Renewable Energy Market - Growth Trends & Forecasts Analysis (2025 - 2030)

The Report Covers the Global Renewable Energy Market Size and Share, and the Market is Segmented by Type (Solar, Wind, Hydro, Bioenergy, and Other Types (Geothermal, Tidal, Etc. )) and Geography (North America, Asia-Pacific, Europe, South America, and Middle East and Africa). The Report Offers the Market Size and Forecasts in Installed Capacity for all the Above Segments.

Renewable Energy Market - Growth Trends & Forecasts Analysis (2025 - 2030)

Renewable Energy Market Size

Renewable Energy Market (2024 - 2029)
Study Period 2019 - 2030
Market Volume (2025) 4.53 TW
Market Volume (2030) 6.38 TW
CAGR 7.09 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Renewable Energy Market with other markets in Energy & Power Industry

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Energy Storage Technology

Renewable Energy Market Analysis

The Renewable Energy Market size is estimated at 4.53 tw in 2025, and is expected to reach 6.38 tw by 2030, at a CAGR of 7.09% during the forecast period (2025-2030).

The renewable energy industry is experiencing unprecedented transformation driven by technological advancements and manufacturing scale-ups. A significant indicator of this transformation is China's aggressive expansion of polysilicon production capacity, which is projected to increase from 530,000 MT in 2021 to 4 million MT by 2024, demonstrating the industry's commitment to addressing supply chain bottlenecks. This manufacturing expansion is complemented by innovations in module efficiency and production techniques, with several manufacturers introducing new high-efficiency solar modules and advanced manufacturing processes. The industry is witnessing a shift toward larger wafer sizes and higher power outputs, enabling improved performance and cost-effectiveness.


The offshore wind sector has emerged as a crucial component of the global renewable energy landscape, with cumulative offshore installations reaching 57.1 GW in 2021, marking a substantial 58% increase over the previous year. This growth is supported by technological advancements in turbine design and installation methods, with manufacturers developing larger, more efficient turbines. The industry is also seeing innovations in floating wind technology and hybrid projects that combine different renewable energy sources, enabling access to previously unsuitable locations for renewable power generation.


Manufacturing capacity expansion has become a central focus across regions, particularly in Europe, where initiatives aim to establish significant domestic production capabilities. The European Solar Initiative, supported by the European Commission, has set an ambitious target to increase Europe's solar module production capacity from 4.5 GW in 2021 to 30 GW by 2025. This expansion is accompanied by investments in research and development facilities, with several companies establishing centers for innovation in solar and wind technologies. The renewable energy industry is witnessing a trend toward localized production to reduce supply chain dependencies and transportation costs.


Regional development initiatives are gaining momentum, particularly in emerging markets and traditionally fossil fuel-dependent regions. Brazil's renewable energy sector exemplifies this trend, with over 66 offshore wind projects under development as of October 2022. The Middle East is also making significant strides, as evidenced by recent agreements signed during COP27 for developing renewable energy projects totaling 55 GW of capacity. These developments are accompanied by investments in grid infrastructure and energy storage solutions to support the integration of renewable energy systems. The industry is seeing increased collaboration between technology providers, utilities, and governments to address integration challenges and optimize renewable energy deployment.

Segment Analysis: Type

Solar Segment in Renewable Energy Market

The solar energy segment dominates the renewable energy market, holding approximately 34% market share in 2024. This significant market position is driven by several factors, including declining costs of solar modules, favorable government policies, and ambitious renewable energy targets set by major economies. China's massive deployment plans of 450 GW of solar capacity in the Gobi desert region, along with India's target of 300 GW by 2030, demonstrate the strong growth momentum in this segment. The segment's leadership is further reinforced by technological advancements in photovoltaic systems, increasing efficiency of solar panels, and the growing adoption of solar energy across residential, commercial, and utility-scale applications.

