Renewable Energy Market Size Worth $2,202.90 Billion By 2032 | CAGR: 8.60%

The global Renewable Energy market size is expected to reach USD 2,202.90 billion by 2032, according to a new study by Polaris Market Research. The report “Renewable Energy Market Share, Size, Trends, Industry Analysis Report, By Application (Commercial, Residential, Industrial); By Product; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Various sources of renewable energy, including wind, hydropower, solar, geothermal, and bioenergy, contribute to fulfilling approximately 7% of the current global energy demand. This percentage is anticipated to experience significant growth in the near future. Key factors driving this expansion include increasing awareness of the environmental impact of government initiatives promoting clean energy adoption, fossil fuels, combined public and private efforts to reduce carbon emissions, and a growing consumer preference for green energy. Moreover, the escalating industrialization and urbanization in developing countries worldwide are expected to boost the demand for various renewable energy sources, such as geothermal and solar energy, throughout the forecast period.

Advancements in technology are driving a decrease in the costs of renewable energy, and the growing competitiveness of battery storage systems is positively influencing the expansion of the renewable energy market. Increasing global concerns about climate change and Environmental, Social, and Governance (ESG) issues are attracting significant investments towards the adoption of renewable energy sources. Governments in both developed and developing economies are providing subsidies to the corporate sector, encouraging a shift towards clean and green energy to promote sustainability and environmental preservation. These factors play a crucial role in the global growth of the renewable energy market.

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Additionally, a study published in the National Library of Medicine in June 2021 highlighted the significant impact of coronary artery disease (CAD) on global health. CAD alone is responsible for approximately 610,000 deaths annually, accounting for an estimated one in four deaths and making it the foremost cause of mortality in the United States. With the incidence of CAD rising, there is a growing demand for effective Renewable Energy devices to address this pressing medical need. Consequently, this factor is projected to drive the demand for Renewable Energys throughout the forecast period.

Renewable Energy Market Report Highlights

• In 2022, the Solar Power segment dominated the revenue share, holding the largest market share. Renowned for its cost-effectiveness, ability to provide an environmentally friendly identity to homes or businesses, and its capacity to address electricity disruptions, solar power emerged as a prominent player in the market. In contrast to grid electricity, which experiences frequent outages, and hydroelectric power, which is susceptible to interruptions during transmission, solar systems demonstrate higher efficiency in transmission. The sector is expected to sustain substantial growth throughout the forecast period.
• Throughout the forecast period, the Industrial segment secured the highest market share. The increasing demand for clean electricity is expected to drive the growth of the PV modules market within the industrial sector, propelled by a growing number of utility projects. According to the Solar Energy Industries Association, the U.S. has over 37 GW of operational power plants as of 2020, and an additional 112 GW is in development. These factors are expected to boost the demand for solar PV panels within the industrial application segment throughout the forecast period.
• In 2022, Asia Pacific emerged as the dominant market. The increasing demand for renewable energy in this region is closely tied to the rising installation of solar power projects in China and India, which serve as key global markets for solar panels. Furthermore, countries in the region, including Australia and Japan, showcase significant growth potential for the market, driven by their substantial investments in solar power generation in recent years.
• The global key market players include ABB, Acconia S.A., Enel Spa, General Electric, Innergex, Invenergy, Schneider Electric, Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Ltd., Tata Power.

Polaris Market Research has segmented the Renewable Energy market report based on product, application, and region:

Renewable Energy, Product Outlook (Revenue - USD Billion, 2019 - 2032)

• Solar Power
• Hydropower
• Bioenergy
• Wind Power
• Others

Renewable Energy, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Commercial
• Residential
• Industrial

Renewable Energy, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Renewable Energy Market Report Scope