Market Size of North America Renewable Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 7.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Renewable Energy Market Analysis
The North America renewable energy market is expected to register a CAGR of more than 7.2% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, factors such as rising power demand using renewable energy sources and with the commitment of the government to obtain maximum energy from renewable and reduce carbon emissions, the share of renewable is expected to grow significantly and are driving the renewable energy market further.
- On the other hand, factors like harsh climatic conditions and the use of other conventional energy are a few restraining factors for the North America renewable energy market.
- Nevertheless, the United States has a vast offshore wind energy resource and possess a power potential of more than 2000 GW, nearly double the nation's current electricity use. This potential is expected to provide an enormous opportunity to deliver large amounts of clean and reliable electricity to the country's largest population centers in the future.
- The United States is expected to dominate in the North America renewable energy market. The United States is focusing on increasing its contribution to the global renewable energy market by up to 30% by the year 2025.