Market Analysis of Renewable Energy Market: Chart for Type

Wind Segment in Renewable Energy Market

The wind energy segment is projected to experience substantial growth during 2024-2029, driven by increasing investments in both onshore and offshore wind projects globally. The segment's growth is particularly notable in the offshore wind sector, with various countries establishing ambitious procurement targets. The United States alone has set a target of deploying 30 GW of offshore wind by 2030, while European nations are collectively working towards significant capacity additions through initiatives like the REPowerEU plan. Technological advancements in wind turbine design, increasing turbine sizes, and improving efficiency are further accelerating this growth trajectory in the wind energy sector.

Remaining Segments in Renewable Energy Market

The hydropower segment maintains a significant presence in the renewable energy market, providing reliable baseload power generation and grid stability. Biomass energy continues to gain importance, particularly in countries with strong agricultural sectors, offering versatile applications in power generation and heating. The other renewable sources, including geothermal energy, tidal, and hydrogen, though currently holding a smaller market share, are witnessing increased attention due to their potential in providing consistent and reliable renewable energy. These segments are benefiting from technological advancements and increasing investment in research and development, particularly in regions with favorable natural resources for these technologies.

Renewable Energy Market Geography Segment Analysis

Renewable Energy Equipment Market in Asia-Pacific

The Asia-Pacific region dominates the global renewable energy market, commanding approximately 51% of the total market share in 2024. The region's prominence is primarily driven by China's position as the global manufacturing hub for solar panels and wind turbine components, complemented by rapidly expanding manufacturing capabilities in India, Japan, South Korea, and ASEAN countries. The region benefits from robust domestic demand, proximity to major consumption centers, and significantly lower manufacturing and supply chain costs. China's ambitious renewable energy targets and India's goal of installing 500 GW of renewable capacity have created substantial market opportunities. The region's competitive advantage is further strengthened by its well-established supply chain infrastructure, skilled workforce, and supportive government policies promoting domestic manufacturing. Additionally, the increasing focus on reducing dependency on fossil fuels and addressing environmental concerns has accelerated investments in renewable energy projects across the region.

Market Analysis of Renewable Energy Market: Forecasted Growth Rate by Region

Renewable Energy Equipment Market in North America

The North American renewable energy market has demonstrated steady development, registering a modest growth rate of approximately 0.4% during the period 2019-2024. The market is characterized by significant technological advancement and innovation, particularly in solar and wind energy equipment manufacturing. The United States leads the regional market, driven by robust federal policies and state-level renewable portfolio standards. The region's market dynamics are shaped by increasing emphasis on domestic manufacturing capabilities and reducing dependence on foreign suppliers. The Biden administration's focus on clean energy transition has created a favorable environment for renewable energy equipment manufacturers. Canada and Mexico complement the regional market with their distinct advantages—Canada with its strong focus on hydropower equipment and Mexico with its emerging solar manufacturing capabilities. The market also benefits from substantial private sector investments and growing corporate commitments to renewable energy adoption.

Renewable Energy Equipment Market in Europe

The European renewable energy market is projected to experience robust growth at approximately 11% annually from 2024 to 2029. The region's market is characterized by strong technological innovation and high-quality manufacturing standards, particularly in wind turbine and solar equipment production. Germany, France, and the United Kingdom serve as key manufacturing hubs, with significant investments in research and development of next-generation renewable energy technologies. The European Green Deal and various national renewable energy targets continue to drive market expansion. The region's focus on offshore wind technology has created specialized manufacturing capabilities in this sector. Local manufacturing initiatives, particularly in solar panel production, are gaining momentum as Europe aims to reduce dependence on imports. The market benefits from strong regulatory frameworks, established quality standards, and increasing integration of renewable energy into the grid system.

Renewable Energy Equipment Market in Middle East & Africa

The Middle East & Africa renewable energy market is experiencing transformative growth, driven by ambitious energy diversification plans and increasing investments in renewable energy infrastructure. The region's market is characterized by a strong focus on solar equipment, leveraging its abundant solar resources. Saudi Arabia and the UAE are emerging as key markets, with significant investments in developing local manufacturing capabilities for renewable energy equipment. The region's strategic location and improving business environment have attracted international manufacturers to establish production facilities. Countries across the region are implementing supportive policies to develop domestic manufacturing capabilities, particularly in solar panel and wind turbine component production. The market is further strengthened by increasing private sector participation and growing awareness of sustainable clean energy solutions.

