Renewable Energy Market Size and Share

Renewable Energy Market (2025 - 2030)

Renewable Energy Market Analysis by Mordor Intelligence

The Renewable Energy Market size in terms of installed base is expected to grow from 5.27 Thousand gigawatt in 2025 to 10.24 Thousand gigawatt by 2030, at a CAGR of 14.23% during the forecast period (2025-2030).

Solar power retains leadership with a 40.4% slice of installed capacity, but ocean energy is now the breakout technology, advancing at a 36.9% CAGR as tidal- and wave-based systems shift from demonstration to early commercial scale. Utility-scale projects continue to anchor growth thanks to cost efficiencies, yet distributed generation is gaining ground as corporates pursue decarbonization, hedge energy costs, and capitalize on evolving power-purchase structures. Asia-Pacific drives more than half of global capacity additions through manufacturing scale and supportive policies, while South America leads on growth pace amid regulatory reforms and capital inflows. Digital optimization, especially AI-enabled siting and operations, is amplifying project economics and accelerating timelines, signaling a more software-centric trajectory for the renewable energy market.

Key Report Takeaways

  • By technology, solar energy captured 40.4% of the renewable energy market share in 2024; ocean energy is projected to expand at a 36.9% CAGR through 2030.
  • By end-use, utilities accounted for 65.9% of the renewable energy market size in 2024, whereas commercial and industrial (C&I) installations are set to advance at a 17.2% CAGR to 2030.
  • By geography, Asia-Pacific held 54.1% of the renewable energy market share in 2024, while South America is forecast to post an 18.5% CAGR between 2025 and 2030.

Segment Analysis

By Technology: Ocean energy unlocks a new frontier

The renewable energy market size for solar totaled 1,864 GW in 2024, maintaining its role as the lowest-cost generation option. Utility systems capture scale gains, while rooftop programs grow via third-party leasing. Ocean energy, though only 3 GW today, is forecast to surpass 20 GW by 2030, marking the sector’s fastest uptick. Wave-converter arrays such as Orbital’s O2 turbine in Scotland prove 80% availability, and tidal projects now bid in sub-USD 120/MWh ranges. Predictable marine output counters solar-wind variability, positioning ocean resources as a complementary pillar within the broader renewable energy market.

Cost declines trace similar learning curves: polymer-concrete foundations reduce seabed intervention, while power-take-off systems employ modular electronics for easy maintenance. As pilot zones mature in Europe and Asia-Pacific, insurers gain operational data, trimming risk premiums. This virtuous cycle undergirds the renewable energy market share gains anticipated for ocean energy during the outlook period.

Renewable Energy Market: Market Share by Technology

Note: Segment shares of all individual segments available upon report purchase

Get Detailed Market Forecasts at the Most Granular Levels
Download PDF

By End-Use: C&I customers reshape demand patterns

Utility plants still dominate with 65.9% capacity, yet interconnection and permitting slowdowns spur developers to seek distributed alternatives. The renewable energy market size linked to commercial and industrial sites hit 390 GW in 2024 and is expected to top 860 GW by 2030, riding a 17.2% CAGR. Corporate buyers leverage behind-the-meter systems to offset peak tariffs and advance ESG goals; Toyota Boshoku America’s 5.7 MW solar build epitomizes that momentum.

Net-billing shifts dampened U.S. residential installations in 2024, but Section 48 ITC eligibility for leased systems revives growth, especially when paired with batteries that mitigate evening peak costs. As storage costs fall, households will add flexible load, creating micro-clusters of demand-response and bolstering overall renewable energy market resilience.

