Renewable Energy Market Report and Forecast 2024-2032

According to the report, the global renewable energy market is projected to grow at a CAGR of 7.6% between 2024 and 2032. Aided by the escalating urgency for sustainable energy solutions and advancements in renewable technologies, the market is expected to grow significantly by 2032.

Renewable energy encompasses various forms of energy resources that are replenished naturally, such as solar, wind, hydroelectric, geothermal, and biomass. These sources are increasingly becoming vital to addressing the global challenges of climate change, energy security, and the rising demand for electricity. The shift towards renewable energy is not just a trend but a pivotal part of the global transition towards sustainable and low-carbon energy systems.

The driving forces behind the renewable energy market growth are multifaceted. Firstly, there is a global increase in environmental awareness and a strong governmental push for cleaner energy sources, marked by policies and incentives promoting renewable energy adoption. Additionally, technological advancements have significantly reduced the costs of renewable energy production, making it more competitive with traditional fossil fuel sources. Solar and wind energy, in particular, have seen remarkable cost reductions and efficiency improvements.

Another key factor propelling the renewable energy market demand is the increasing investment in renewable energy infrastructure by both public and private entities. This surge in investment is a response to the growing demand for green energy and the need to replace aging power generation infrastructure with more sustainable options. The integration of renewable energy into national grids is also being facilitated by advancements in energy storage technologies, which address the intermittency issues of solar and wind power.

The renewable energy market outlook is also being influenced by the rising consumer preference for clean energy sources. With a growing understanding of the environmental impacts of fossil fuels, consumers and businesses are increasingly opting for renewable energy to power their homes and operations. This shift is further supported by the development of decentralised energy systems, such as rooftop solar panels and community wind farms, which empower consumers to generate their own clean electricity.

Moreover, the renewable energy sector is increasingly seen as a significant contributor to economic growth and job creation. The industry creates a wide range of employment opportunities, from manufacturing and installation to maintenance and research and development.

Market Segmentation

The market can be divided based on type and region.

Market Breakup by Type

• Solar
• Wind
• Hydro
• Biomass
• Geothermal

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global renewable energy market. Some of the major players explored in the report are as follows:

• First Solar, Inc.
• Suzlon Energy Ltd.
• Vestas Wind Systems A/S
• Conergy Energy Systems
• Senvion S.A.
• Ørsted A/S
• Vattenfall AB
• JinkoSolar Holding Co., Ltd
• Tata Power Solar Systems Ltd.
• Enel Green Power S.p.A.
• Others