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Report Scope & Overview:

The Global Renewable Energy Market is on a strong growth trajectory, projected to grow from USD 1,262 billion in 2024 to USD 4,607 billion by 2035, representing a CAGR of 12.48%. This remarkable growth is driven by technological advancements, rising environmental awareness, and increased investment in sustainable energy infrastructure.

According to the World Economic Forum (2023), the world added 50% more renewable energy capacity compared to the previous year, underscoring renewable energy’s pivotal role in reducing reliance on fossil fuels and mitigating climate change. Renewable energy harnesses resources such as sunlight, wind, water, and biomass to generate electricity without harmful greenhouse gas emissions.

Market Overview

Renewable energy is increasingly recognized as a sustainable solution for the growing global energy demand. Its benefits include:

  • Sustainable and inexhaustible energy supply

  • Cleaner air and water through reduced emissions

  • Cost-effective power generation over the long term

Solar energy is leading this revolution, with rapid adoption driven by technological innovation and falling costs. Wind energy is also gaining significant traction, while emerging technologies such as perovskite solar cells promise higher efficiency and lower costs.

For example, India’s solar power generation grew by 8.8% in Q1 2024 compared to the previous year, supported by policy incentives and infrastructure investments. Offshore wind farms are expanding, leveraging stronger and more consistent wind patterns to generate energy more efficiently.

Market Size & Forecast

  • Current Market Size (2024): USD 1,262 Billion

  • Projected Market Size (2035): USD 4,607 Billion

  • CAGR (2024–2035): 12.48%

Market Segmentation

By Type of Renewable Energy:

  • Bioenergy

  • Geothermal

  • Hydroelectric Power

  • Solar Power

  • Wind Power

  • Others

By Type of Application:

  • Commercial

  • Industrial

  • Residential

By Type of Investment:

  • Government-funded projects

  • Private sector investments

  • Public-private partnerships

By Type of Enterprise:

  • Large Enterprises

  • Small & Medium Enterprises

By Region:

  • North America (US, Canada, Mexico, Others)

  • Europe (Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Russia, Spain, Sweden, Switzerland, UK, Others)

  • Asia (China, India, Japan, Singapore, South Korea, Others)

  • Latin America (Brazil, Chile, Colombia, Venezuela, Others)

  • Middle East & North Africa (Egypt, Iran, Iraq, Israel, Kuwait, Saudi Arabia, UAE, Others)

  • Rest of the World (Australia, New Zealand, Others)

Key Insights

Market Drivers:

  • Declining costs of renewable energy technologies

  • Increasing global population and urbanization

  • Government support and policy initiatives

  • Rising awareness of sustainability and climate change

  • Technological advancements including AI and IoT integration

Mega Trends:

  • Expansion of solar and wind power capacities

  • Growth in renewable energy investments

  • Rise of electric vehicles and energy storage solutions

  • Public-private collaborations in renewable projects

Market Challenges:

  • High initial capital investment

  • Grid integration and intermittency issues

  • Supply chain constraints for key materials

  • Regulatory and policy fluctuations

  • Skills and workforce shortages

Regional Outlook:

Asia is expected to dominate the global renewable energy market, accounting for over 35% of the market share by 2035. Growth is driven by abundant renewable resources, strong government support, rising energy demand, and technological adoption. For instance, in June 2024, The World Bank approved a $1.5 billion loan to support India’s green hydrogen projects, reinforcing the country’s renewable energy ambitions.

Competitive Landscape

The renewable energy market is highly competitive, featuring leading players such as:

  • ABB

  • Acciona

  • Canadian Solar

  • EDP Renováveis

  • Enel Spa

  • Engie

  • General Electric

  • Iberdrola

  • Innergex

  • Invenergy

  • National Grid Renewables

  • NextEra Energy

  • Orsted

  • Schneider Electric

  • Siemens

  • Suzlon Energy

  • Tata Power

  • Xcel Energy

Frequently Asked Questions

  As of 2024, the global renewable energy market is valued at USD 1,262 billion and is expected to grow significantly in the coming years.

  The market is projected to reach USD 4,607 billion by 2035, registering a CAGR of 12.48% during the forecast period.

  Key growth drivers include: Declining costs of renewable technologies Rising global energy demand Government incentives and policy support Technological advancements in AI, IoT, and storage Increasing focus on sustainability and carbon neutrality

  Some leading companies include: ABB, Acciona, Canadian Solar, Enel Spa, Engie, GE, Iberdrola, Invenergy, NextEra Energy, Orsted, Schneider Electric, Siemens, Suzlon Energy, Tata Power, and Xcel Energy.

