Renewable Energy Market Analysis 2024-2032 | Top Trends, Technologies, Leading Players, and Market Forecast for Solar, Wind, Bioenergy, and Hydropower Sectors

180 Pages Market Research Report on Renewable Energy, as analyzed by MarketDigits, covers various applications (residential, commercial) and product types (bioenergy, hydropower, wind, solar) across regions.

The report highlights key features of the partner and customer ecosystem, including product services, propositions, and competitive indices, alongside regional footprints.

Leading players in the market, such as ABB, Acciona S.A., Enel Spa, General Electric, Innergex, Invenergy, Schneider Electric, Siemens Gamesa Renewable Energy, S.A., Suzlon Energy Ltd., and Tata Power, hold significant market shares.

The forecast for market trends spans from 2024 to 2032, reflecting evolving dynamics in the renewable energy sector.

The global renewable energy market was valued at USD 1.1 trillion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 16.9% from 2023 to 2030.

Get the Sample Research Report Copy on Renewable Energy Market: https://www.marketdigits.com/request/sample/875

Why Demand for Renewable Energy Has Increased in Recent Years

Environmental Concerns and Climate Change Mitigation: The growing global awareness of environmental issues and climate change has significantly increased the demand for renewable energy. Governments and organizations worldwide are implementing policies aimed at reducing carbon emissions and transitioning to sustainable energy solutions.

The International Energy Agency (IEA) reports that renewable energy has become a major focus in efforts to mitigate climate change, with renewable electricity applications across sectors such as transport, industry, and buildings accounting for over three-quarters of the overall rise in global renewable energy demand.

The IEA aims to increase the share of renewable energy in global final energy consumption to nearly 20% by 2030.

Technological Advancements and Cost Reductions: Advancements in renewable energy technologies have made clean energy more affordable and efficient, further driving its adoption. The cost of wind and solar power, in particular, has dropped drastically, making them increasingly competitive with fossil fuels.

According to the U.S. Energy Information Administration (EIA), the wind power capacity in the U.S. is expected to rise by 6.5 GW in 2024, largely due to reduced installation costs and improved technologies in wind and solar energy.

This trend has played a key role in accelerating the transition to renewable energy across the globe.

Government Policies and Incentives: Supportive government policies, subsidies, and tax incentives have been crucial in accelerating the adoption of renewable energy solutions. These measures have made it more economically viable for individuals, businesses, and governments to invest in clean energy alternatives.

In the United States, renewable energy jobs have grown at more than twice the rate of the overall labor market in 2023, with over 3.5 million Americans employed in the sector.

As the government continues to introduce favorable policies, the renewable energy sector is expected to maintain strong growth momentum.

Energy Security and Independence: Renewable energy plays a vital role in enhancing energy security by reducing dependence on imported fossil fuels. Nations around the world are increasingly focusing on renewable energy to achieve energy independence and reduce vulnerability to volatile oil and gas markets.

The Middle East, led by countries like the United Arab Emirates and Saudi Arabia, has rapidly increased its investment in renewable energy, making it the fastest-growing renewable market outside China.

This shift is driven by the need for stable and sustainable energy sources.

Economic Growth and Job Creation: The renewable energy sector has become a significant contributor to global economic growth, creating millions of jobs worldwide.

The clean energy transition has spurred job creation in industries such as wind, solar, and bioenergy, attracting both investment and skilled labor. In the U.S., renewable energy jobs have grown at an impressive rate, outpacing the overall job market.

As countries continue to invest in renewable energy infrastructure, the sector is expected to remain a key driver of economic development and job creation.

Why Demand for Renewable Energy is Set to Increase in the Coming Years

Electrification of Transportation: The global shift towards electric vehicles (EVs) is set to significantly increase the demand for renewable energy. With electric vehicles expected to account for up to 50% of all new car sales by 2035, the need for clean electricity to power these vehicles will surge.

This shift toward EVs is expected to place substantial pressure on electricity grids, which will require an increased supply of renewable energy to meet demand.

As countries implement stricter emissions regulations and consumers adopt more eco-friendly transportation options, renewable energy sources will play an integral role in meeting future energy needs.

Industrial Decarbonization: Industries worldwide are actively working towards decarbonization in response to sustainability targets and government regulations. Industrial sectors such as manufacturing, steel production, and cement are increasingly turning to renewable energy to reduce their carbon footprints.

The IEA forecasts that the consumption of renewable energy in power, heat, and transport sectors will grow by nearly 60% from 2024 to 2030.

This shift will be driven by industrial facilities transitioning to cleaner energy sources, enhancing overall demand for renewables in the coming years.

Rising Electricity Demand: As global electricity demand continues to rise, renewable energy sources will be essential to meet this growing need. The World Economic Forum predicts that global electricity demand will increase by around 4% in 2025, fueled by factors such as intense heatwaves, increased use of air conditioning, and the growing adoption of electric vehicles.

As the demand for electricity expands, renewable energy will be the cornerstone of efforts to provide sustainable, low-carbon solutions to meet global energy requirements.

Key Developments in the Renewable Energy Market | ABB, Acciona S.A., and Enel SpA (2024-2025)

ABB: ABB has made significant moves in the renewable energy sector through strategic acquisitions and R&D collaborations.

In December 2024, ABB announced its agreement to acquire the power electronics unit of Gamesa Electric from Siemens Gamesa, strengthening its position in renewable power conversion technologies.

This acquisition is expected to close in the second half of 2025, pending regulatory approval, and will allow ABB to expand its capabilities in the renewable energy market.
Additionally, ABB E-mobility and MAN signed a cooperation agreement in January 2024 to develop a Megawatt Charging System (MCS), which addresses the growing needs of the electric vehicle logistics sector.

