Global Renewable Energy Market Synopsis

Renewable Energy Market Size Was Valued at USD 1.39 Billion in 2023 and is Projected to Reach USD 2.77 Billion by 2032, Growing at a CAGR of 7.95% From 2024-2032.

Renewable energy is derived from sources such as the wind and the sun. Solar, geothermal, wind, bioenergy, hydropower, and ocean energy are among the most important renewable energy sources.

• Renewable energy is currently utilized in the heating, electricity, cooling, and transportation sectors. Renewable energy provides approximately 7 percent of the world's energy demand. Renewable energy is costlier than fossil fuels. Global warming caused by carbon dioxide (CO2) emissions from the combustion of fossil fuels is the most important factor driving the adoption of renewable energy sources.
• Concerns regarding the reduction of greenhouse gas emissions, an increase in the search for energy security, aversion to traditional nuclear power, and a lack of advancement in the application of nuclear power are anticipated to drive the geothermal power market over the forecast period.
• Various governments in developing and developed nations have prioritized the promotion of renewable energy sources due to their increased output efficiency, lower pollution levels, and low maintenance costs. All of these factors increase the demand for renewable energy, thereby fostering the expansion of the global renewable energy market.

Global Renewable Energy Market Trend Analysis

Several Economics Benefits

• Renewable energy offers several economic benefits such as Landowner Income, Reduced Energy Costs, Increased Property Value, Avoidance of Climate Impacts, and many others
• Renewable energy provides rural landowners and farmers with an additional source of income. According to the American Wind Energy Association (AWEA), rural landowners who host wind farms in the United States receive approximately $222 million annually. Farmers can also earn money by cultivating crops used as biofuels. Currently, corn ethanol is the primary way for farmers to participate in the energy industry, but other biofuels are beginning to gain traction.
• In addition, Residential, commercial, and industrial energy consumers can save money by switching to renewable energy. Theoretically, installing solar panels on someone’s property enables users to generate their own electricity, allowing them to eliminate their energy bill entirely. The precise amount users save depends on numerous variables, including their location. According to Energy Sage, the average savings range between $10,483 and $30,523 in Washington and Massachusetts, respectively. These types of benefits propel the growth of the renewable energy market.

 Rising Investments by Government of Various Countries

• Increasing investments in renewable energy sources and favorable government policies are anticipated to drive market growth over the forecast period. For Instance, The British government established a $1.2 billion package for public and private investment in India's green initiatives and renewable energy sources in September 2021.
• They have established a Climate Finance Leadership Initiative (CFLI) India partnership with the intent of mobilizing private funding for sustainable infrastructure in India. These investments would assist India in reaching its 450 Gw renewable energy target by 2030.
• Thus, the government's investment in renewable energy sources is driving market growth over the forecast period.

Global Renewable Energy Market Segment Analysis:

Global Renewable Energy Market Segmented on the basis of type, application, and end-users.

By Product, the Hydropower segment is expected to dominate the market during the forecast period

• In the past few years, the increased investment in the generation of off-grid energy and electrification of rural areas in developing economies such as China, India, Brazil, Colombia, and Vietnam has increased the demand for small-scale hydropower plants.
• Increasing government initiatives to promote the generation and use of hydropower is also driving the growth of the hydropower segment of the global renewable energy market.
• For instance, the Government of India adopted the Rajiv Gandhi Grameen Videutikaran Yojana to electrify rural areas in India. Therefore, the demand for hydroelectric power is greater, resulting in the hydropower segment's dominance.

 By Application, Industrial sector segment held the largest share of 62.40% in 2022

• The industrial sector stands as the primary dominator and the fastest-growing segment for several compelling reasons. Industries have been actively embracing renewable energy sources, driven by a blend of economic, environmental, and regulatory factors. This sector's dominance is propelled by its substantial energy demands, pushing for scalable and sustainable solutions to meet these needs while reducing reliance on traditional fossil fuels.
• Industries, with their substantial energy consumption, recognize the cost-efficiency and long-term savings inherent in renewable sources. The implementation of solar, wind, hydroelectric, and increasingly, advanced technologies like biomass and geothermal, caters to their substantial power needs. These solutions not only offer a cleaner energy footprint but also promise stable energy costs, mitigating the vulnerability to volatile fossil fuel prices.