  The Asia-Pacific region is expected to lead the market, accounting for over 35% share by 2035, driven by government initiatives, urbanization, and rapid adoption of renewable solutions.

TABLE OF CONTENT

1 Market Overview
1.1 Product Overview and Scope
1.2 Market Estimation Caveats and Base Year
1.3 Classification of Renewable Energy by Type
1.3.1 Overview: Global Renewable Energy Market Size by Type: 2020 Versus 2024 Versus 2031
1.3.2 Global Renewable Energy Consumption Value Market Share by Type in 2024
1.3.3 Hydro & Ocean Energy
1.3.4 Wind Energy
1.3.5 Solar Energy
1.3.6 Bio-energy
1.3.7 Others
1.4 Global Renewable Energy Market by Application
1.4.1 Overview: Global Renewable Energy Market Size by Application: 2020 Versus 2024 Versus 2031
1.4.2 Industrial
1.4.3 Commercial
1.4.4 Residential
1.4.5 Others
1.5 Global Renewable Energy Market Size & Forecast
1.6 Global Renewable Energy Market Size and Forecast by Region
1.6.1 Global Renewable Energy Market Size by Region: 2020 VS 2024 VS 2031
1.6.2 Global Renewable Energy Market Size by Region, (2020-2031)
1.6.3 North America Renewable Energy Market Size and Prospect (2020-2031)
1.6.4 Europe Renewable Energy Market Size and Prospect (2020-2031)
1.6.5 Asia-Pacific Renewable Energy Market Size and Prospect (2020-2031)
1.6.6 South America Renewable Energy Market Size and Prospect (2020-2031)
1.6.7 Middle East & Africa Renewable Energy Market Size and Prospect (2020-2031)

