable Energy Market Outlook, By Bioenergy (2022-2030) ($MN)
- Table 24 North America Renewable Energy Market Outlook, By Solar Energy (2022-2030) ($MN)
- Table 25 North America Renewable Energy Market Outlook, By Geothermal Energy (2022-2030) ($MN)
- Table 26 North America Renewable Energy Market Outlook, By Ocean Energy (2022-2030) ($MN)
- Table 27 North America Renewable Energy Market Outlook, By Application (2022-2030) ($MN)
- Table 28 North America Renewable Energy Market Outlook, By Residential (2022-2030) ($MN)
- Table 29 North America Renewable Energy Market Outlook, By Commercial (2022-2030) ($MN)
- Table 30 North America Renewable Energy Market Outlook, By Industrial (2022-2030) ($MN)
- Table 31 North America Renewable Energy Market Outlook, By Power (2022-2030) ($MN)
- Table 32 North America Renewable Energy Market Outlook, By Chemicals & Petrochemicals (2022-2030) ($MN)
- Table 33 North America Renewable Energy Market Outlook, By Oil & Gas (2022-2030) ($MN)
- Table 34 North America Renewable Energy Market Outlook, By Food & Beverage (2022-2030) ($MN)
- Table 35 North America Renewable Energy Market Outlook, By Utilities (2022-2030) ($MN)
- Table 36 North America Renewable Energy Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 37 Europe Renewable Energy Market Outlook, By Country (2022-2030) ($MN)
- Table 38 Europe Renewable Energy Market Outlook, By Type (2022-2030) ($MN)
- Table 39 Europe Renewable Energy Market Outlook, By Hydroelectric Power (2022-2030) ($MN)
- Table 40 Europe Renewable Energy Market Outlook, By Wind Power (2022-2030) ($MN)
- Table 41 Europe Renewable Energy Market Outlook, By Bioenergy (2022-2030) ($MN)
- Table 42 Europe Renewable Energy Market Outlook, By Solar Energy (2022-2030) ($MN)
- Table 43 Europe Renewable Energy Market Outlook, By Geothermal Energy (2022-2030) ($MN)
- Table 44 Europe Renewable Energy Market Outlook, By Ocean Energy (2022-2030) ($MN)
- Table 45 Europe Renewable Energy Market Outlook, By Application (2022-2030) ($MN)
- Table 46 Europe Renewable Energy Market Outlook, By Residential (2022-2030) ($MN)
- Table 47 Europe Renewable Energy Market Outlook, By Commercial (2022-2030) ($MN)
- Table 48 Europe Renewable Energy Market Outlook, By Industrial (2022-2030) ($MN)
- Table 49 Europe Renewable Energy Market Outlook, By Power (2022-2030) ($MN)
- Table 50 Europe Renewable Energy Market Outlook, By Chemicals & Petrochemicals (2022-2030) ($MN)
- Table 51 Europe Renewable Energy Market Outlook, By Oil & Gas (2022-2030) ($MN)
- Table 52 Europe Renewable Energy Market Outlook, By Food & Beverage (2022-2030) ($MN)
- Table 53 Europe Renewable Energy Market Outlook, By Utilities (2022-2030) ($MN)
- Table 54 Europe Renewable Energy Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 55 Asia Pacific Renewable Energy Market Outlook, By Country (2022-2030) ($MN)
- Table 56 Asia Pacific Renewable Energy Market Outlook, By Type (2022-2030) ($MN)
- Table 57 Asia Pacific Renewable Energy Market Outlook, By Hydroelectric Power (2022-2030) ($MN)
- Table 58 Asia Pacific Renewable Energy Market Outlook, By Wind Power (2022-2030) ($MN)
- Table 59 Asia Pacific Renewable Energy Market Outlook, By Bioenergy (2022-2030) ($MN)
- Table 60 Asia Pacific Renewable Energy Market Outlook, By Solar Energy (2022-2030) ($MN)
- Table 61 Asia Pacific Renewable Energy Market Outlook, By Geothermal Energy (2022-2030) ($MN)
- Table 62 Asia Pacific Renewable Energy Market Outlook, By Ocean Energy (2022-2030) ($MN)
- Table 63 Asia Pacific Renewable Energy Market Outlook, By Application (2022-2030) ($MN)
- Table 64 Asia Pacific Renewable Energy Market Outlook, By Residential (2022-2030) ($MN)
- Table 65 Asia Pacific Renewable Energy Market Outlook, By Commercial (2022-2030) ($MN)
- Table 66 Asia Pacific Renewable Energy Market Outlook, By Industrial (2022-2030) ($MN)
- Table 67 Asia Pacific Renewable Energy Market Outlook, By Power (2022-2030) ($MN)
