Renewable Energy Market Size, Share & Trends Analysis Report By Product (Bioenergy, Hydropower, Wind Power, Solar Energy), By Application (Industrial, Residential, Commercial), By Region (Europe, Asia Pacific), And Segment Forecasts, 2024 - 2030

Renewable Energy Market Size, Share & Trends Analysis Report By Product (Bioenergy, Hydropower, Wind Power, Solar Energy), By Application (Industrial, Residential, Commercial), By Region (Europe, Asia Pacific), And Segment Forecasts, 2024 - 2030

Renewable Energy Market Growth & Trends

The global renewable energy market size is expected to reach USD 3.60 trillion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.2% from 2024 to 2030. Numerous governments across the world have framed various regulations to reduce Greenhouse Gas (GHG) emissions. The shift toward low-carbon fuels and the presence of stringent environmental regulations in most of the developed countries have provided a major boost to the renewable energy sector. Due to climate change and increasing environmental concerns, most governments have set targets to cut down their emissions. As a result, there have been huge investments in renewable energy and alternate fuels, and this trend is expected to continue in the coming years.

Thus, the increasing inclination toward eco-friendly products to reduce emissions is expected to fuel the demand for renewable energy over the forecast period. The hydropower segment accounted for a share of 16.65% of the overall revenue in 2023. Hydropower, also known as hydroelectric power, offers advantages to communities and plays a crucial role to help climate change by providing storage, power, and flexibility services. It is a domestic source of energy, which allows each state to generate its own energy without reliance on any international fuel sources. The solar Power segment is expected to witness the largest growth over the forecast period owing to it being low in cost and reducing electricity interruptions. The industrial segment was the largest in 2023 and accounted for a revenue share of about 61.90%.

The growing demand for clean electricity is expected to increase the number of utility projects and fuel the PV modules market growth across the industrial sector. The commercial segment is expected to grow at the fastest CAGR over the forecast period. The rapid adoption of PV modules in corporate offices, hotels, and hospitals is expected to drive product demand across the commercial sector coupled with increased power demand in communication base stations and data centers. The market in Asia Pacific was the largest in 2023 with a revenue share of 40.98%. The increasing demand for renewable energy in Asia Pacific is attributed to the rising installation of solar power projects in China and India.

These countries are the key markets for solar panels, both globally and in Asia Pacific. In addition, other countries in the region, including Australia and Japan, have high growth potential for the market as they have been investing largely in solar power generation for the last few years. Major players in the industry are focusing on innovation and technological advancements to reduce the cost of renewable energy and make it competitive with traditional power sources, such as natural gas and coal. In addition, industry participants are emphasizing practicing several strategic initiatives, such as joint ventures, partnerships, and mergers & acquisitions, to strengthen their foothold in the global market over the coming years.

Renewable Energy Market Report Highlights

• The solar power segment held the largest share of 30.95% of the overall revenue in 2023 owing to it playing a crucial role to help climate change by providing storage, power, and flexibility services
• In terms of revenue, the industrial segment was the largest in 2023. The growing demand for clean electricity is expected to increase the number of utility projects and fuel the PV modules market growth across the industrial sector
• Asia Pacific was the dominant regional market in 2023. The increasing demand for renewable energy in Asia Pacific is attributed to the rising installation of solar power projects in China and India

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