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How has the renewable energy market grown in recent years?

In recent years, the size of the renewable energy market has seen substantial growth. The figures are expected to surge from $1106.98 billion in 2024 to $1194.93 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 7.9%. Factors contributing to growth during the historical period include the robust growth of emerging markets, increased consumption of renewable energy compared to other energy sources, amplified investments in renewable energy sources, and swift industrialization.

How is the renewable energy market size expected to evolve during the forecast period?

The market size for multifamily housing construction, specifically apartments, is predicted to experience substantial growth over the coming years. The market value will escalate to a whopping $1400.32 billion by 2029, with an impressive compound annual growth rate (CAGR) of 10.2%. The growth projected for this period is primarily due to shifts in work and lifestyle patterns, challenges with affordability, the rise of sustainable and green construction methods, along with urban redevelopment and mixed-use projects. Furthermore, demographic transitions and an increase in the elderly population contribute to this growth. Some of the significant trends advancing during this forecast period bring forward the melding of technology into residential spaces, the proliferation of urbanisation and mixed-use developments, embedding tech into various amenities, the creation of adaptable and flexible spaces in conjunction with wellness and health-focused design.

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Which key drivers are propelling the renewable energy market’s growth?

The surge in power use is anticipated to boost the expansion of the renewable energy sector. There is a global increase in energy demand due to heightened industrial activities and technological progression in emerging and developed nations. Moreover, the escalating global population is triggering a swift rise in energy consumption, indicating an increased need for energy. This surge in power usage necessitates the production of renewable energy as it offers enhanced energy security and mitigates the risk of fuel spills, emits zero greenhouse gases from fossil fuels, and curbs certain types of air pollution. For example, data from the US-based International Energy Agency revealed that total energy consumption in the United States saw an approximate rise of 2.5% in 2023 in comparison to 2022. Consequently, the amplified power consumption is set to stimulate the renewable energy market.

What are the market segments in the renewable energy industry?

The renewable energy market covered in this report is segmented –

1) By Type: Solar Energy, Wind Energy, Bio Energy, Hydro Energy, Geothermal Energy

2) By Capacity: 0-1,000 Kwh, 1,100-5,000 Kwh, More Than 5,000 Kwh

3) By End User: Residential, Commercial, Industrial, Utility, Others

Subsegments:

1) By Solar Energy: Photovoltaic (PV) Systems, Concentrated Solar Power (CSP), Solar Water Heating

2) By Wind Energy: Onshore Wind Energy, Offshore Wind Energy

3) By Bio Energy: Biomass, Biogas, Biofuels (Ethanol, Biodiesel)

4) By Hydro Energy: Small Hydropower, Large Hydropower, Run-of-River Hydropower

5) By Geothermal Energy: Flash Steam Plants, Dry Steam Plants, Binary Cycle Power Plants

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Which leading companies are shaping the growth of the renewable energy market?

Major companies operating in the renewable energy market include Orsted AS, Iberdrola SA, Enel Spa, Brookfield Corporation, Acciona SA, NEXTERA ENERGY INC, EDF SA, Xcel Energy Inc, The Tata Power Company Limited, Innergex Renewable Energy Inc, Adani Green Energy Limited, NTPC Limited, ReNew Power Private Limited, Suzlon Energy Limited, Sinohydro Corporation, China Yangtze Power Co. Ltd, Xinjiang Goldwind Science Technology Co. Ltd, JinkoSolar Holdings Co. Ltd, Tina Solar Ltd, Japan Renewable Energy Co. Ltd, JinkoSolar Holding Co. Ltd, Enova Community Energy Ltd, AGL Energy Ltd, Origin Energy, Voltlage, EOLFI, ABO Wind AG, EnviTec Biogas, CropEnergies, Siemens Energy, Peimar Srl, Edison SpA, Siemens Gamesa Renewable Energy SA, Gruppo STG Srl, OG (Ofer Global) Energy, Virtual Power Plant, RusHydro, Hevel LLC, Fortum Oyj, Rosseti PJSC, Enel S.p.A, Energias de Portugal S.A, General Electric Company, First Solar Inc, Northland Power, Tesla, SunPower Corporation, National Grid Renewables, Duke Energy Corporation, Inventure Renewables Inc, Algonquin Power & Utilities Corp, TransAlta Renewables, 360 Energy SA, Genneia SA, YPF Luz, Pampa Energia SA, Atlas Renewable Energy, ArcelorMittal, Elera Renováveis, Enel Green Power, Akuo Energy SAS, Enerwhere, Yellow Door Energy, BELECTRIC Solar & Battery GmbH, Doral Group, Energix Renewable Energies Ltd, Enlight Renewable Energy Ltd, Econergy Renewable Energy Ltd, BioTherm Energy, Sasol Solar Power, Lake Turkana Wind Farm, Tarfaya Wind Farm, Ras Ghareb Wind Farm, West Bakr Wind Project

What key trends are currently impacting the renewable energy market’s development?

The rise in technological innovations is a notable trend emerging in the renewable energy sector. Renewable technologies are valued for their eco-friendly nature. When these resources are utilized effectively, they limit environmental damage, generate minimal supplementary waste, and are sustainable given current and future economic and societal needs. Lately, the market has seen the introduction of bio-mass energy and dual-module solar systems, which can significantly cut down on greenhouse gas emissions. Prominent companies in the renewable energy market are progressing with novel technologies and research and development initiatives to maintain their market standing. For example, In March 2022, Gautam Solar, an Indian Solar panels production company, introduced its G-2X dual-generation monocrystalline technology solar modules. This module from Gautam Solar renders power from both sides, making it suitable for rooftop and ground-mounted solar power plants, resulting in an additional 10%- 30% extra power production. The combined efficiency of the module from both the front and back reaches up to 25.72%. This G-2X mono series will help cut down BOS and installation expenses, while enhancing power production by up to 30% within the same available space.

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Which geographic areas are influencing the growth of the renewable energy market?

Asia-Pacific was the largest region in the renewable energy market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the renewable energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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