Global Renewable Energy Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• In recent years, the Asia-Pacific region has dominated the renewable energy market. It is likely to maintain its dominance throughout the period of forecast.
• China will be the global leader in the deployment of renewable energy sources by 2021. In 2021, the nation's total renewable energy capacity reached 1,020.2 GW, an increase of approximately 13.4% from the previous year. Wind, solar, and hydropower are the primary renewable energy sources in the country.
• In conjunction with the country's expanding economy and growing population, India's energy demand has increased significantly. In 2021, the nation produced 150,3 TWh of electricity from hydropower, compared to 114.3 TWh in 2011.
• India has also become the world's third-largest consumer of electricity, behind China and the United States. Moreover, India's net power generation capacity increased significantly over the past decade, with the majority of the increase attributable to large hydro and other renewable energy sources.
• The Indian government has set a goal of installing 175 GW of renewable energy capacity by 2022, including 100 GW of solar, 60 GW of wind, 10 GW of biopower, and 5 GW of small hydropower. In addition, the Indian Ministry of New and Renewable Energy expects 15 billion dollars to be invested in renewable energy, electric vehicles, solar equipment manufacturing, and green hydrogen in 2022.
• In addition, SJVN (Satluj Jal Vidyut Nigam Ltd) won a 125 MW solar project in Uttar Pradesh through a bidding process held by the Uttar Pradesh New and Renewable Energy Development Agency in January 2022. (UPNEDA). It consists of a 75 MW grid-connected solar project in the Jalaun district and a 50 MW solar project in the Kanpur Dehat district. Consequently, these developments are likely to make Asia-Pacific the market leader in renewable energy during the forecast period.

 Global Renewable Energy Market Top Key Players:

• General Electric (US)
• Invenergy (US)
• Tesla (USA)
• First Solar (USA)
• SunPower (USA)
• Candela Technologies (USA)
• Xcel Energy Inc. (US)
• Siemens Gamesa Renewable Energy (Spain)
• ABB (Switzerland)
• Meyer Burger Technology AG (Switzerland)
• Vestas Wind Systems (Denmark)
• Acconia (Europe)
• Enel Spa (Italy)
• Innergex (Canada)
• Schneider Electric (France)
• Enercon GmbH (Germany)
• Suzlon Energy Ltd. (India)
• Tata Power (India)
• Longi Green Energy Technology (China)
• JA Solar Technology Co., Ltd. (China)
• Trina Solar Limited (China)
• Sungrow Power Supply Co., Ltd. (China)
• BYD Company Ltd. (China)
• Hanwha Q CELLS (South Korea)
• SolarEdge Technologies (Israel)

Key Industry Developments in the Global Renewable Energy Market:

In November 2023, Siemens Gamesa Renewable Energy (Spain): Launched its SG 14.0-222 DD offshore wind turbine, the most powerful turbine on the market with a capacity of 14 MW, significantly increasing potential energy output from offshore wind farms.

