Renewable Energy Market Statistics, Emerging Demands and
Forecast

Renewable
Energy Market size was estimated at USD 1,328,100.0 million in 2024 and
is projected to reach USD 5,919,367.3 million in 2031 at a CAGR of 23.8 %
during the forecast period 2025-2031.

The renewable energy market encompasses the generation,
distribution, and utilization of energy derived from naturally replenishing
sources such as solar, wind, hydro, geothermal, and biomass. It forms a
critical component of the global shift towards decarbonization, energy
security, and climate resilience.

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The recent imposition of tariffs by the Trump administration
in 2025 has introduced significant challenges to the U.S. renewable energy
sector. The increased costs and supply chain uncertainties have led to delays
in large-scale solar projects, with some developers postponing installations
due to higher prices and disrupted supply chains. Additionally, the tariffs
have prompted clean energy investors to explore opportunities outside the U.S.,
particularly in countries with more favourable trade policies and stable
regulatory environments. These developments have introduced volatility and
uncertainty into the renewable energy market, potentially hindering progress
toward climate goals and energy transition targets.

Recent Developments: Renewable Energy Market

·       
In
September 2024, Vestas secured a 134 MW wind turbine order from Invenergy
for the Inaniwa Wind Energy Center in Iwate Prefecture, Japan. The project
includes the installation of wind sensors and 32 V117-4.2 MW turbines. This
marks Vestas’ largest order in Japan to date. Additionally, the Danish turbine
manufacturer signed a 20-year Active Output Management 5000 (AOM 5000) service
agreement to support the operation of the turbines.

·       
Also, in
September 2024, Tata Solar Ltd, a subsidiary of Tata Power Renewable Energy
Ltd, commenced commercial operations of a 2 GW solar array at its newly built
facility in Tirunelveli, Tamil Nadu. With a total production capacity of 4.3
GW, this facility is now the largest solar cell and module manufacturing plant
in India, following early investments made earlier in the year.

·       
January
2024, GE Vernova’s offshore wind division signed a strategic framework
agreement with Squadron Energy to develop 1.4 GW of onshore wind projects
across New South Wales, Australia.

The Prominent Players
in the Renewable Energy Market are

·       
ABB

·       
Acciona S.A.

·       
Enel S.p.A.

·       
General Electric

·       
Innergex

·       
Invenergy

·       
Schneider Electric

·       
Siemens Gamesa Renewable Energy, S.A.

·       
Suzlon Energy Ltd.

·       
Tata Power and More

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North America to
Dominate the Market

·       
In North
America, the renewable energy market is characterized by strong policy
support, particularly in the United States and Canada, where federal incentives
and state-level mandates have accelerated investment in wind, solar, and
bioenergy projects.

·       
In Europe,
the renewable energy sector is highly advanced and deeply integrated into
national energy strategies, with countries like Germany, Denmark, and Spain
leading the charge in wind and solar energy deployment.

·       
Asia-Pacific
is experiencing rapid growth in renewable energy deployment, driven by the
energy security needs of emerging economies and the decarbonization ambitions
of larger markets such as China, India, and Japan.

·       
In Latin
America, the renewable energy market is expanding steadily, thanks to abundant
natural resources and growing interest in reducing fossil fuel dependence.

The Renewable Energy
Market is segmented into various segments such as Technology, Application and
Region.

Based on Technology

·       
Hydropower

·       
Wind Power

·       
Solar Power

·       
Bioenergy

·       
Others

Based on Application

·       
Industrial

·       
Residential

·       
Commercial

The Report helps to
identify the opportunities in Global Regions:

·       
North America (the United States, Canada, and
Mexico)

·       
Europe (Germany, UK, France, Italy, Russia,
Turkey, etc.)

·       
Asia-Pacific (China, Japan, Korea, India,
Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and
Vietnam))

·       
South America (Brazil etc.)

·       
The Middle East and Africa (North Africa and GCC
Countries)

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In addition to the
market data for the Renewable Energy Market, Delvens offers client-centric
reports customized according to the company’s specific demand and requirements.

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