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Renewable Energy: Technologies and Global Markets- Product Image
Renewable Energy: Technologies and Global Markets- Product Image
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Renewable Energy: Technologies and Global Markets

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  • 204 Pages
  • April 2025
  • Region: Global
  • BCC Research
  • ID: 4792982
Description Jump to:

The global market for renewable energy is estimated to increase from $1.3 trillion in 2024 to reach $2 trillion by 2029, at a compound annual growth rate (CAGR) of 8.7% from 2024 through 2029.



Renewable energy sources (e.g., solar, wind, hydropower, geothermal, ocean energy, biofuels) are crucial for energy transition. This is mainly attributed to the ecological damage caused by electricity generation from conventional energy sources, such as coal and other fossil fuels. Renewable energy sources have had a decade of extreme growth. In 2023, more than 30% of the total energy supply came from renewable energy sources, including modern bioenergy (International Renewable Energy Agency, 2024). In recent years, a global focus on sustainability has witnessed a significant increase in government and regulatory support for renewable energy generation, encouraging both energy producers and consumers to embrace renewable energy sources despite higher initial investments. This approach signals a continuous exit from traditional energy sources and signifies a commitment to a more sustainable and environmentally responsible future. The pillar of renewable energy hydropower will continue to grow during the forecast period. Ocean power, however, is not on track and requires a significant focus on commercialization and technology developments.

Report Scope

This report analyzes the global renewable energy technologies market and its market dynamics. The market size has been provided in value ($ millions) and volume (gigawatts). It includes a discussion of the technological, competitive and economic trends affecting the market. This report covers the major renewable energy sources as primary fuels: hydroelectric, wind, solar, geothermal, ocean energy and bioenergy.

The report briefly covers renewable energy technologies and their sub-segments. The global market has been analyzed in terms of technology, application and region. The regional market has been further segmented based on technology and renewable energy installed capacity in 19 countries spanning five regions. It concludes with detailed profiles of 15 vendors operating in the global renewable energy technologies market. This report deals only with power generation through renewable resources and thus does not focus on other applications of renewable resources. It does, however, provide essential data on applications, such as heating and lighting.

The report includes:

  • 93 data tables and 64 additional tables
  • An analysis of the current and future global market for renewable energy (or green energy) technologies and coverage of the major sources of renewable energy as primary fuels
  • Estimates of the market size and growth forecasts for the global market in value and volumetric terms, and a corresponding market share analysis by energy type, technology, application and region
  • Facts and figures pertaining to the market dynamics, technological advances, regulations and standards, innovations, prospects, and the impact of macroeconomic factors
  • Insights derived from the Porter’s Five Forces model, as well as global value/supply chain and PESTLE analyses
  • Assessment of the impact of rising global demand for energy, climate change and the availability of new materials for the generation of renewable energy
  • Patent analysis, emerging technologies/trends and new developments in the power generation industry
  • Analysis of the industry structure, including companies’ market shares and global rankings, strategic alliances, M&A activity and a venture funding outlook
  • Overview of sustainability trends and ESG developments, with emphasis on consumer attitudes, and the ESG scores and practices of leading companies
  • Company profiles of major players within the industry, including Drax Group plc., GE Vernova, Jinko Solar, LONGi, and Siemens Gamesa Renewable Energy