Renewable Energy Equipment Market in South America

The South American renewable energy market is witnessing significant development, primarily led by Brazil's expanding renewable energy sector. The region's market is characterized by growing domestic manufacturing capabilities, particularly in solar and wind energy equipment. Local production facilities are being established to meet the increasing demand from utility-scale renewable energy projects. The market benefits from abundant renewable energy resources and supportive government policies promoting local manufacturing. Countries like Chile and Argentina are also contributing to market growth through their renewable energy initiatives. The region's focus on reducing dependence on hydropower has created opportunities for diversification into solar and wind equipment manufacturing. The market is further supported by increasing foreign investments and technology transfers from global manufacturers.

Renewable Energy Industry Overview

Top Companies in Renewable Energy Market

The renewable energy market features prominent players like NextEra Energy, EDF SA, Canadian Solar, Vestas Wind Systems, and Siemens Gamesa, who are leading innovation and market development. These renewable energy players are increasingly focusing on technological advancements in solar modules, wind turbines, and smart tracking systems to improve efficiency and power generation capabilities. Strategic expansions through joint ventures and partnerships, particularly in emerging markets like Asia-Pacific and Latin America, demonstrate the industry's growth trajectory. Manufacturing facilities are being established across multiple geographies to strengthen supply chain resilience and meet local content requirements. Product portfolios are being diversified to include integrated solutions combining generation, storage, and smart grid technologies, while significant investments in research and development are driving improvements in equipment performance and cost-effectiveness.

Dynamic Market Structure Drives Industry Evolution

The renewable energy market exhibits a moderately fragmented structure with a mix of global conglomerates and specialized equipment manufacturers competing across various technology segments. Large integrated energy companies leverage their financial strength and established infrastructure to maintain market positions, while specialized manufacturers focus on technological innovation in specific segments like solar panels or wind turbines. The market is characterized by increasing consolidation through strategic acquisitions and partnerships, particularly in mature markets, as companies seek to expand their technological capabilities and geographical presence.


Recent market developments show an increasing trend of vertical integration, with manufacturers expanding across the value chain from component production to project development and operations. Cross-border acquisitions and joint ventures are becoming more prevalent as companies seek to enter new markets and acquire technological expertise. The industry is witnessing the emergence of new players from emerging economies, particularly Chinese manufacturers who are expanding their global footprint through competitive pricing and technological advancement, leading to increased market competition and innovation pressure on established players.

Innovation and Adaptability Drive Market Success

Success in the renewable energy market increasingly depends on companies' ability to innovate while maintaining cost competitiveness. Incumbent players are focusing on developing advanced technologies like smart tracking systems, larger wind turbines, and more efficient solar modules to maintain their market positions. Companies are also investing in digitalization and automation to optimize operations and improve maintenance efficiency. The ability to provide integrated solutions that combine multiple renewable technologies with storage solutions is becoming crucial for market leadership, while establishing a strong local presence and supply chain networks in key markets is essential for sustained growth.


Market contenders are finding opportunities through specialization in specific technology segments and focusing on underserved markets. The increasing emphasis on environmental regulations and renewable energy targets across countries creates opportunities for companies with innovative solutions and efficient technologies. Success factors include developing strong relationships with project developers and utilities, maintaining flexible manufacturing capabilities to adapt to changing market demands, and building robust after-sales service networks. Companies must also consider the growing importance of sustainability in manufacturing processes and the ability to demonstrate environmental compliance throughout their supply chains.