Renewable Energy Market: Market Share by End-User

Note: Segment shares of all individual segments available upon report purchase

Get Detailed Market Forecasts at the Most Granular Levels
Download PDF

Geography Analysis

Asia-Pacific commands 54.1% of global capacity. China alone injected 64% of 2024 additions, driven by utility solar bases and record wind expansion. India’s production-linked incentives and rooftop subsidies could quadruple domestic installations to 62 GW by 2030. Yet grid bottlenecks and curtailment in resource-rich western provinces underscore the need for ultra-high-voltage lines. Foreign capital, totaling USD 58 billion in 2024, continues to chase opportunities across Indonesia, Vietnam, and the Philippines, although policy clarity on storage and merchant tariffs remains pivotal.[4]UNESCAP, “Asia-Pacific Trade and Investment Briefs 2024-5,” unescap.org

South America is the fastest-growing arena, projected to expand its renewable energy market at an 18.5% CAGR. Brazil added 14 GW of solar and wind in 2024, even as transmission tariffs rose. Colombia’s auction pipeline, Chile’s merchant solar fleet, and Argentina’s hybrid wind-solar designs illustrate diverse regulatory playbooks. Overbuild risk is mitigated by flexible hydro inflows and bilateral corporate PPAs that absorb variable output, maintaining investor interest.

North America benefits from the U.S. Inflation Reduction Act, spurring a forecast 35% jump in national solar capacity by 2025. Interconnection queues representing 1 TW reveal supply-demand imbalances in transmission.[5]Berkeley Lab, "Grid Connection Barriers for New-Build Power Plants in the United States," emp.lbl.gov Canada scales pumped hydro and geothermal, while Mexico’s northern states advance utility solar clusters. Policy certainty and transmission build-outs remain the linchpins for unlocking the region’s full renewable energy market potential.

Europe targets 42.5% renewables by 2030 under REPowerEU, implying 1,200 GW installed. Spain’s capacity doubled despite grid congestion, leveraging fast-track permits and corporate off-take. The Nordics attract hyperscale data centers, magnifying wind demand and improving project bankability. Yet high interest rates and Chinese turbine competition pressure local OEMs, challenging Europe’s industrial ambitions within the renewable energy market.

MENA accelerates solar giga-projects that underpin hydrogen export plans. Saudi Arabia’s latest tender shortlisted 3.7 GW, including the 2 GW Al Sadawi project. South Africa installs record utility solar to ease load-shedding, while Egypt expands Benban. Regional grids integrate concentrated solar power for evening peaks, underscoring diversification in the renewable energy market across the Middle East and Africa.

Renewable Energy Market CAGR (%), Growth Rate by Region
Get Analysis on Important Geographic Markets
Download PDF

Competitive Landscape

Solar manufacturing remains highly concentrated; the top five Chinese firms capture roughly 60-65% of global module output, driving prices to historical lows. Western governments counter with domestic manufacturing tax credits, yet gigawatt-scale fabs will require multi-year ramp-ups. In wind, European OEMs restructure portfolios, pivoting toward digital service contracts and recyclable blades to defend margins against lower-cost Asian entrants.

Energy-transition M&A totaled USD 497 billion in 2024, signaling maturity in the renewable energy industry. Deals shift from single assets to platform acquisitions, combining generation, storage, and software for integrated offerings. Notable moves include UbiQD buying BlueDot Photonics for advanced PV materials and Martin Energy Group buying Chomp to expand biogas solutions.

Innovation is the main differentiator. AI-driven siting tools like REplace shorten greenfield evaluation to seconds. Battery energy storage is forecast to surpass 170 GW by 2030, creating a USD 120-150 billion addressable market. Long-duration chemistries, modular electrolyzers, and smart inverters widen value pools and strengthen competitive positions across the renewable energy market.

Renewable Energy Industry Leaders

  1. NextEra Energy, Inc.

  2. Ørsted A/S

  3. Iberdrola, S.A.

  4. Vestas Wind Systems A/S

  5. JinkoSolar Holding Co. Ltd.

  6. *Disclaimer: Major Players sorted in no particular order
Renewable Energy Market Concentration
Need More Details on Market Players and Competitors?
Download PDF

Recent Industry Developments

  • May 2025: REplace raised USD 2.1 million for an AI site-selection platform that speeds renewable project development.
  • May 2025: Toyota Boshoku America began a 5.7 MW solar build at its Kentucky plant.
  • February 2025: The Hunter Hydrogen Infrastructure Masterplan launched in Australia, charting a path to a leading hydrogen hub.
  • January 2025: The USD 1.2 billion Valmy Grassroots solar-plus-storage project was announced in Nevada.

