Press Release Description

A USD 995.28 Million Global Renewable Energy Market to Witness a Steady CAGR of Around 8.96% During 2024-30

The Global Renewable Energy Market size is valued at USD 995.28 million in 2023 and is projected to grow at a CAGR of 8.96% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The market's rapid expansion can be attributed to heightened research and development efforts aimed at advancing renewable systems and infrastructure, coupled with strategic initiatives implemented by national governments globally. An important factor pushing this growth is the ongoing technological innovation by industry players, focused on enabling the effortless integration of renewable systems across residential, commercial, and industrial sectors.

Additionally, government authorities for renewable energy across the globe have allocated significant funding to research institutes, particularly for the development of more efficient solar photovoltaic panels, floating solar, wind power plants, and other innovations. These efforts, combined, have fueled the growth of the global renewable energy market over the years.

Moreover, a new demand has been visible in the market, which is predicted to take up a large share in the coming years, i.e., from the transportation sector. This is due to the considerable share of transportation sector emissions in global emissions. As per the International Energy Association (IEA), nearly 21% of the total CO2 emissions in the world are contributed by the transportation sector. Therefore, to cut down on carbon emissions from the transportation sector, countries around the world have been instigating manufacturing giants to research & develop green technologies and methods for the sector. In 2023, Toyota Motor Corp. announced its aim of launching almost 10 new battery-electric vehicle models by 2026. Such a push for electric vehicles is estimated to increase power consumption in the coming years, which would further propel the construction of renewable energy power plants across the globe.

Additionally, the increasing efficiency and reduction per unit cost of electricity from solar and wind power plants, when compared to conventional fossil fuel-sourced power plants, would also fuel the growth of the Global Renewable Energy Market through 2030. This has been possible because of the advancements in the design of solar and wind power plants, along with enhanced components such as solar photovoltaic panels, wind turbines, etc. The government subsidies have also aided in lowering the cost of manufacturing these components and, finally, in developing solar and wind power plants. China, India, and some European nations have been at the forefront of the manufacturing of these components, further states the research report, Global Renewable Energy Market Analysis, 2024.”

Global Renewable Energy Market

Segmentation Analysis

Solar Segment Holds a Major Market Share

Based on the source, the market is further bifurcated into solar, wind, hydro, and others (biomass, geothermal, etc.). The solar segment holds a lion’s share of the market. The abundant availability of solar energy in Asian, African, and Latin American countries has been promoting the market share of solar energy in the Global Renewable Energy Market. Moreover, the heavy subsidies offered by the national governments to increase the share of renewable energy in their energy mix and reduce their carbon emissions from energy consumption have also propelled the construction of solar power plants in countries across all continents. The fastest growth in the soaring portion of solar as per the IEA in 2022 has been witnessed in China, India, Brazil, and the US.

Additionally, in recent years, many African countries have realized excessive available sun radiation and have showcased interest through strategic initiatives and financial incentives for the development and advancement of solar power in their nations, which would bolster the expansion of the Global Renewable energy market in the years ahead. For Instance:

  • In 2024, Egypt’s Ministry of Petroleum and Mineral Resources, through the monetary aid granted by the European Union (EU), announced a project for establishing two solar power plants worth approximately USD 20.60 million, both with a joint capacity of about 16.5 MW.

Asia-Pacific to Lead the Global Renewable Energy Industry

In the past few years, Asia-Pacific has observed significant growth in line with the ample presence of all renewable energy sources. Also, the region being the manufacturing hub of the world has drastically reduced the production cost and thus the selling price of equipment, machines, and parts required for building renewable energy plants. This has encouraged the construction of solar, hydro, and wind power projects in the region. Furthermore, the continuous innovations in the raw materials used for the essential parts and components of these power plants are expected to maintain a notable share of this specific region in the market through 2030.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies Iberdrola, Siemens Gamesa, Ørsted A/S, NextEra Energy, Inc., EDf Renewable, General Electric, Vestas, Acciona, S.A., Canadian Solar, Enel Green Power SpA, Lightsource BP, Adani Green Energy Ltd., Tata Power Renewables, Enterprize Energy, JSW Energy, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the regions?
  4. How has the industry been evolving in terms of geography & solution adoption?
  5. How has the competition been shaping up across various regions?
  6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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