Table of Contents

Chapter 1 Executive Summary
  • Market Outlook
  • Scope of Report
  • Market Summary
Chapter 2 Market Overview
  • Overview
  • Porter’s Five Forces Analysis
  • Bargaining Power of Buyers
  • Bargaining Power of Suppliers
  • Potential of New Entrants
  • Threat of Substitutes
  • Competition in the Industry
  • Value Chain Analysis: Renewable Energy Technologies and Global Markets
  • Overview
  • Strengths, Weaknesses, Opportunities and Threats Analysis: Renewable Energy Technologies and Global Markets
Chapter 3 Regulatory Landscape
  • Regulatory Landscape
  • Paris Agreement
  • Carbon Pricing
  • Feed-In Tariffs
  • Renewable Portfolio Standards
  • Power Purchase Agreements
  • Solar Energy Technologies Program
  • BIPV Policies, Regulations and Incentive Programs in North America
  • Renewable Energy
  • Hydropower Regulation
Chapter 4 Market Dynamics
  • Market Dynamics Snapshot
  • Market Drivers
  • Renewable Energy’s Race to Cost Reduction
  • Increasing Industrial Demand for Renewable Energy
  • Fast Growth Momentum of Green Hydrogen Industry
  • Market Challenges
  • Lack of Efficient Infrastructure
  • Dominance of Crystalline Silicon Modules Across All Applications
  • Market Opportunities
  • Harnessing Offshore Renewable Energy for Green Chemical Production
  • Increasing Demand for Biofuels
  • Market Restraint
  • Short-Term Impacts of Crude Oil Price Fluctuations
Chapter 5 Emerging Technologies and Developments
  • Overview
  • Organic Photovoltaics, Plastic Solar Cells and Polymer Solar Cells
  • Dye-Sensitized Solar Cells
  • Perovskites Solar Cells
  • TOPCon Solar Cells
  • Multi-Junction Photovoltaics and Concentrating Photovoltaics
  • Fourth-Generation Photovoltaic Solar Cells
  • Solar Updraft Tower
  • Solar Concentrator Technology with Electrolyzer
  • Algae: A Sustainable Bioenergy Feedstock
  • Airborne Wind Energy
Chapter 6 Market Segmentation Analysis
  • Segmentation Breakdown
  • Market Analysis by Technology
  • Hydroelectric Power
  • Solar Power
  • Solar Irradiance
  • Wind Power
  • Bioenergy
  • Geothermal Energy
  • Ocean Energy
  • Market Analysis by Application
  • Industrial
  • Residential
  • Commercial
  • Geographic Breakdown
  • Market Analysis by Region
  • Asia-Pacific
  • Europe
  • North America
  • South America
  • Middle East and Africa
Chapter 7 Competitive Intelligence
  • Overview
  • Company Share Analysis
Chapter 8 Appendix
  • Methodology
  • Information Sources
  • References
  • Abbreviations Used in the Report
  • Company Profiles
  • ADM
  • ANSALDO ENERGIA
  • CALPINE CORP.
  • CHINA THREE GORGES CORP.
  • DRAX GROUP PLC
  • GE VERNOVA
  • JINKO SOLAR
  • LONGI
  • MITSUBISHI HEAVY INDUSTRIES LTD.
  • OCEAN POWER TECHNOLOGIES INC.
  • POET LLC.
  • SIEMENS GAMESA RENEWABLE ENERGY
  • STATKRAFT AS
  • TRINASOLAR
  • VESTAS
List of Tables
Summary Table: Global Renewable Energy Market, by Region, Through 2029
Table 1: Global Renewable Energy Technologies Market, Through 2029
Table 2: Electricity Generation Shares, by Source, 2021-2023
Table 3: Renewable Energy Indicators, 2022
Table 4: Carbon Taxes, by Country/Region, 2023
Table 5: IRA Tax Credits Relevant for Hydropower and PSH, 2022
Table 6: Global Weighted Average Aggregate Installed Cost, Capacity Factor and Levelized Cost of Electricity Trends by Technology, 2010 and 2023
Table 7: Common Perovskite Compounds
Table 8: Algae-Based Biofuel Companies, 2024
Table 9: Global Renewable Energy Market, by Technology, Through 2029
Table 10: Global Volume Renewable Energy Market, by Technology, Through 2029
Table 11: Global Hydroelectric Power Market, by Technology, Through 2029
Table 12: Global Volume Hydroelectric Power Market, by Technology, Through 2029
Table 13: Global Hydroelectric Power Market, by Application, Through 2029
Table 14: Global Volume Hydroelectric Power Market, by Application, Through 2029
Table 15: Global Hydroelectric Power Market, by Region, Through 2029
Table 16: Global Volume Hydroelectric Power Market, by Region, Through 2029
Table 17: Annual Global Horizontal Irradiance and Direct Normal Irradiance for WEC Geo-Regions
Table 18: Global Solar Power Market, by Technology, Through 2029
Table 19: Global Volume Solar Power Market, by Technology, Through 2029