Table of Contents for Renewable Energy Industry Report

1. Introduction

  • 1.1 Study Assumptions & Market Definition
  • 1.2 Scope of the Study

2. Research Methodology

3. Executive Summary

4. Market Landscape

  • 4.1 Market Overview
  • 4.2 Renewable Energy Mix, 2024
  • 4.3 Market Drivers
    • 4.3.1 Corporate Power-Purchase Agreements Accelerating Utility-scale Builds in North America & Europe
    • 4.3.2 Hyperscale Data-Centre Demand Boosting Solar-Wind Procurement in the Nordics & Ireland
    • 4.3.3 Green-Hydrogen Gigawatt Pipelines Driving Capacity Additions in MENA & Australia
    • 4.3.4 EU 'REPowerEU' Fast-Track Permitting Cutting Onshore-Wind Lead-Times (<12 Months) in Southern Europe
  • 4.4 Market Restraints
    • 4.4.1 Grid Congestion & Curtailment Risks in ERCOT (US) and Inner Mongolia (CN)
    • 4.4.2 End-of-Life Blade Waste Regulations Raising Costs in Germany & France
    • 4.4.3 Lack of Long-Duration Storage Slowing High VRE Penetration in SE-Asia
    • 4.4.4 Local-Content Mandates Inflating Offshore-Wind CAPEX in India & Brazil
  • 4.5 Supply-Chain Analysis
  • 4.6 Regulatory Outlook
  • 4.7 Technological Outlook
  • 4.8 Porter's Five Forces
    • 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 Substitute Products & Services
    • 4.8.5 Intensity of Competitive Rivalry

5. Market Size & Growth Forecasts

  • 5.1 By Technology
    • 5.1.1 Solar Energy (PV and CSP)
    • 5.1.2 Wind Energy (Onshore and Offshore)
    • 5.1.3 Hydropower (Small, Large, PSH)
    • 5.1.4 Bioenergy
    • 5.1.5 Geothermal
    • 5.1.6 Ocean Energy (Tidal and Wave)
  • 5.2 By End-User
    • 5.2.1 Utilities
    • 5.2.2 Commercial and Industrial
    • 5.2.3 Residential
  • 5.3 By Geography
    • 5.3.1 North America
    • 5.3.1.1 United States
    • 5.3.1.2 Canada
    • 5.3.1.3 Mexico
    • 5.3.2 Europe
    • 5.3.2.1 United Kingdom
    • 5.3.2.2 Germany
    • 5.3.2.3 France
    • 5.3.2.4 Spain
    • 5.3.2.5 Nordic Countries
    • 5.3.2.6 Russia
    • 5.3.2.7 Rest of Europe
    • 5.3.3 Asia-Pacific
    • 5.3.3.1 China
    • 5.3.3.2 India
    • 5.3.3.3 Japan
    • 5.3.3.4 South Korea
    • 5.3.3.5 Malaysia
    • 5.3.3.6 Thailand
    • 5.3.3.7 Indonesia
    • 5.3.3.8 Vietnam
    • 5.3.3.9 Australia
    • 5.3.3.10 Rest of Asia-Pacific
    • 5.3.4 South America
    • 5.3.4.1 Brazil
    • 5.3.4.2 Argentina
    • 5.3.4.3 Colombia
    • 5.3.4.4 Rest of South America
    • 5.3.5 Middle East and Africa
    • 5.3.5.1 Saudi Arabia
    • 5.3.5.2 United Arab Emirates
    • 5.3.5.3 South Africa
    • 5.3.5.4 Egypt
    • 5.3.5.5 Rest of Middle East and Africa

