Renewable Energy Market Size

Statistics for the 2023 & 2024 Renewable Energy market size, created by Mordor Intelligence™ Industry Reports. Renewable Energy size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Renewable Energy Industry

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Renewable Energy Market Summary
Study Period 2019 - 2029
Market Volume (2024) 4.23 TW
Market Volume (2029) 5.98 TW
CAGR (2024 - 2029) 7.09 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Renewable Energy Market 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 TW in 2024, and is expected to reach 5.98 TW 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.

Renewable Energy Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)