Table 20: Global Solar Power Market, by Application, Through 2029
Table 21: Global Volume Solar Power Market, by Application, Through 2029
Table 22: Global Solar Power Market, by Region, Through 2029
Table 23: Global Volume Solar Power Market, by Region, Through 2029
Table 24: Global Solar PV Market, by Technology, Through 2029
Table 25: Global Volume Solar PV Market, by Technology, Through 2029
Table 26: Global Solar PV Market, by Region, Through 2029
Table 27: Global Volume Solar PV Market, by Region, Through 2029
Table 28: Global CSP Market, by Technology, Through 2029
Table 29: Global Volume CSP Market, by Technology, Through 2029
Table 30: Global CSP Market, by Region, Through 2029
Table 31: Global Volume CSP Market, by Region, Through 2029
Table 32: Levelized Cost of Energy of Wind Power Plant, 2022
Table 33: Global Wind Power Market, by Technology, Through 2029
Table 34: Global Volume Wind Power Market, by Technology, Through 2029
Table 35: Global Wind Power Market, by Application, Through 2029
Table 36: Global Volume Wind Power Market, by Application, Through 2029
Table 37: Global Wind Power Market, by Region, Through 2029
Table 38: Global Volume Wind Power Market, by Region, Through 2029
Table 39: Global Onshore Wind Power Market, by Region, Through 2029
Table 40: Global Volume Onshore Wind Power Market, by Region, Through 2029
Table 41: Global Offshore Wind Power Market, by Region, Through 2029
Table 42: Global Volume Offshore Wind Power Market, by Region, Through 2029
Table 43: Classification of the Different Sources of Biomass for Energy
Table 44: Overview of Petroleum Raw Materials Replaced with Biobased Raw Materials
Table 45: Global Bioenergy Market, by Technology, Through 2029
Table 46: Global Volume Bioenergy Market, by Technology, Through 2029
Table 47: Global Bioenergy Market, by Application, Through 2029
Table 48: Global Volume Bioenergy Market, by Application, Through 2029
Table 49: Global Bioenergy Market, by Region, Through 2029
Table 50: Global Volume Bioenergy Market, by Region, Through 2029
Table 51: Global Geothermal Energy Market, by Technology, Through 2029
Table 52: Global Volume Geothermal Energy Market, by Technology, Through 2029
Table 53: Global Geothermal Energy Market, by Application, Through 2029
Table 54: Global Volume Geothermal Energy Market, by Application, Through 2029
Table 55: Global Geothermal Energy Market, by Region, Through 2029
Table 56: Global Volume Geothermal Energy Market, by Region, Through 2029
Table 57: Wave Energy Conversion Technologies, by Company, 2024
Table 58: Global Ocean Energy Market, by Application, Through 2029
Table 59: Global Volume Ocean Energy Market, by Application, Through 2029
Table 60: Global Ocean Energy Market, by Region, Through 2029
Table 61: Global Volume Ocean Energy Market, by Region, Through 2029
Table 62: Global Renewable Energy Market, by Application, Through 2029
Table 63: Global Volume Renewable Energy Market, by Application, Through 2029
Table 64: Global Industrial Renewable Energy Market, by Technology, Through 2029
Table 65: Global Volume Industrial Renewable Energy Market, by Technology, Through 2029
Table 66: Global Residential Renewable Energy Market, by Technology, Through 2029
Table 67: Global Volume Residential Renewable Energy Market, by Technology, Through 2029
Table 68: Global Commercial Renewable Energy Market, by Technology, Through 2029
Table 69: Global Volume Commercial Renewable Energy Market, by Technology, Through 2029
Table 70: Global Renewable Energy Market, by Region, Through 2029
Table 71: Global Volume Renewable Energy Market, by Region, Through 2029
Table 72: Prominent Asia-Pacific Renewable Energy Companies, 2024
Table 73: APAC Renewable Energy Market, by Technology, Through 2029
Table 74: APAC Volume Renewable Energy Market, by Technology, Through 2029
Table 75: APAC Renewable Energy Market, by Country, Through 2029
Table 76: APAC Volume Renewable Energy Market, by Country, Through 2029
Table 77: Carbon Pricing Revenues, by Instruments, 2023
Table 78: Prominent Renewable Energy Companies in Europe, 2024
Table 79: European Renewable Energy Market, by Technology, Through 2029
Table 80: European Volume Renewable Energy Market, by Technology, Through 2029
