North America Renewable Energy Market: Industry Analysis and Forecast (2024-2030)

North America Renewable Energy Market Overviews

The North American Renewable Energy Market is primarily supporting global market growth, with over 2460 gigawatts of renewable energy was installed in 2023. The increased growth in solar PV in North America is being driven by the lower cost of technologies in recent years. Efforts to fulfil increased power demand with renewable energy sources are also expected to contribute significantly to market growth. With the government's determination to collect as much energy as possible from renewable sources while reducing carbon emissions, the share of renewable energy is expected to rise dramatically, driving the renewable energy market growth. The adoption of solar power as part of renewable portfolio targets (RPTs) and the Federal investment tax credit (ITC) are expected to help the global renewable energy installations increase at a CAGR of almost 7.8% from 2024 to 2030, reaching 4161 gigawatts by 2030.

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North America Renewable Energy Market Scope and Methodology:

North America is one of the most advanced regions in terms of renewable energy technologies and infrastructure. Solar PV has grown in popularity in North America as technology costs have decreased in recent years, resulting in increased growth. By 2027, the US is expected to increase its contribution to the global renewable energy industry by up to 32%. Currently, fossil fuels are the primary source of electricity in the country. Due to increased capacity in wind and solar power technologies, other markets in the region, such as Canada, are also rising steadily.

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North America Renewable Energy Market Regional Insights

The United States region is expected to grow at a CAGR of 9.6% during the forecast period. Renewable energy is the fastest-growing energy source in the US, with steady growth over the last few years. As of 2019, the installed capacity of renewable energy in the United States was over 264504 MW. In 2018, renewables accounted for 458.5 TWh of net electricity generation in the country. Renewable energy consumption is expected to grow at an annual rate of 1.8% over the next 30 years, faster than the overall growth rate in energy consumption in a business-as-usual scenario.

North America Renewable Energy Market Segmentation

By Type, the Renewable Energy Market is segmented into Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Geothermal Energy. The Solar Energy segment is expected to grow at a significant CAGR of 8.1% during the forecast period. In North America, the United States dominates the solar energy market. Canada, Mexico, and the United States have established a variety of regulatory frameworks and policies to promote the development of renewable energy sources such as solar energy. In addition, dropping solar power module costs along with government attempts to raise renewable energy percentages in the total energy mix are boosting the region's solar power energy segment.

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North America Renewable Energy Market Key Players

Swinerton Renewable Energy (San Francisco, California, United States)
Signal Energy LLC (Chattanooga, Tennessee, United States)
M. A. Mortenson Company (Minneapolis, Minnesota, United States)
General Electric Co. (Boston, Massachusetts, United States)
NextEra Energy Inc (Juno Beach, Florida, United States)
Hydro Quebec (Montreal, Canada)

Key questions answered in the North America Renewable Energy Market are:

What is North America Renewable Energy?
What was the North America Renewable Energy market size in 2023?
What is the growth rate of the North America Renewable Energy Market?
Which are the factors expected to drive the North America Renewable Energy market growth?
What are the different segments of the North America Renewable Energy Market?
What growth strategies are the players considering to increase their presence in North America Renewable Energy?
What are the upcoming industry applications and trends for the North America Renewable Energy Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the North America Renewable Energy Market?
Who are the leading companies and what are their portfolios in North America Renewable Energy Market?
What segments are covered in the North America Renewable Energy Market?
Who are the key players in the North America Renewable Energy market?


Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by Different Segment | 2024-2030
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation - A detailed analysis by segment with their sub-segments and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of Business by Region
Lucrative business opportunities with SWOT analysis
Recommendations


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