6. Competitive Landscape

  • 6.1 Market Concentration
  • 6.2 Strategic Moves (M&A, JVs, Funding, PPAs)
  • 6.3 Market Share Analysis (Market Rank/Share for key companies)
  • 6.4 Company Profiles (includes Global-level Overview, Market-level Overview, Core Segments, Financials, Strategic Information, Products & Services, Recent Developments)
    • 6.4.1 EPC Developers / Operators / Owners
    • 6.4.1.1 NextEra Energy, Inc.
    • 6.4.1.2 Orsted A/S
    • 6.4.1.3 Iberdrola, S.A.
    • 6.4.1.4 EDF Renewables (EDF S.A.)
    • 6.4.1.5 Duke Energy Corporation
    • 6.4.1.6 Berkshire Hathaway Energy
    • 6.4.1.7 Acciona Energia S.A.
    • 6.4.1.8 Engie S.A.
    • 6.4.1.9 China Three Gorges Corporation
    • 6.4.1.10 Enel Green Power S.p.A.
    • 6.4.1.11 Statkraft A.S.
    • 6.4.1.12 Pattern Energy Group
    • 6.4.1.13 Invenergy LLC
    • 6.4.1.14 RWE Renewables GmbH
    • 6.4.1.15 ACWA Power
    • 6.4.1.16 EDP Renovaveis S.A.
    • 6.4.1.17 Brookfield Renewable Partners L.P.
    • 6.4.1.18 ReNew Energy Global PLC
    • 6.4.1.19 Scatec ASA
    • 6.4.2 Equipment Suppliers
    • 6.4.2.1 First Solar, Inc.
    • 6.4.2.2 Vestas Wind Systems A/S
    • 6.4.2.3 Siemens Gamesa Renewable Energy S.A.
    • 6.4.2.4 GE Vernova (General Electric)
    • 6.4.2.5 JinkoSolar Holding Co. Ltd.
    • 6.4.2.6 Canadian Solar Inc.
    • 6.4.2.7 Longi Green Energy Technology Co., Ltd.
    • 6.4.2.8 Goldwind Science & Technology Co., Ltd.
    • 6.4.2.9 Trina Solar Co., Ltd.
    • 6.4.2.10 Enphase Energy, Inc.
    • 6.4.2.11 Sungrow Power Supply Co., Ltd.
    • 6.4.2.12 Mitsubishi Power, Ltd.
    • 6.4.2.13 Nordex SE
    • 6.4.2.14 MHI Vestas Offshore Wind A/S
    • 6.4.2.15 Shanghai Electric Group Co., Ltd.
    • 6.4.2.16 Hitachi Energy Ltd.
    • 6.4.2.17 ABB Ltd.
    • 6.4.2.18 Climeon AB
    • 6.4.2.19 Pelamis Wave Power Ltd. (in Administration)
    • 6.4.2.20 Ocean Power Technologies, Inc.

7. Market Opportunities & Future Outlook

  • 7.1 White-space & Unmet-Need Assessment
You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

Research Methodology Framework and Report Scope

Market Definitions and Key Coverage

Our study defines the global renewable energy market as the cumulative installed capacity of electricity-generating assets that employ sunlight, wind, flowing water, biomass, geothermal heat, or marine resources, expressed in gigawatts of name-plate capacity. We track new and operating utility-scale and distributed units recorded in national grid and regulator registers, while retired equipment is netted out.

Scope Exclusion: We omit nuclear facilities, fossil-based cogeneration, and conventional pumped-storage plants that are classified as storage.

Segmentation Overview
  • By Technology
    • Solar Energy (PV and CSP)
    • Wind Energy (Onshore and Offshore)
    • Hydropower (Small, Large, PSH)
    • Bioenergy
    • Geothermal
    • Ocean Energy (Tidal and Wave)
  • By End-User
    • Utilities
    • Commercial and Industrial
    • Residential
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • Europe
      • United Kingdom
      • Germany
      • France
      • Spain
      • Nordic Countries
      • Russia
      • Rest of Europe
    • Asia-Pacific
      • China
      • India
      • Japan
      • South Korea
      • Malaysia
      • Thailand
      • Indonesia
      • Vietnam
      • Australia
      • Rest of Asia-Pacific
    • South America
      • Brazil
      • Argentina
      • Colombia
      • Rest of South America
    • Middle East and Africa
      • Saudi Arabia
      • United Arab Emirates
      • South Africa
      • Egypt
      • Rest of Middle East and Africa

Detailed Research Methodology and Data Validation

Primary Research

We speak with project developers, OEM executives, utilities, grid planners, and multilateral financiers across five continents to test desk-research assumptions, refine average selling prices, and verify project-slippage rates that raw databases miss.