Table 81: European Renewable Energy Market, by Country, Through 2029
Table 82: European Volume Renewable Energy Market, by Country, Through 2029
Table 83: Prominent North American Renewable Energy Companies, 2024
Table 84: North American Renewable Energy Market, by Technology, Through 2029
Table 85: North Volume American Renewable Energy Market, by Technology, Through 2029
Table 86: North American Renewable Energy Market, by Country, Through 2029
Table 87: North Volume American Renewable Energy Market, by Country, Through 2029
Table 88: Prominent South American Renewable Energy Companies, 2024
Table 89: South American Renewable Energy Market, by Technology, Through 2029
Table 90: South Volume American Renewable Energy Market, by Technology, Through 2029
Table 91: South American Renewable Energy Market, by Country, Through 2029
Table 92: South Volume American Renewable Energy Market, by Country, Through 2029
Table 93: MEA Renewable Energy Market, by Technology, Through 2029
Table 94: MEA Volume Renewable Energy Market, by Technology, Through 2029
Table 95: MEA Renewable Energy Market, by Country, Through 2029
Table 96: MEA Volume Renewable Energy Market, by Country, Through 2029
Table 97: Global Ranking for Conventional Bioethanol Companies, 2024
Table 98: Global Ranking for Pallet Companies, 2024
Table 99: Abbreviations Used in This Report
Table 100: ADM: Company Snapshot
Table 101: ADM: Financial Performance, FY 2022 and 2023
Table 102: ADM: Product Portfolio
Table 103: ADM: News/Key Developments, 2022-2024
Table 104: Ansaldo Energia: Company Snapshot
Table 105: Ansaldo Energia: Financial Performance, FY 2021 and 2022
Table 106: Ansaldo Energia: Product Portfolio
Table 107: Ansaldo Energia: News/Key Developments, 2022-2024
Table 108: Calpine Corp.: Company Snapshot
Table 109: Calpine Corp.: Product Portfolio
Table 110: Calpine Corp.: News/Key Developments, 2023-2025
Table 111: China Three Gorges Corp.: Company Snapshot
Table 112: China Three Gorges Corp.: Financial Performance, FY 2022 and 2023
Table 113: China Three Gorges Corp.: Product Portfolio
Table 114: China Three Gorges Corp.: News/Key Developments, 2021-2024
Table 115: Drax Group plc.: Company Snapshot
Table 116: Drax Group plc.: Financial Performance, FY 2022 and 2023
Table 117: Drax Group plc.: Product Portfolio
Table 118: Drax Group plc.: News/Key Developments, 2023 and 2024
Table 119: GE Vernova: Company Snapshot
Table 120: GE Vernova: Financial Performance, FY 2022 and 2023
Table 121: GE Vernova: Product Portfolio
Table 122: GE Vernova: News/Key Developments, 2024 and 2025
Table 123: Jinko Solar: Company Snapshot
Table 124: Jinko Solar: Financial Performance, FY 2022 and 2023
Table 125: Jinko Solar: Product Portfolio
Table 126: Jinko Solar: News/Key Developments, 2022-2024
Table 127: LONGi: Company Snapshot
Table 128: LONGi: Financial Performance, FY 2022 and 2023
Table 129: LONGi: Product Portfolio
Table 130: LONGi: News/Key Developments, 2024
Table 131: Mitsubishi Heavy Industries Ltd.: Company Snapshot
Table 132: Mitsubishi Heavy Industries Ltd.: Financial Performance, FY 2022 and 2023
Table 133: Mitsubishi Heavy Industries Ltd.: Product Portfolio
Table 134: Ocean Power Technologies Inc.: Company Snapshot
Table 135: Ocean Power Technologies Inc.: Financial Performance, FY 2022 and 2023
Table 136: Ocean Power Technologies Inc.: Product Portfolio
Table 137: Ocean Power Technologies Inc.: News/Key Developments, 2024
Table 138: POET LLC.: Company Snapshot
Table 139: POET LLC.: Product Portfolio
Table 140: POET LLC.: News/Key Developments, 2023
Table 141: Siemens Gamesa Renewable Energy: Company Snapshot
Table 142: Siemens Gamesa Renewable Energy: Product Portfolio
Table 143: Siemens Gamesa Renewable Energy: News/Key Developments, 2022-2024
Table 144: Statkraft AS: Company Snapshot
Table 145: Statkraft AS: Financial Performance, FY 2022 and 2023
Table 146: Statkraft AS: Product Portfolio
Table 147: Statkraft AS: News/Key Developments, 2023-2025
Table 148: Trinasolar: Company Snapshot
Table 149: Trinasolar: Financial Performance, FY 2022 and 2023
Table 150: Trinasolar: Product Portfolio
Table 151: Trinasolar: News/Key Developments, 2024 and 2025
Table 152: Vestas: Company Snapshot
Table 153: Vestas: Financial Performance, FY 2022 and 2023