- Table 68 Asia Pacific Renewable Energy Market Outlook, By Chemicals & Petrochemicals (2022-2030) ($MN)
- Table 69 Asia Pacific Renewable Energy Market Outlook, By Oil & Gas (2022-2030) ($MN)
- Table 70 Asia Pacific Renewable Energy Market Outlook, By Food & Beverage (2022-2030) ($MN)
- Table 71 Asia Pacific Renewable Energy Market Outlook, By Utilities (2022-2030) ($MN)
- Table 72 Asia Pacific Renewable Energy Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 73 South America Renewable Energy Market Outlook, By Country (2022-2030) ($MN)
- Table 74 South America Renewable Energy Market Outlook, By Type (2022-2030) ($MN)
- Table 75 South America Renewable Energy Market Outlook, By Hydroelectric Power (2022-2030) ($MN)
- Table 76 South America Renewable Energy Market Outlook, By Wind Power (2022-2030) ($MN)
- Table 77 South America Renewable Energy Market Outlook, By Bioenergy (2022-2030) ($MN)
- Table 78 South America Renewable Energy Market Outlook, By Solar Energy (2022-2030) ($MN)
- Table 79 South America Renewable Energy Market Outlook, By Geothermal Energy (2022-2030) ($MN)
- Table 80 South America Renewable Energy Market Outlook, By Ocean Energy (2022-2030) ($MN)
- Table 81 South America Renewable Energy Market Outlook, By Application (2022-2030) ($MN)
- Table 82 South America Renewable Energy Market Outlook, By Residential (2022-2030) ($MN)
- Table 83 South America Renewable Energy Market Outlook, By Commercial (2022-2030) ($MN)
- Table 84 South America Renewable Energy Market Outlook, By Industrial (2022-2030) ($MN)
- Table 85 South America Renewable Energy Market Outlook, By Power (2022-2030) ($MN)
- Table 86 South America Renewable Energy Market Outlook, By Chemicals & Petrochemicals (2022-2030) ($MN)
- Table 87 South America Renewable Energy Market Outlook, By Oil & Gas (2022-2030) ($MN)
- Table 88 South America Renewable Energy Market Outlook, By Food & Beverage (2022-2030) ($MN)
- Table 89 South America Renewable Energy Market Outlook, By Utilities (2022-2030) ($MN)
- Table 90 South America Renewable Energy Market Outlook, By Other Applications (2022-2030) ($MN)
- Table 91 Middle East & Africa Renewable Energy Market Outlook, By Country (2022-2030) ($MN)
- Table 92 Middle East & Africa Renewable Energy Market Outlook, By Type (2022-2030) ($MN)
- Table 93 Middle East & Africa Renewable Energy Market Outlook, By Hydroelectric Power (2022-2030) ($MN)
- Table 94 Middle East & Africa Renewable Energy Market Outlook, By Wind Power (2022-2030) ($MN)
- Table 95 Middle East & Africa Renewable Energy Market Outlook, By Bioenergy (2022-2030) ($MN)
- Table 96 Middle East & Africa Renewable Energy Market Outlook, By Solar Energy (2022-2030) ($MN)
- Table 97 Middle East & Africa Renewable Energy Market Outlook, By Geothermal Energy (2022-2030) ($MN)
- Table 98 Middle East & Africa Renewable Energy Market Outlook, By Ocean Energy (2022-2030) ($MN)
- Table 99 Middle East & Africa Renewable Energy Market Outlook, By Application (2022-2030) ($MN)
- Table 100 Middle East & Africa Renewable Energy Market Outlook, By Residential (2022-2030) ($MN)
- Table 101 Middle East & Africa Renewable Energy Market Outlook, By Commercial (2022-2030) ($MN)
- Table 102 Middle East & Africa Renewable Energy Market Outlook, By Industrial (2022-2030) ($MN)
- Table 103 Middle East & Africa Renewable Energy Market Outlook, By Power (2022-2030) ($MN)
- Table 104 Middle East & Africa Renewable Energy Market Outlook, By Chemicals & Petrochemicals (2022-2030) ($MN)
- Table 105 Middle East & Africa Renewable Energy Market Outlook, By Oil & Gas (2022-2030) ($MN)
- Table 106 Middle East & Africa Renewable Energy Market Outlook, By Food & Beverage (2022-2030) ($MN)
- Table 107 Middle East & Africa Renewable Energy Market Outlook, By Utilities (2022-2030) ($MN)
- Table 108 Middle East & Africa Renewable Energy Market Outlook, By Other Applications (2022-2030) ($MN)
