Renewable Energy Market Poised for Robust Growth, forecasted to Expand at 12.17% CAGR from 2025-30
MarkNtel Advisors has released its latest report highlighting strong growth in The Global Renewable Energy Market size was valued at around USD 1080 billion in 2024 and is projected to reach USD 1918 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 12.17% during the forecast period, i.e., 2025-30.
Report Coverage
This report offers a comprehensive analysis of the Renewable Energy Market, providing valuable insights across historical trends, current dynamics, and future forecasts.
- Base Year: 2025
- Forecast Years: 2025-30
- Historical Years: 2020-23
Renewable Energy Market Overview
Along with this, the market is estimated to grow at a CAGR of around 12.17% during the forecast period, i.e., 2025-30. The rapid growth of the market is attributed to increased research & development for the advancement of renewable systems & infrastructure, along with the strategic initiatives launched by national governments across the globe. The technological enhancements made by the players in the renewable energy market for better integration of renewable systems across residential, commercial, and industrial sectors are also key to the growth of the market.
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Renewable Energy Market Segmentation Outlook
The Renewable Energy is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
By Source
- Solar – Market Size & Forecast, 2020-2030, MWh
- Wind – Market Size & Forecast, 2020-2030, MWh
- Hydro – Market Size & Forecast, 2020-2030, MWh
- Others (Biomass, geothermal, etc.) – Market Size & Forecast, 2020-2030, MWh
By End User
- Residential – Market Size & Forecast, 2020-2030, MWh
- Commercial – Market Size & Forecast, 2020-2030, MWh
- Industrial – Market Size & Forecast, 2020-2030, MWh
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Renewable Energy Market Challenge
Unprecedented Global Events Causing Disruptions in the Supply Chain – In the past, sudden incidents such as the COVID-19 pandemic, the Russia-Ukraine War, the Israel-Hamas War, etc., have caused major disruptions in the routine activities of the global economy. The manufacturing of components for these power plants follows a well-defined flow of global supply chain activities, from the sourcing of raw materials from various locations around the globe, transforming them, and finally supplying them to the place of establishment. Any hindrance in this process hampers the production of goods, leading to delays in order completion and installation and, in the end, disturbing revenue generation and capacity addition. Since the historical period, such global events have been majorly creating issues for the smooth functioning of the market and restraining market growth & development.
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Top Renewable Energy Market Brands & Their Strategic Market Positioning
MarkNtel Advisors Research identifies Iberdrola, Siemens Gamesa, Ørsted A/S, NextEra Energy, Inc., EDf Renewable, General Electric, Vestas, Acciona, S.A., Canadian Solar, Enel Green Power SpA, Lightsource BP, Adani Green Energy Ltd., Tata Power Renewables, Enterprize Energy, JSW Energy, and othersOthers as key players shaping the market landscape.
Renewable Energy Market News
- 2024: Spanish renewable energy giant Siemens Gamesa attained a contract for the production, delivery, and servicing of wind turbines with a capacity of 14.4 MW for a 1.44 GW offshore wind farm in Poland. The company had received this contract from Equinor and Polenergia. This project aims to supply electricity to nearly 2 million Polish homes.
- 2023: The Indian Ministry of New and Renewable Energy and the Saudi Arabian Ministry of Investment agreed to support investments in each other’s new & renewable energy, specifically solar, wind, and green hydrogen. A Memorandum of Understanding (MoU) was signed for synergy between the two countries regarding the electrical connection between India and Saudi Arabia, the supply of electricity during peak load and emergency cases, a better supply chain, the co-development of projects, etc.
Key Questions Answered in the Report
- What is the market size (value & volume) along with the current & future trends, growth factors & challenges, etc.?
- How the industry has been evolving, and which segments would dominate the market during the forecast period?
- What are the key opportunity areas that companies foresee in the coming years 2030?
- Who are the key players in the market, and what are their competitive strengths?
- What are the key growth drivers & challenges associated with the market, and how would they impact the market through the forecast period?
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