Table 154: Vestas: Product Portfolio
Table 155: Vestas: News/Key Developments, 2023 and 2024
List of Figures
Summary Figure: Global Renewable Energy Market, by Region, 2023
Figure 1: Porter’s Five Forces Analysis of Renewable Energy Technologies Market
Figure 2: Value Chain Analysis of Renewable Energy Market
Figure 3: SWOT Analysis: Renewable Energy Market
Figure 4: Energy-Related Carbon Dioxide Emissions, 2021-2023
Figure 5: Market Dynamics of Renewable Energy
Figure 6: Global Renewable Energy Generation Shares, By Technologies, 2021?2024
Figure 7: Integration of Offshore Wind Green Hydrogen Production in Europe, 2022
Figure 8: Crude Oil Price Trends, 2021?2025F
Figure 9: Dye-Sensitized Solar Cell Schematic Diagram
Figure 10: Perovskite Types
Figure 11: Schematic Diagram of TOPCon Solar Cells
Figure 12: Operational Principles of Fly-Gen and Ground-Gen Crosswind AWE Systems in an Offshore Location
Figure 13: Airborne Wind Energy Classification
Figure 14: Shares of Renewable Energy Capacity Additions, by Region, 2023
Figure 15: Global Renewable Energy Market Shares, by Technology, 2023
Figure 16: Global Volume Renewable Energy Market Shares, by Technology, 2023
Figure 17: Global Hydroelectric Power Market Shares, by Technology, 2023
Figure 18: Global Volume Hydroelectric Power Market Shares, by Technology, 2023
Figure 19: Global Hydroelectric Power Market Shares, by Application, 2023
Figure 20: Global Volume Hydroelectric Power Market Shares, by Application, 2023
Figure 21: Global Hydroelectric Power Market Shares, by Region, 2023
Figure 22: Global Volume Hydroelectric Power Market Shares, by Region, 2023
Figure 23: Global Solar Power Market Shares, by Technology, 2023
Figure 24: Global Volume Solar Power Market Shares, by Technology, 2023
Figure 25: Global Solar Power Market Shares, by Application, 2023
Figure 26: Global Volume Solar Power Market Shares, by Application, 2023
Figure 27: Global Solar Power Market Shares, by Region, 2023
Figure 28: Global Volume Solar Power Market Shares, by Region, 2023
Figure 29: Global Solar PV Market Shares, by Technology, 2023
Figure 30: Global Volume Solar PV Market Shares, by Technology, 2023
Figure 31: Global Solar PV Market Shares, by Region, 2023
Figure 32: Global Volume Solar PV Market Shares, by Region, 2023
Figure 33: Global CSP Market Shares, by Technology, 2023
Figure 34: Global Volume CSP Market Shares, by Technology, 2023
Figure 35: Global CSP Market Shares, by Region, 2023
Figure 36: Global Volume CSP Market Shares, by Region, 2023
Figure 37: Global Wind Power Market Shares, by Technology, 2023
Figure 38: Global Volume Wind Power Market Shares, by Technology, 2023
Figure 39: Global Wind Power Market Shares, by Application, 2023
Figure 40: Global Volume Wind Power Market Shares, by Application, 2023
Figure 41: Global Wind Power Market Shares, by Region, 2023
Figure 42: Global Volume Wind Power Market Shares, by Region, 2023
Figure 43: Global Onshore Wind Power Market Shares, by Region, 2023
Figure 44: Global Volume Onshore Wind Power Market Shares, by Region, 2023
Figure 45: Global Offshore Wind Power Market Shares, by Region, 2023
Figure 46: Global Volume Offshore Wind Power Market Shares, by Region, 2023
Figure 47: Global Bioenergy Market Shares, by Technology, 2023
Figure 48: Global Volume Bioenergy Market Shares, by Technology, 2023
Figure 49: Global Bioenergy Market Shares, by Application, 2023
Figure 50: Global Volume Bioenergy Market Shares, by Application, 2023
Figure 51: Global Bioenergy Market Shares, by Region, 2023
Figure 52: Global Volume Bioenergy Market Shares, by Region, 2023
Figure 53: Global Geothermal Energy Market Shares, by Technology, 2023
Figure 54: Global Volume Geothermal Energy Market Shares, by Technology, 2023
Figure 55: Global Geothermal Energy Market Shares, by Application, 2023
Figure 56: Global Volume Geothermal Energy Market Shares, by Application, 2023
Figure 57: Global Geothermal Energy Market Shares, by Region, 2023
Figure 58: Global Volume Geothermal Energy Market Shares, by Region, 2023
Figure 59: Global Ocean Energy Generation Market Shares, by Technology, 2023
Figure 60: Global Ocean Energy Market Shares, by Application, 2023
Figure 61: Global Volume Ocean Energy Market Shares, by Application, 2023