Desk Research

Mordor analysts begin with tier-one public datasets such as IEA Renewables Tracker, IRENA statistics, US EIA International Outlook, Eurostat energy balances, and World Bank indicators, then layer in regulatory gazettes, auction results, and customs shipment logs that clarify commissioning dates and price bands. We also license D&B Hoovers for company capacity disclosures and Dow Jones Factiva for finance news that confirm commercial-operation milestones.

The sources named are illustrative; many additional public and paid repositories support data collection, validation, and research clarification.

Market-Sizing & Forecasting

We employ a top-down reconstruction of every country's renewable fleet using official ledgers, which is then rolled forward with announced auction awards, construction-progress ratios, and historic target-to-commissioning conversion. Sampled supplier roll-ups (for example, exported solar modules multiplied by utilization) offer a bottom-up reasonableness check before figures are locked. Key variables like auction volumes, technology learning rates, grid-connection lead times, balance-of-system costs, and capacity-factor gains feed a multivariate regression with scenario analysis to extend forecasts through 2030, while clear rules address gaps in bottom-up evidence.

Data Validation & Update Cycle

Our outputs pass variance tests, peer reviews, and senior sign-off before publication. Models refresh annually, with interim updates triggered by policy shifts or project announcements that change the outlook by more than five gigawatts.

Why Mordor's Renewable Energy Baseline Commands Reliability

Published estimates often diverge because some firms value equipment sales, others bundle certificates or storage, and many freeze exchange rates at dated points. By focusing on on-grid capacity and refreshing each year, Mordor minimizes such noise.

Key gap drivers include mixed revenue and capacity metrics, inclusion of ancillary services, aggressive learning-rate multipliers, and slower update cadences found elsewhere.

Benchmark comparison

Market Size Anonymized source Primary gap driver
5.08 TW (2025) Mordor Intelligence -
USD 1.51 trillion (2024) Global Consultancy A Values hardware, EPC, and O&M revenues; mixes capacity and spending; constant 2021 dollars
USD 1.02 trillion (2024) Industry Association B Excludes off-grid micro-grids; biennial updates; single FX snapshot

These contrasts show that when scope, units, and refresh cadence shift, totals naturally vary. Mordor's disciplined approach offers decision-makers a transparent, reproducible baseline they can trust.

Need A Different Region or Segment?
Customize Now

Key Questions Answered in the Report

What capacity does the renewable energy market aim to reach by 2030?

Installed capacity is forecast to rise to 10,247.75 GW by 2030, reflecting a 14.23% CAGR from 2025 levels.

Which technology is growing fastest within the renewable energy market?

Ocean energy is projected to scale at a 36.9% CAGR through 2030 as tidal and wave systems commercialize.

Why are corporate PPAs crucial for renewable deployment?

They provide long-term revenue certainty that lowers financing costs, already backing roughly half of new U.S. utility-scale builds.

Which region will post the highest growth rate to 2030?

South America is set to expand at an 18.5% CAGR, driven by abundant resources and pro-investment reforms.

How does storage influence renewable energy market integration?

Battery and long-duration storage mitigate curtailment and unlock higher variable renewable penetration, with global BESS expected to exceed 170 GW by 2030.

What challenges could slow renewable capacity additions?

Grid congestion, permitting delays, and supply-chain constraints can curb project timelines and investment momentum.

Page last updated on:

Industry Trends in Solar Energy

Renewable Energy Report Snapshots