In December 2023, Vestas Wind Systems (Denmark): Introduced its V255-15 MW onshore wind turbine, boasting the largest rotor diameter in the industry, capable of generating enough power to supply over 20,000 households.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. RENEWABLE ENERGY MARKET BY PRODUCT (2017-2032)
   1. RENEWABLE ENERGY MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. HYDRO POWER
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. WIND POWER
   5. SOLAR POWER
   6. BIOENERGY
7. RENEWABLE ENERGY MARKET BY APPLICATION (2017-2032)
   1. RENEWABLE ENERGY MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. INDUSTRIAL
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 – 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 – 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. RESIDENTIAL
   5. COMMERCIAL
8. COMPANY PROFILES AND COMPETITIVE ANALYSIS
   1. COMPETITIVE LANDSCAPE
      1. Competitive Positioning
      2. Renewable Energy Market Share By Manufacturer (2022)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
   2. GENERAL ELECTRIC
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
   3.  Invenergy
   4. Tesla
   5. First Solar
   6. SunPower
   7. Candela Technologies
   8. Xcel Energy Inc.
   9. Siemens Gamesa Renewable Energy
   10. ABB
   11. Meyer Burger Technology AG
   12. Vestas Wind Systems
   13. Acconia
   14. Enel Spa
   15. Innergex
   16. Schneider Electric
   17. Enercon GmbH
   18. Suzlon Energy Ltd.
   19. Tata Power
   20. Longi Green Energy Technology
   21. JA Solar Technology Co., Ltd.
   22. Trina Solar Limited
   23. Sungrow Power Supply Co., Ltd.
   24. BYD Company Ltd.
   25. Hanwha Q CELLS
   26. SolarEdge Technologies
9. GLOBAL RENEWABLE ENERGY MARKET BY REGION
   1. OVERVIEW
   2. NORTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Product
      4. Historic And Forecasted Market Size By Application
      5. Historic And Forecasted Market Size By Country
         1. USA
         2. Canada
         3. Mexico
   3. EASTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
         1. Russia
         2. Bulgaria
         3. The Czech Republic
         4. Hungary
         5. Poland
         6. Romania
         7. Rest Of Eastern Europe
   4. WESTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
         1. Germany
         2. United Kingdom
         3. France
         4. The Netherlands
         5. Italy
         6. Spain
         7. Rest Of Western Europe
   5. ASIA PACIFIC
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Malaysia
         6. Thailand
         7. Vietnam
         8. The Philippines
         9. Australia
         10. New-Zealand
         11. Rest Of APAC
   6. MIDDLE EAST & AFRICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
         1. Turkey
         2. Bahrain
         3. Kuwait
         4. Saudi Arabia
         5. Qatar
         6. UAE
         7. Israel
         8. South Africa
   7. SOUTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
         1. Brazil
         2. Argentina
         3. Rest of South America
10. INVESTMENT ANALYSIS
11. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies

LIST OF TABLES

TABLE 001. EXECUTIVE SUMMARY
TABLE 002. RENEWABLE ENERGY MARKET BARGAINING POWER OF SUPPLIERS
TABLE 003. RENEWABLE ENERGY MARKET BARGAINING POWER OF CUSTOMERS
TABLE 004. RENEWABLE ENERGY MARKET COMPETITIVE RIVALRY
TABLE 005. RENEWABLE ENERGY MARKET THREAT OF NEW ENTRANTS
TABLE 006. RENEWABLE ENERGY MARKET THREAT OF SUBSTITUTES
TABLE 007. RENEWABLE ENERGY MARKET BY PRODUCT
TABLE 008. HYDRO POWER MARKET OVERVIEW (2016-2028)
TABLE 009. WIND POWER MARKET OVERVIEW (2016-2028)
TABLE 010. SOLAR POWER MARKET OVERVIEW (2016-2028)
TABLE 011. BIOENERGY MARKET OVERVIEW (2016-2028)
TABLE 012. OTHERS MARKET OVERVIEW (2016-2028)
TABLE 013. RENEWABLE ENERGY MARKET BY APPLICATION
TABLE 014. INDUSTRIAL MARKET OVERVIEW (2016-2028)
TABLE 015. RESIDENTIAL MARKET OVERVIEW (2016-2028)
TABLE 016. COMMERCIAL MARKET OVERVIEW (2016-2028)
TABLE 017. NORTH AMERICA RENEWABLE ENERGY MARKET, BY PRODUCT (2016-2028)
TABLE 018. NORTH AMERICA RENEWABLE ENERGY MARKET, BY APPLICATION (2016-2028)
TABLE 019. N RENEWABLE ENERGY MARKET, BY COUNTRY (2016-2028)
TABLE 020. EUROPE RENEWABLE ENERGY MARKET, BY PRODUCT (2016-2028)
TABLE 021. EUROPE RENEWABLE ENERGY MARKET, BY APPLICATION (2016-2028)
TABLE 022. RENEWABLE ENERGY MARKET, BY COUNTRY (2016-2028)
TABLE 023. ASIA PACIFIC RENEWABLE ENERGY MARKET, BY PRODUCT (2016-2028)
TABLE 024. ASIA PACIFIC RENEWABLE ENERGY MARKET, BY APPLICATION (2016-2028)
TABLE 025. RENEWABLE ENERGY MARKET, BY COUNTRY (2016-2028)
TABLE 026. MIDDLE EAST & AFRICA RENEWABLE ENERGY MARKET, BY PRODUCT (2016-2028)
TABLE 027. MIDDLE EAST & AFRICA RENEWABLE ENERGY MARKET, BY APPLICATION (2016-2028)
TABLE 028. RENEWABLE ENERGY MARKET, BY COUNTRY (2016-2028)
TABLE 029. SOUTH AMERICA RENEWABLE ENERGY MARKET, BY PRODUCT (2016-2028)
TABLE 030. SOUTH AMERICA RENEWABLE ENERGY MARKET, BY APPLICATION (2016-2028)
TABLE 031. RENEWABLE ENERGY MARKET, BY COUNTRY (2016-2028)
TABLE 032. ABB (SWITZERLAND): SNAPSHOT
TABLE 033. ABB (SWITZERLAND): BUSINESS PERFORMANCE
TABLE 034. ABB (SWITZERLAND): PRODUCT PORTFOLIO
TABLE 035. ABB (SWITZERLAND): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 035. ACCONIA (EUROPE): SNAPSHOT
TABLE 036. ACCONIA (EUROPE): BUSINESS PERFORMANCE
TABLE 037. ACCONIA (EUROPE): PRODUCT PORTFOLIO
TABLE 038. ACCONIA (EUROPE): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 038. ENEL SPA (ITALY): SNAPSHOT
TABLE 039. ENEL SPA (ITALY): BUSINESS PERFORMANCE
TABLE 040. ENEL SPA (ITALY): PRODUCT PORTFOLIO
TABLE 041. ENEL SPA (ITALY): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 041. GENERAL ELECTRIC (US): SNAPSHOT
TABLE 042. GENERAL ELECTRIC (US): BUSINESS PERFORMANCE
TABLE 043. GENERAL ELECTRIC (US): PRODUCT PORTFOLIO
TABLE 044. GENERAL ELECTRIC (US): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 044. INNERGEX (CANADA): SNAPSHOT
TABLE 045. INNERGEX (CANADA): BUSINESS PERFORMANCE
TABLE 046. INNERGEX (CANADA): PRODUCT PORTFOLIO
TABLE 047. INNERGEX (CANADA): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 047. INVENERGY (US): SNAPSHOT
TABLE 048. INVENERGY (US): BUSINESS PERFORMANCE
TABLE 049. INVENERGY (US): PRODUCT PORTFOLIO