Figure 62: Global Ocean Energy Market Shares, by Region, 2023
Figure 63: Global Volume Ocean Energy Market Shares, by Region, 2023
Figure 64: Global Renewable Energy Market Shares, by Application, 2023
Figure 65: Global Volume Renewable Energy Market Shares, by Application, 2023
Figure 66: Global Industrial Renewable Energy Market Shares, by Technology, 2023
Figure 67: Global Volume Industrial Renewable Energy Market Shares, by Technology, 2023
Figure 68: Global Residential Renewable Energy Market Shares, by Technology, 2023
Figure 69: Global Volume Residential Renewable Energy Market Shares, by Technology, 2023
Figure 70: Global Commercial Renewable Energy Market Shares, by Technology, 2023
Figure 71: Global Commercial Renewable Energy Market Shares, by Technology, 2023
Figure 72: Renewable Electricity Capacity Increase by Region/Country, 2017?2023 and 2024?2030
Figure 73: Global Renewable Energy Market Shares, by Region, 2023
Figure 74: Global Volume Renewable Energy Market Shares, by Region, 2023
Figure 75: APAC Renewable Energy Market Shares, by Technology, 2023
Figure 76: APAC Volume Renewable Energy Market Shares, by Technology, 2023
Figure 77: APAC Renewable Energy Market Shares, by Country, 2023
Figure 78: APAC Volume Renewable Energy Market Shares, by Country, 2023
Figure 79: European Renewable Energy Market Shares, by Technology, 2023
Figure 80: European Volume Renewable Energy Market Shares, by Technology, 2023
Figure 81: European Renewable Energy Market Shares, by Country, 2023
Figure 82: European Volume Renewable Energy Market Shares, by Country, 2023
Figure 83: North American Renewable Energy Market Shares, by Technology, 2023
Figure 84: North American Volume Renewable Energy Market Shares, by Technology, 2023
Figure 85: North American Renewable Energy Market Shares, by Country, 2023
Figure 86: North American Volume Renewable Energy Market Shares, by Country, 2023
Figure 87: South American Renewable Energy Market Shares, by Technology, 2023
Figure 88: South American Volume Renewable Energy Market Shares, by Technology, 2023
Figure 89: South American Renewable Energy Market Shares, by Country, 2023
Figure 90: South American Volume Renewable Energy Market Shares, by Country, 2023
Figure 91: MEA Renewable Energy Market Shares, by Technology, 2023
Figure 92: MEA Renewable Volume Energy Market Shares, by Technology, 2023
Figure 93: MEA Renewable Energy Market Shares, by Country, 2023
Figure 94: MEA Renewable Volume Energy Market Shares, by Country, 2023
Figure 95: Leading PV Manufacturers Market Shares, by Shipments, 2023
Figure 96: Leading Wind Turbine Suppliers Market Shares, 2023
Figure 97: Research Methodology
Figure 98: ADM: Revenue Share, by Business Unit, FY 2023
Figure 99: ADM: Revenue Share, by Country/Region, FY 2023
Figure 100: Ansaldo Energia: Revenue Share, by Product Unit, FY 2022
Figure 101: Ansaldo Energia: Revenue Share, by Country/Region, FY 2022
Figure 102: Drax Group plc.: Revenue Shares, by Business Unit, FY 2023
Figure 103: Drax Group plc.: Revenue Shares, by Region, FY 2023
Figure 104: GE Vernova: Revenue Shares, by Business Unit, FY 2023
Figure 105: GE Vernova: Revenue Shares, by Region, FY 2023
Figure 106: Jinko Solar: Revenue Share, by Product Unit, FY 2023
Figure 107: Jinko Solar: Revenue Share, by Country/Region, FY 2023
Figure 108: LONGi: Revenue Share, by Business Unit, FY 2023
Figure 109: LONGi: Gas & Service Segment Revenue Share, by Country/Region, FY 2023
Figure 110: Mitsubishi Heavy Industries Ltd.: Revenue Share, by Business Segment, FY 2023
Figure 111: Mitsubishi Heavy Industries Ltd.: Revenue Share by Country/Region, FY 2023
Figure 112: Ocean Power Technologies Inc.: Revenue Share, by Business Segment, FY 2022
Figure 113: Ocean Power Technologies Inc.: Revenue Share by Country/Region, FY 2022
Figure 114: Siemens Gamesa Renewable Energy: Revenue Share, by Business Unit, FY 2023
Figure 115: Siemens Gamesa Renewable Energy: Revenue Share, by Country/Region, FY 2023
Figure 116: Statkraft AS: Revenue Share, by Business Unit, FY 2023
Figure 117: Statkraft AS: Revenue Share, by Country/Region, FY 2023
Figure 118: Vestas: Revenue Share, by Business Unit, FY 2023
Figure 119: Vestas: Revenue Share, by Country/Region, FY 2023

