The global renewable energy market size reached US$ 822.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1402.7 Billion by 2028, exhibiting a growth rate (CAGR) of 8.5% during 2023-2028. The rising global warming concern, increasing initiatives by several governments and international organizations, and the introduction of floating solar panels represent some of the key factors driving the market.
|Market Size in 2022
||US$ 822.7 Billion
|Market Forecast in 2028
||US$ 1402.7 Billion
|Market Growth Rate (2023-2028)
Renewable energy refers to clean energy generated from resources that replenish over time through natural processes. It includes solar, wind, hydro, geothermal, biomass, tidal, and wave energy. It is widely used for electricity generation, transportation, heating and cooling applications, desalination processes, water treatment, irrigation systems, street lighting, space explorations, military operations, and research activities. As compared to conventional energy sources, renewable energy is abundant, sustainable, cost-effective, easily accessible, and reduces carbon footprint. It also provides long-term energy stability, minimizes dependence on fossil fuels, builds resilience, and promotes energy diversification. Renewable energy also aids in protecting the environment, improving public health, supporting local economies, and enhancing the quality of life. As a result, it finds extensive applications across the automotive, agriculture, transportation, manufacturing, healthcare, defense, and aerospace industries.
Renewable Energy Market Trends:
The rising global warming concern due to the increasing emission of carbon dioxide (CO2) and other greenhouse gases from the combustion of fossil fuels is one of the key factors creating a positive outlook for the market growth. Renewable energy is generated from sustainable natural resources, such as wind, sunlight, water, and geothermal heat, which do not pollute the environment and aid in improving air quality, conserving resources, protecting biodiversity, and mitigating the adverse impact of climate change. Furthermore, the implementation of various initiatives by several governments and international organizations, such as the United Nations (UN) and the International Renewable Energy Agency (IRENA), to educate the masses and support the expansion of renewable energy generation capacities is providing an impetus to the market growth. Additionally, the introduction of floating solar panels that can be installed on various water bodies, such as lakes, reservoirs, and oceans, to increase the efficiency of solar power systems and reduce the land use requirement is positively influencing the market growth. Apart from this, the recent development of energy storage technologies, such as advanced batteries and pumped hydro storage, which aids in improving the reliability of renewable energy systems and reducing the dependency on backup power sources, is favoring the market growth. Moreover, the increasing demand for renewable energy to provide electricity to off-grid communities, remote locations, and rural areas is providing a thrust to the market growth. Other factors, including rising awareness among the masses regarding the benefits of renewable energy, extensive research and development (R&D) activities, and the widespread adoption of renewable energy in sustainable manufacturing practices, are anticipated to drive the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global renewable energy market report, along with forecasts at the global, regional, and country levels for 2023-2028. Our report has categorized the market based on type and end user.
- Hydro Power
- Wind Power
- Solar Power
The report has provided a detailed breakup and analysis of the renewable energy market based on the type. This includes hydro power, wind power, solar power, bioenergy, and others. According to the report, hydro power represented the largest segment.
End User Insights:
A detailed breakup and analysis of the renewable energy market based on the end user has also been provided in the report. This includes industrial, residential, and commercial. According to the report, industrial accounted for the largest market share.
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for renewable energy. Some of the factors driving the Asia Pacific renewable energy market included rising environmental concerns, various government initiatives, and rapid technological advancements.
The report has also provided a comprehensive analysis of the competitive landscape in the global renewable energy market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include ABB Ltd., Acciona S.A., Duke Energy Corporation, Électricité de France S.A., Enel S.p.A., General Electric Company, Innergex Renewable Energy Inc., Invenergy, National Grid plc, Ørsted A/S, Siemens Energy AG, Tata Power Company Limited, Xcel Energy Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Renewable Energy Market Report Scope:
|Base Year of the Analysis
| Historical Period
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Hydro Power, Wind Power, Solar Power, Bioenergy, Others
|End Users Covered
||Industrial, Residential, Commercial
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ABB Ltd., Acciona S.A., Duke Energy Corporation, Électricité de France S.A., Enel S.p.A., General Electric Company, Innergex Renewable Energy Inc., Invenergy, National Grid plc, Ørsted A/S, Siemens Energy AG, Tata Power Company Limited, Xcel Energy Inc., etc.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the global renewable energy market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global renewable energy market?
- What is the impact of each driver, restraint, and opportunity on the global renewable energy market?
- What are the key regional markets?
- Which countries represent the most attractive renewable energy market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the renewable energy market?
- What is the breakup of the market based on the end user?
- Which is the most attractive end user in the renewable energy market?
- What is the competitive structure of the global renewable energy market?
- Who are the key players/companies in the global renewable energy market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the renewable energy market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global renewable energy market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the renewable energy industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.