Clean and Renewable Energy Global Market Report 2024

The clean and renewable energy market size has grown exponentially in recent years. It will grow from $274.12 billion in 2023 to $343.15 billion in 2024 at a compound annual growth rate (CAGR) of 25.2%. The expansion observed during the historic period can be attributed to several factors, including heightened environmental awareness and concerns, enhanced energy security and independence, cost competitiveness of clean energy solutions, increased policy support and incentives, augmented public and private investments, improved energy access and equity, and the rise of corporate sustainability initiatives.

The clean and renewable energy market size is expected to see exponential growth in the next few years. It will grow to $771.46 billion in 2028 at a compound annual growth rate (CAGR) of 22.4%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing climate change mitigation goals, the rising electrification of transportation, the growing energy transition in emerging markets, efforts towards resilience and disaster preparedness, the adoption of circular economy principles and resource efficiency, and increased community and stakeholder engagement. Key trends expected during this period include the expansion of distributed generation initiatives, advancements in energy storage technologies, integration into smart grid infrastructure, innovation in offshore wind and floating solar technologies, and the continued expansion of microgrid deployments.

Increasing investments in the energy sector are poised to drive the expansion of the clean and renewable energy market. These investments involve allocating financial resources towards activities related to energy production, distribution, and development, encompassing both renewable and traditional energy sources. The emphasis on clean and renewable energy investment is critical for combatting climate change and fostering a sustainable future by reducing reliance on fossil fuels and promoting eco-friendly alternatives. For example, in May 2023, the International Energy Agency (IEA) reported a significant rise in global energy investment, reaching $1.74 trillion in 2023 compared to $1.61 trillion in 2022, with over USD 1.7 trillion allocated to clean energy initiatives. These initiatives span renewable power, nuclear energy, grids, storage, low-emission fuels, efficiency enhancements, end-use renewables, and electrification. Hence, the upsurge in energy sector investments is propelling the growth of the clean and renewable energy market.

Key players in the clean and renewable energy sector are intensifying their efforts to develop innovative products, such as solar panels and combiner boxes, to gain a competitive advantage. Solar panels are devices that convert sunlight into electricity through photovoltaic cells, while combiner boxes consolidate and protect electrical connections from multiple solar panels. For instance, in February 2023, Green World Renewable Energy LLC, a US-based renewable energy company, introduced an innovative solar panel and combiner box system. This solution offers a reliable and efficient means of solar energy collection, presenting a sustainable, cost-effective, and environmentally friendly alternative to traditional energy sources. The combiner box, an integral component of the system, optimizes electricity generation by integrating output from multiple panels into a unified stream. Through such innovative product development, major players aim to solidify their position in the competitive clean and renewable energy market.

In October 2023, TotalEnergies, a France-based multi-energy company, successfully acquired QUADRA Energy GmbH for an undisclosed sum. This strategic acquisition is anticipated to enhance TotalEnergies' integrated power business in Germany, bolster its trading capacity on the intraday markets, and broaden its marketing activities. QUADRA Energy GmbH, headquartered in Germany, is an electric utility company specializing in the aggregation of renewable electricity. The acquisition aligns with TotalEnergies' commitment to expanding its presence in the renewable energy sector and strengthening its position in the German energy market.

Major companies operating in the clean and renewable energy market are Électricité de France S.A., Panasonic Corporation, Hanwha Group, Sharp Corporation, LONGi Green Energy Technology Co. Ltd., Xcel Energy Inc., Trina Solar Co. Ltd., JinkoSolar Holding Co. Ltd., Acciona S.A., Canadian Solar Inc., Kaneka Corporation, Risen Energy Co. Ltd., National Grid Renewables, First Solar Inc., Abengoa SE, JA Solar Technology Co. Ltd., SolarWorld AG, Tata Power Systems Limited, Yingli Solar, Hevel Group, GreenBrilliance, ReneSola Ltd., GAF Energy LLC, SunEdison Inc., Indosolar Limited, United Renewable Energy LLC.

Asia-Pacific was the largest region in the clean and renewable energy market in 2023. The regions covered in the clean and renewable energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the clean and renewable energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Clean and renewable energy encompasses energy sources that are sustainable, environmentally friendly, and emit minimal to no greenhouse gases or harmful pollutants during electricity generation or other energy-related activities. These sources are typically naturally replenished and can be utilized repeatedly without depleting finite resources or causing significant environmental harm.

The primary types of clean and renewable energy include hydroelectric power, wind power, bioenergy, solar energy, geothermal energy, and others. Hydroelectric power involves generating electricity by harnessing the energy of flowing water, often from rivers or dams. These energy sources find applications in power generation, heating and cooling systems, transportation, rural electrification, desalination, and various other sectors, catering to residential, commercial, industrial, and other end-users.

The clean and renewable energy market research report is one of a series of new reports that provides clean and renewable energy market statistics, including clean and renewable energy industry global market size, regional shares, competitors with a clean and renewable energy market share, detailed clean and renewable energy market segments, market trends and opportunities, and any further data you may need to thrive in the clean and renewable energy industry. This clean and renewable energy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The clean and renewable energy market consists of sales of solar panels, wind turbines, batteries, electrolyzers, and heat pumps. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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