TABLE 050. INVENERGY (US): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 050. SCHNEIDER ELECTRIC (FRANCE): SNAPSHOT
TABLE 051. SCHNEIDER ELECTRIC (FRANCE): BUSINESS PERFORMANCE
TABLE 052. SCHNEIDER ELECTRIC (FRANCE): PRODUCT PORTFOLIO
TABLE 053. SCHNEIDER ELECTRIC (FRANCE): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 053. SIEMENS GAMESA RENEWABLE ENERGY: SNAPSHOT
TABLE 054. SIEMENS GAMESA RENEWABLE ENERGY: BUSINESS PERFORMANCE
TABLE 055. SIEMENS GAMESA RENEWABLE ENERGY: PRODUCT PORTFOLIO
TABLE 056. SIEMENS GAMESA RENEWABLE ENERGY: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 056. S.A. (GERMANY): SNAPSHOT
TABLE 057. S.A. (GERMANY): BUSINESS PERFORMANCE
TABLE 058. S.A. (GERMANY): PRODUCT PORTFOLIO
TABLE 059. S.A. (GERMANY): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 059. SUZLON ENERGY LTD. (INDIA): SNAPSHOT
TABLE 060. SUZLON ENERGY LTD. (INDIA): BUSINESS PERFORMANCE
TABLE 061. SUZLON ENERGY LTD. (INDIA): PRODUCT PORTFOLIO
TABLE 062. SUZLON ENERGY LTD. (INDIA): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 062. TATA POWER (INDIA): SNAPSHOT
TABLE 063. TATA POWER (INDIA): BUSINESS PERFORMANCE
TABLE 064. TATA POWER (INDIA): PRODUCT PORTFOLIO
TABLE 065. TATA POWER (INDIA): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 065. XCEL ENERGY INC.: SNAPSHOT
TABLE 066. XCEL ENERGY INC.: BUSINESS PERFORMANCE
TABLE 067. XCEL ENERGY INC.: PRODUCT PORTFOLIO
TABLE 068. XCEL ENERGY INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 068. (US): SNAPSHOT
TABLE 069. (US): BUSINESS PERFORMANCE
TABLE 070. (US): PRODUCT PORTFOLIO
TABLE 071. (US): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 071. OTHER MAJOR PLAYERS: SNAPSHOT
TABLE 072. OTHER MAJOR PLAYERS: BUSINESS PERFORMANCE
TABLE 073. OTHER MAJOR PLAYERS: PRODUCT PORTFOLIO
TABLE 074. OTHER MAJOR PLAYERS: KEY STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 001. YEARS CONSIDERED FOR ANALYSIS
FIGURE 002. SCOPE OF THE STUDY
FIGURE 003. RENEWABLE ENERGY MARKET OVERVIEW BY REGIONS
FIGURE 004. PORTER'S FIVE FORCES ANALYSIS
FIGURE 005. BARGAINING POWER OF SUPPLIERS
FIGURE 006. COMPETITIVE RIVALRYFIGURE 007. THREAT OF NEW ENTRANTS
FIGURE 008. THREAT OF SUBSTITUTES
FIGURE 009. VALUE CHAIN ANALYSIS
FIGURE 010. PESTLE ANALYSIS
FIGURE 011. RENEWABLE ENERGY MARKET OVERVIEW BY PRODUCT
FIGURE 012. HYDRO POWER MARKET OVERVIEW (2016-2028)
FIGURE 013. WIND POWER MARKET OVERVIEW (2016-2028)
FIGURE 014. SOLAR POWER MARKET OVERVIEW (2016-2028)
FIGURE 015. BIOENERGY MARKET OVERVIEW (2016-2028)
FIGURE 016. OTHERS MARKET OVERVIEW (2016-2028)
FIGURE 017. RENEWABLE ENERGY MARKET OVERVIEW BY APPLICATION
FIGURE 018. INDUSTRIAL MARKET OVERVIEW (2016-2028)
FIGURE 019. RESIDENTIAL MARKET OVERVIEW (2016-2028)
FIGURE 020. COMMERCIAL MARKET OVERVIEW (2016-2028)
FIGURE 021. NORTH AMERICA RENEWABLE ENERGY MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 022. EUROPE RENEWABLE ENERGY MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 023. ASIA PACIFIC RENEWABLE ENERGY MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 024. MIDDLE EAST & AFRICA RENEWABLE ENERGY MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 025. SOUTH AMERICA RENEWABLE ENERGY MARKET OVERVIEW BY COUNTRY (2016-2028)