2 Company Profiles
2.1 Enel
2.1.1 Enel Details
2.1.2 Enel Major Business
2.1.3 Enel Renewable Energy Product and Solutions
2.1.4 Enel Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.1.5 Enel Recent Developments and Future Plans
2.2 Vattenfall AB
2.2.1 Vattenfall AB Details
2.2.2 Vattenfall AB Major Business
2.2.3 Vattenfall AB Renewable Energy Product and Solutions
2.2.4 Vattenfall AB Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.2.5 Vattenfall AB Recent Developments and Future Plans
2.3 Iberdrola
2.3.1 Iberdrola Details
2.3.2 Iberdrola Major Business
2.3.3 Iberdrola Renewable Energy Product and Solutions
2.3.4 Iberdrola Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.3.5 Iberdrola Recent Developments and Future Plans
2.4 Tokyo Electric Power
2.4.1 Tokyo Electric Power Details
2.4.2 Tokyo Electric Power Major Business
2.4.3 Tokyo Electric Power Renewable Energy Product and Solutions
2.4.4 Tokyo Electric Power Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.4.5 Tokyo Electric Power Recent Developments and Future Plans
2.5 Xcel Energy
2.5.1 Xcel Energy Details
2.5.2 Xcel Energy Major Business
2.5.3 Xcel Energy Renewable Energy Product and Solutions
2.5.4 Xcel Energy Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.5.5 Xcel Energy Recent Developments and Future Plans
2.6 ACCIONA
2.6.1 ACCIONA Details
2.6.2 ACCIONA Major Business
2.6.3 ACCIONA Renewable Energy Product and Solutions
2.6.4 ACCIONA Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.6.5 ACCIONA Recent Developments and Future Plans
2.7 RWE Group
2.7.1 RWE Group Details
2.7.2 RWE Group Major Business
2.7.3 RWE Group Renewable Energy Product and Solutions
2.7.4 RWE Group Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.7.5 RWE Group Recent Developments and Future Plans
2.8 Exelon Corporation
2.8.1 Exelon Corporation Details
2.8.2 Exelon Corporation Major Business
2.8.3 Exelon Corporation Renewable Energy Product and Solutions
2.8.4 Exelon Corporation Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.8.5 Exelon Corporation Recent Developments and Future Plans
2.9 Hawaiian Electric
2.9.1 Hawaiian Electric Details
2.9.2 Hawaiian Electric Major Business
2.9.3 Hawaiian Electric Renewable Energy Product and Solutions
2.9.4 Hawaiian Electric Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.9.5 Hawaiian Electric Recent Developments and Future Plans
2.10 Duke Energy
2.10.1 Duke Energy Details
2.10.2 Duke Energy Major Business
2.10.3 Duke Energy Renewable Energy Product and Solutions
2.10.4 Duke Energy Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.10.5 Duke Energy Recent Developments and Future Plans
2.11 Innergex
2.11.1 Innergex Details
2.11.2 Innergex Major Business
2.11.3 Innergex Renewable Energy Product and Solutions
2.11.4 Innergex Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.11.5 Innergex Recent Developments and Future Plans
2.12 Tata Power
2.12.1 Tata Power Details
2.12.2 Tata Power Major Business
2.12.3 Tata Power Renewable Energy Product and Solutions
2.12.4 Tata Power Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.12.5 Tata Power Recent Developments and Future Plans
2.13 EnBW
2.13.1 EnBW Details
2.13.2 EnBW Major Business
2.13.3 EnBW Renewable Energy Product and Solutions
2.13.4 EnBW Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.13.5 EnBW Recent Developments and Future Plans
2.14 Invenergy
2.14.1 Invenergy Details
2.14.2 Invenergy Major Business
2.14.3 Invenergy Renewable Energy Product and Solutions
2.14.4 Invenergy Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.14.5 Invenergy Recent Developments and Future Plans
2.15 China Three Gorges Corporation
2.15.1 China Three Gorges Corporation Details
2.15.2 China Three Gorges Corporation Major Business
2.15.3 China Three Gorges Corporation Renewable Energy Product and Solutions
2.15.4 China Three Gorges Corporation Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.15.5 China Three Gorges Corporation Recent Developments and Future Plans
2.16 China Huaneng Group
2.16.1 China Huaneng Group Details
2.16.2 China Huaneng Group Major Business
2.16.3 China Huaneng Group Renewable Energy Product and Solutions
2.16.4 China Huaneng Group Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.16.5 China Huaneng Group Recent Developments and Future Plans
2.17 SDIC Power Holdings
2.17.1 SDIC Power Holdings Details
2.17.2 SDIC Power Holdings Major Business
2.17.3 SDIC Power Holdings Renewable Energy Product and Solutions
2.17.4 SDIC Power Holdings Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.17.5 SDIC Power Holdings Recent Developments and Future Plans
2.18 China Energy
2.18.1 China Energy Details
2.18.2 China Energy Major Business
2.18.3 China Energy Renewable Energy Product and Solutions
2.18.4 China Energy Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.18.5 China Energy Recent Developments and Future Plans
2.19 China Datang Corporation
2.19.1 China Datang Corporation Details
2.19.2 China Datang Corporation Major Business
2.19.3 China Datang Corporation Renewable Energy Product and Solutions
2.19.4 China Datang Corporation Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.19.5 China Datang Corporation Recent Developments and Future Plans
2.20 China Resources Power
2.20.1 China Resources Power Details
2.20.2 China Resources Power Major Business
2.20.3 China Resources Power Renewable Energy Product and Solutions
2.20.4 China Resources Power Renewable Energy Revenue, Gross Margin and Market Share (2020-2025)
2.20.5 China Resources Power Recent Developments and Future Plans

3 Market Competition, by Players
3.1 Global Renewable Energy Revenue and Share by Players (2020-2025)
3.2 Market Share Analysis (2024)
3.2.1 Market Share of Renewable Energy by Company Revenue
3.2.2 Top 3 Renewable Energy Players Market Share in 2024
3.2.3 Top 6 Renewable Energy Players Market Share in 2024
3.3 Renewable Energy Market: Overall Company Footprint Analysis
3.3.1 Renewable Energy Market: Region Footprint
3.3.2 Renewable Energy Market: Company Product Type Footprint
3.3.3 Renewable Energy Market: Company Product Application Footprint
3.4 New Market Entrants and Barriers to Market Entry
3.5 Mergers, Acquisition, Agreements, and Collaborations

4 Market Size Segment by Type
4.1 Global Renewable Energy Consumption Value and Market Share by Type (2020-2025)
4.2 Global Renewable Energy Market Forecast by Type (2026-2031)

5 Market Size Segment by Application
5.1 Global Renewable Energy Consumption Value Market Share by Application (2020-2025)
5.2 Global Renewable Energy Market Forecast by Application (2026-2031)