Renewable Energy Market Leaders

  1. Canadian Solar Inc.

  2. General Electric Company

  3. Vestas Wind Systems AS

  4. First Solar Inc.

  5. Jinko Solar Holding Co. Ltd

  6. *Disclaimer: Major Players sorted in no particular order
Renewable Energy Market Concentration
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Renewable Energy Market News

  • April 2023: ArcelorMittal announced that the company's Brazilian entity, ArcelorMittal Brazil, formed a joint venture with the Brazilian renewable energy company Casa dos Ventos to develop the 554 MW Babilonia wind power project. The project is expected to be developed at a cost of USD 800 million and will be located in the central region of Bahia, northeast Brazil. ArcelorMittal is anticipated to hold a 55% share in the joint venture, and the remaining share will be held by Casa dos Ventos.
  • January 2023: Cepsa announced that it would build three new solar power projects in Castilla-La Mancha, Spain. The total capacity of the three solar energy farms is expected to be 400 MW. The projects are expected to be developed with an investment of USD 305 million in the towns of Campo de Criptana and Arenales de San Gregorio.
  • May 2022: NJR Clean Energy Ventures (CEV) started construction on an 8.9-MW floating solar installation in Millburn, New Jersey, which is expected to be the largest floating array in the United States. The project uses a floating racking system, and 16,510 solar panels are expected to be installed on a reservoir located at the New Jersey American Water Canoe Brook Water Treatment Plant. The clean power generated by the array is anticipated to provide approximately 95% of the facility's annual power needs through a power purchase agreement with CEV.

Renewable Energy Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Renewable Energy Mix, 2023
  • 4.3 Renewable Energy Installed Capacity and Forecast till 2029
  • 4.4 Recent Trends and Developments
  • 4.5 Government Policies and Regulations
  • 4.6 Market Dynamics
    • 4.6.1 Drivers
    • 4.6.1.1 Favorable Government Policies for Renewable Energy
    • 4.6.1.2 The Declining Price of Solar Panels and Wind Turbine Installations
    • 4.6.1.3 Increasing Investments in Hydropower and Pumped Storage Hydropower Projects
    • 4.6.1.4 Growing Emphasis on Geothermal Energy
    • 4.6.2 Restraints
    • 4.6.2.1 Increasing Penetration of Natural Gas for Power Generation​
  • 4.7 Supply Chain Analysis
  • 4.8 Porter's Five Forces Analysis
    • 4.8.1 Bargaining Power of Suppliers
    • 4.8.2 Bargaining Power of Consumers
    • 4.8.3 Threat of New Entrants
    • 4.8.4 Threat of Substitutes Products and Services
    • 4.8.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 Type
    • 5.1.1 Solar
    • 5.1.2 Wind
    • 5.1.3 Hydro
    • 5.1.4 Bioenergy
    • 5.1.5 Other Types (Geothermal, Tidal, etc.)
  • 5.2 Geography
    • 5.2.1 North America
    • 5.2.1.1 United States of America
    • 5.2.1.2 Canada
    • 5.2.1.3 Rest of the North America
    • 5.2.2 Europe
    • 5.2.2.1 United Kingdom
    • 5.2.2.2 Germany
    • 5.2.2.3 France
    • 5.2.2.4 Spain
    • 5.2.2.5 NORDIC
    • 5.2.2.6 Turkey
    • 5.2.2.7 Russia
    • 5.2.2.8 Rest of the Europe
    • 5.2.3 Asia-Pacific
    • 5.2.3.1 China
    • 5.2.3.2 India
    • 5.2.3.3 Japan
    • 5.2.3.4 Malaysia
    • 5.2.3.5 Thailand
    • 5.2.3.6 Indonesia
    • 5.2.3.7 Vietnam
    • 5.2.3.8 Rest of Asia-Pacific
    • 5.2.4 Middle East and Africa
    • 5.2.4.1 United Arab Emirates
    • 5.2.4.2 Saudi Arabia
    • 5.2.4.3 Egypt
    • 5.2.4.4 Nigeria
    • 5.2.4.5 South Africa
    • 5.2.4.6 Qatar
    • 5.2.4.7 Rest of the Middle East and Africa
    • 5.2.5 South America
    • 5.2.5.1 Brazil
    • 5.2.5.2 Argentina
    • 5.2.5.3 Colombia
    • 5.2.5.4 Rest of the South America