This strategic partnership aims to enhance the performance of electric vehicle charging infrastructure.

Acciona S.A.: Acciona S.A. has also made notable advancements in the renewable energy sector.

In November 2024, Endesa, a subsidiary of Enel SpA, acquired Corporación Acciona Hidráulica for €1 billion, adding 34 hydroelectric plants with a combined capacity of 626 MW to its portfolio.

This acquisition aligns with the companies' shared goals of expanding renewable energy infrastructure and improving energy efficiency.
Acciona has also focused on sustainable infrastructure development, investing in projects that address climate challenges.

The company is engaged in developing innovative solutions across various sectors, including health, education, and ecosystem restoration, contributing to sustainable growth and community resilience.

Enel SpA: Enel SpA's strategic plan for 2024-2026 focuses heavily on expanding its renewable energy capacity. The company has committed to investing €6.1 billion in renewable energy projects during this period, further solidifying its role in the global energy transition.

Enel aims to increase its installed renewable capacity to 75 GW by 2025, a 39.9% increase from 2022 levels. This expansion is part of Enel's broader decarbonization strategy, which includes a target to achieve 83% emission-free production by 2025.

In addition, Enel continues to build strategic partnerships and alliances to enhance its renewable energy portfolio, aiming to contribute significantly to the global push toward clean energy.

Get the complete view of 180 Pages Market Research Report on Renewable Energy: https://www.marketdigits.com/renewable-energy-market-1691139637

Key Technologies and Innovations in Renewable Energy by General Electric, Schneider Electric, and Tata Power (2024-2025)

General Electric (GE): General Electric (GE) has been a leader in the development of integrated renewable energy solutions. One notable innovation is the creation of Integrated Renewable Energy Power Plants (IREP), which combine solar, wind, and energy storage systems to deliver reliable, continuous power.

For example, the Kurnool Solar Park in India, developed in collaboration with Greenko, integrates 3,000 MW of solar energy, 500 MW of wind power, and a 1,608 MW pumped storage plant, addressing the challenges of renewable energy intermittency.

In addition, GE is advancing grid modernization to support the increasing share of renewable energy sources. The company is deploying advanced grid automation technologies, establishing green energy corridors, and enhancing grid flexibility to maintain stability and efficiency, especially as the renewable energy mix grows.

Schneider Electric: Schneider Electric continues to innovate in the renewable energy sector with solutions designed to integrate renewable power into existing energy systems.

The company has been at the forefront of developing Integrated Renewable Energy Power Plants, such as the Kurnool Solar Park, which combines solar, wind, and energy storage to ensure continuous power generation.

This approach addresses the intermittency of renewable sources and increases energy reliability.

Additionally, Schneider Electric's energy management and automation solutions optimize energy consumption and improve the efficiency of renewable energy systems. These advanced solutions seamlessly integrate with various renewable energy sources, providing real-time monitoring and control, which enhances overall energy efficiency.

Tata Power: Tata Power is driving significant innovation in renewable energy with its development of floating solar technology.

By utilizing Liquid Solar Array technology, Tata Power has pioneered the installation of solar panels on water bodies, significantly reducing land usage and improving the efficiency of solar energy generation.

The company is also heavily focused on expanding its renewable energy capacity. Tata Power plans to invest up to $9 billion to grow its renewable energy portfolio to over 20 GW within the next five to six years. This strategic investment is designed to support India's sustainable energy goals and further strengthen Tata Power's position in the renewable energy sector.

Frequently Asked Questions About the Renewable Energy Market

How big is the renewable energy market?

The global renewable energy market was valued at approximately USD 1.1 trillion in 2022, growing at a compound annual growth rate (CAGR) of 16.9% from 2023 to 2030. This significant growth is driven by increasing investments in clean energy and the global shift toward sustainable power sources.

Which is the US No. 1 renewable energy company?

As of 2024, NextEra Energy is the leading renewable energy company in the United States by market capitalization. The company is renowned for its investments in wind and solar energy, holding the title of the world's largest producer of wind and solar power.

Who is the leader in renewable energy in Europe?

Enel Green Power S.p.A. is considered the leader in renewable energy in Europe. The company generates clean energy through various technologies, including wind, solar, hydroelectric, and geothermal power. Enel's commitment to sustainability has positioned it as a prominent player in the European renewable energy sector.

Which is the largest renewable plant in India?

The Khavda Renewable Energy Park in Gujarat, India, is set to become the world's largest renewable energy plant upon completion. This ambitious project aims to supply electricity to approximately 16 million households, marking a significant step in India's transition to clean energy.

Other Trending Reports

Oil and Gas Analytics Market: https://www.marketdigits.com/oil-and-gas-analytics-market

Solar Rooftop Market: https://www.marketdigits.com/solar-rooftop-market

Renewable Drones Market: https://www.marketdigits.com/renewable-drones-market

About Us

Founded in 2015, MarketDigits Consulting & Advisory Pvt Ltd is a leading business research and consulting firm. Our mission is to empower clients by identifying emerging opportunities and driving revenue growth across industries. We specialize in providing comprehensive market insights, advanced technology solutions, and actionable strategies that support operational and strategic decision-making.

With a focus on the full value chain, our expert team delivers high-quality syndicate research reports, proprietary databases, and consulting services to help clients navigate today's competitive and dynamic business environment. At MarketDigits, we use advanced analysis to uncover profitable opportunities, enabling businesses to make smart decisions and achieve sustainable success.

Contact Us:

+1 510-730-3200 | +1 276-206-2055

sales@marketdigits.com

1248 CarMia Way Richmond

VA 23235, United States

This release was published on openPR.