6 North America
6.1 North America Renewable Energy Consumption Value by Type (2020-2031)
6.2 North America Renewable Energy Market Size by Application (2020-2031)
6.3 North America Renewable Energy Market Size by Country
6.3.1 North America Renewable Energy Consumption Value by Country (2020-2031)
6.3.2 United States Renewable Energy Market Size and Forecast (2020-2031)
6.3.3 Canada Renewable Energy Market Size and Forecast (2020-2031)
6.3.4 Mexico Renewable Energy Market Size and Forecast (2020-2031)

7 Europe
7.1 Europe Renewable Energy Consumption Value by Type (2020-2031)
7.2 Europe Renewable Energy Consumption Value by Application (2020-2031)
7.3 Europe Renewable Energy Market Size by Country
7.3.1 Europe Renewable Energy Consumption Value by Country (2020-2031)
7.3.2 Germany Renewable Energy Market Size and Forecast (2020-2031)
7.3.3 France Renewable Energy Market Size and Forecast (2020-2031)
7.3.4 United Kingdom Renewable Energy Market Size and Forecast (2020-2031)
7.3.5 Russia Renewable Energy Market Size and Forecast (2020-2031)
7.3.6 Italy Renewable Energy Market Size and Forecast (2020-2031)

8 Asia-Pacific
8.1 Asia-Pacific Renewable Energy Consumption Value by Type (2020-2031)
8.2 Asia-Pacific Renewable Energy Consumption Value by Application (2020-2031)
8.3 Asia-Pacific Renewable Energy Market Size by Region
8.3.1 Asia-Pacific Renewable Energy Consumption Value by Region (2020-2031)
8.3.2 China Renewable Energy Market Size and Forecast (2020-2031)
8.3.3 Japan Renewable Energy Market Size and Forecast (2020-2031)
8.3.4 South Korea Renewable Energy Market Size and Forecast (2020-2031)
8.3.5 India Renewable Energy Market Size and Forecast (2020-2031)
8.3.6 Southeast Asia Renewable Energy Market Size and Forecast (2020-2031)
8.3.7 Australia Renewable Energy Market Size and Forecast (2020-2031)

9 South America
9.1 South America Renewable Energy Consumption Value by Type (2020-2031)
9.2 South America Renewable Energy Consumption Value by Application (2020-2031)
9.3 South America Renewable Energy Market Size by Country
9.3.1 South America Renewable Energy Consumption Value by Country (2020-2031)
9.3.2 Brazil Renewable Energy Market Size and Forecast (2020-2031)
9.3.3 Argentina Renewable Energy Market Size and Forecast (2020-2031)

10 Middle East & Africa
10.1 Middle East & Africa Renewable Energy Consumption Value by Type (2020-2031)
10.2 Middle East & Africa Renewable Energy Consumption Value by Application (2020-2031)
10.3 Middle East & Africa Renewable Energy Market Size by Country
10.3.1 Middle East & Africa Renewable Energy Consumption Value by Country (2020-2031)
10.3.2 Turkey Renewable Energy Market Size and Forecast (2020-2031)
10.3.3 Saudi Arabia Renewable Energy Market Size and Forecast (2020-2031)
10.3.4 UAE Renewable Energy Market Size and Forecast (2020-2031)

11 Market Dynamics
11.1 Renewable Energy Market Drivers
11.2 Renewable Energy Market Restraints
11.3 Renewable Energy Trends Analysis
11.4 Porters Five Forces Analysis
11.4.1 Threat of New Entrants
11.4.2 Bargaining Power of Suppliers
11.4.3 Bargaining Power of Buyers
11.4.4 Threat of Substitutes
11.4.5 Competitive Rivalry

12 Industry Chain Analysis
12.1 Renewable Energy Industry Chain
12.2 Renewable Energy Upstream Analysis
12.3 Renewable Energy Midstream Analysis
12.4 Renewable Energy Downstream Analysis

13 Research Findings and Conclusion

14 Appendix
14.1 Methodology
14.2 Research Process and Data Source
14.3 Disclaimer

Major Market Players

  • ABB

  • Acciona

  • Canadian Solar

  • EDP Renováveis

  • Enel Spa

  • Engie

  • General Electric

  • Iberdrola

  • Innergex

  • Invenergy

  • National Grid Renewables

  • NextEra Energy

  • Orsted

  • Schneider Electric

  • Siemens

  • Suzlon Energy

  • Tata Power

  • Xcel Energy

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