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 EPC Developers/Operators/Owners
    • 6.3.1.1 Orsted AS
    • 6.3.1.2 EDF SA
    • 6.3.1.3 NextEra Energy Inc.
    • 6.3.1.4 Duke Energy Corporation
    • 6.3.1.5 Berkshire Hathway Energy
    • 6.3.1.6 Acciona Energia SA
    • 6.3.2 Equipment Suppliers
    • 6.3.2.1 First Solar Inc.
    • 6.3.2.2 Vestas Wind Systems AS
    • 6.3.2.3 Canadian Solar Inc.
    • 6.3.2.4 Jinko Solar Holding Co. Ltd
    • 6.3.2.5 General Electric Company
    • 6.3.2.6 Siemens Gamesa Renewable Energy SA
  • *List Not Exhaustive
  • 6.4 Market Ranking/Share (%) Analysis

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Ambitious Renewable Energy Targets across the World
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Renewable Energy Industry Segmentation

Renewable energy is the energy collected from renewable resources such as sunlight, wind, water movement, and geothermal heat that are naturally replenished.

The global renewable energy market is segmented by type and geography. By type, the market is segmented into solar, wind, hydro, bioenergy, and other types. The report also covers the installed capacity and forecasts for the renewable energy market across major regions. For each segment, the market size and forecasts have been done based on installed capacity.

Type Solar
Wind
Hydro
Bioenergy
Other Types (Geothermal, Tidal, etc.)
Geography North America United States of America
Canada
Rest of the North America
Europe United Kingdom
Germany
France
Spain
NORDIC
Turkey
Russia
Rest of the Europe
Asia-Pacific China
India
Japan
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
Middle East and Africa United Arab Emirates
Saudi Arabia
Egypt
Nigeria
South Africa
Qatar
Rest of the Middle East and Africa
South America Brazil
Argentina
Colombia
Rest of the South America
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Renewable Energy Market Research FAQs

How big is the Renewable Energy Market?

The Renewable Energy Market size is expected to reach 4.53 tw in 2025 and grow at a CAGR of 7.09% to reach 6.38 tw by 2030.

What is the current Renewable Energy Market size?

In 2025, the Renewable Energy Market size is expected to reach 4.53 tw.

Who are the key players in Renewable Energy Market?

Canadian Solar Inc., General Electric Company, Vestas Wind Systems AS, First Solar Inc. and Jinko Solar Holding Co. Ltd are the major companies operating in the Renewable Energy Market.

Which is the fastest growing region in Renewable Energy Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Renewable Energy Market?

In 2025, the Asia Pacific accounts for the largest market share in Renewable Energy Market.

What years does this Renewable Energy Market cover, and what was the market size in 2024?

In 2024, the Renewable Energy Market size was estimated at 4.21 TW. The report covers the Renewable Energy Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Renewable Energy Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Renewable Energy Market Research

Mordor Intelligence provides a comprehensive analysis of the renewable energy industry through detailed research covering the entire clean energy industry. Our expertise spans multiple sectors, including solar energy, wind energy, geothermal energy, biomass energy, tidal energy, and hydropower systems. The report offers in-depth renewable energy industry statistics and insights into renewable energy global trends. It is available in an easy-to-read report PDF format for download. Our analysis covers renewable energy systems, energy storage solutions, and smart grid technologies, providing stakeholders with crucial insights into renewable infrastructure developments.

The report benefits stakeholders by offering detailed renewable energy market analysis and projections for the renewable energy industry outlook. We examine renewable energy growth rates across various segments, including renewable power generation, distributed energy, and renewable energy storage technologies. Our research covers renewable energy industry trends, advancements in renewable technology, and a thorough renewable energy cost analysis. This provides valuable insights for clean energy companies, green power companies, and sustainable energy companies. The analysis includes comprehensive assessments of renewable energy market size and renewable energy growth forecasts, enabling informed decision-making in the evolving alternative energy industry.