Renewable Energy Market Size, Share & Analysis Report By Product (Bioenergy, Hydropower, Wind, Solar), By Application (Residential, Commercial), and Regional Forecasts, 2023 - 2030

Report Overview

The Renewable Energy Market was valued at 1,115 Billion in 2022 and expected to grow at CAGR of 17.01% over forecast period.

The renewable energy market is fueled by a variety of factors that contribute to the global adoption and growth of renewable energy sources. These forces are influencing the shift to cleaner, more sustainable energy systems. Growing public awareness of climate change and its environmental consequences has resulted in a strong push to reduce greenhouse gas emissions. Renewable energy sources emit little to no greenhouse gas emissions, making them an important tool in climate change mitigation.

These factors all contribute to the growth of the renewable energy market and the global transition to a more sustainable energy future. The renewable energy market is expected to accelerate its growth trajectory as technologies improve and public awareness of environmental issues grows.

Product Outlook

Based on Product, the Renewable Energy Market is segmented into Bioenergy, Hydropower, Wind, and Solar. Solar segment accounted for largest share in 2022.

Many countries have enacted policies, incentives, tax credits, and feed-in tariffs to encourage the use of solar energy. These policies encourage investment in solar projects and contribute to market growth. Global efforts to combat climate change and reduce greenhouse gas emissions have resulted in many countries setting ambitious renewable energy targets. Solar energy, as a clean and low-carbon energy source, is critical to achieving these objectives.

The hydro energy market had been steadily expanding and remained an important contributor to the global renewable energy landscape. The use of hydro energy, also known as hydropower, to generate electricity involves harnessing the power of flowing or falling water. While hydropower has historically been a significant source of renewable energy, its future growth may be hampered by environmental concerns, social impacts, and permitting processes for new projects. Furthermore, in some areas, the availability of suitable sites for large-scale hydropower development may limit expansion. Nonetheless, the continued emphasis on renewable energy and the need for clean and sustainable power sources are likely to sustain the long-term growth of the hydro energy market.

Application Outlook

Based on Application, Renewable Energy Market is segmented into Residential and Commercial. Commercial segment accounted for largest share in 2022. The commercial renewable energy market was expanding rapidly and had become an important component of the global energy landscape. Renewable energy sources used for commercial, industrial, and business purposes are referred to as commercial renewable energy. This industry includes a diverse range of technologies such as solar, wind, hydro, geothermal, biomass, and others.

The residential renewable energy market was steadily growing and had become an important contributor to the global shift toward sustainable and clean energy sources. The residential renewable energy market refers to the adoption of renewable energy systems for residential properties, such as solar panels, wind turbines, geothermal heat pumps, and small-scale hydro, by homeowners and individuals.

Regional Outlook

Asia Pacific is emerged as leading market for Renewable Energy Market in 2022. The Asia Pacific renewable energy market was expanding rapidly and was expected to expand further in the coming years. The Asia Pacific region is a key player in the global transition to renewable energy sources, owing to several regional factors. Rapid economic growth and rising energy demand characterize the Asia Pacific region. Renewable energy sources like solar, wind, hydro, and geothermal are being deployed to meet this growing energy demand in a sustainable manner.

Europe has been a leader in renewable energy adoption, with several countries setting ambitious renewable energy penetration targets. Solar, wind, and biomass energy have all grown significantly in the region. The growth of renewable energy in Europe has been fueled by strong government support, favorable policies, and the European Union's commitment to carbon neutrality by 2050.

Renewable Energy Market Report Scope

Global Renewable Energy Market, Report Segmentation

Renewable Energy Market, By Products

• Bioenergy
• Hydropower
• Wind
• Solar

Renewable Energy Market, By Application

• Residential
• Commercial

Renewable Energy Market, Regional Outlook

North America

• U.S.
• Canada
• Mexico

Europe

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

Asia Pacific

• China
• Japan
• India
• South Korea
• Australia

CSA

• Brazil
• Argentina

MEA

• UAE
• Saudi Arabia
• South Africa