Market Size of Renewable Energy Industry
| Study Period | 2019- 2029 |
| Market Volume (2024) | 4.23 gigawatt |
| Market Volume (2029) | 5.98 gigawatt |
| CAGR (2024 - 2029) | 7.09 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Renewable Energy Market Analysis
The Renewable Energy Market size is estimated at 4.23 gigawatt in 2024, and is expected to reach 5.98 gigawatt by 2029, growing at a CAGR of 7.09% during the forecast period (2024-2029).
- Over the long term, the major driving factors of the market are likely to be favorable government policies for renewable energy and declining prices of solar panels and wind turbine installations.
- However, the increasing penetration of natural gas for power generation is expected to hinder the renewable energy market’s growth.
- The ambitious renewable energy targets worldwide are anticipated to provide huge opportunities for the market studied.
- Asia-Pacific is expected to be the fastest-growing market during the forecast period, with major demand from China and India.