Executive Summary

Renewable energy sources have had an intense decade of growth. In 2019, almost 11% of global primary energy came from renewable energy sources. However, the market environment for renewable energy is likely to be more challenging in the years ahead. As the prices for some renewable energy sources become more competitive, suppliers will be forced to compete as the price of natural gas declines, and they will be challenged, particularly in the wind power industry, to find ways to lower costs, even as future projects focus on more expensive offshore installations. With its much more extensive customer and manufacturing base, solar power will be able to respond more quickly. However, suppliers will find
declining prices and difficult margins, due to the declining volume of the wind power industry. The workhorse of renewable energy - hydropower - will continue to grow mainly due to contracts signed and financing secured before the recent covid pandemic situation.

China is leading the renewable energy market in Asia-Pacific and is expected to remain a key driving factor for the Asia-Pacific market over the forecast period. Additionally, increasing governmental interventions to promote electricity generation using renewable resources in India will increase the Asia- Pacific market’s growth over the forecast period.

Efforts to reduce or minimize reliance on conventional energy resources such as oil, natural gas and coal due to growing environmental hazards caused during their use for power generation are expected to remain a key driving factor for the global market. In addition, governmental support in terms of tax benefits and financial incentives in nations such as the U.S., Germany, Iceland, France, the U.K., China and India are expected to drive renewable energy production. However, the high costs of renewable energy production are expected to hinder market growth over the forecast period.

Companies Mentioned

  • ADM
  • Ansaldo Energia
  • Calpine Corp.
  • China Three Gorges Corp.
  • Drax Group plc
  • GE Vernova
  • Jinko Solar
  • LONGi
  • Mitsubishi Heavy Industries Ltd.
  • Ocean Power Technologies Inc.
  • POET LLC
  • Siemens Gamesa Renewable Energy
  • Statkraft AS
  • TrinaSolar
  • Vestas

Table Information

Report AttributeDetails
No. of Pages204
PublishedApril 2025
Forecast Period2024 - 2029
Estimated Market Value ( USD ) in 2024 $ 1.3 Trillion
Forecasted Market Value ( USD ) by 2029 $ 2 Trillion
Compound Annual Growth Rate8.7%
Regions CoveredGlobal
No. of Companies Mentioned15

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