The future of energy, understanding the growth of the renewable energy market suggest that the global renewable energy market is projected to reach market size of USD 1890 Billion by 2030.

Renewable energy is reshaping the global energy landscape, emerging as a critical solution to the challenges of climate change, resource depletion, and energy security. Unlike traditional fossil fuels, renewable energy is derived from natural sources such as sunlight, wind, water, and biomass, which are replenished naturally and sustainably. This shift towards cleaner energy sources is not just a technological evolution but a profound societal transformation, driven by the urgent need to reduce greenhouse gas emissions and protect the environment for future generations. As the world grapples with the devastating effects of climate change, including extreme weather events, rising sea levels, and biodiversity loss, renewable energy offers a beacon of hope, promising a future that balances economic growth with environmental stewardship. The transition to renewable energy is supported by significant advancements in technology, which have made solar panels, wind turbines, and other renewable systems more efficient and affordable than ever before. According to the research report "Global Renewable Energy Market Outlook, 2030" published by Bonafide Research, the global renewable energy market is projected to reach market size of USD 1890 Billion by 2030 increasing from USD 1091.21 in 2024, growing with 9.80% CAGR by 2025-30. Governments, corporations, and individuals are increasingly recognizing the economic, environmental, and social benefits of renewables, investing in clean energy projects and adopting sustainable practices. From large-scale wind farms to community solar projects and off-grid solutions, renewable energy is proving to be versatile and scalable, meeting the diverse needs of urban, rural, and remote populations alike. In addition to reducing carbon footprints, renewable energy enhances energy independence and resilience. Countries and communities that invest in renewable energy infrastructure can decrease their reliance on imported fuels, stabilizing energy prices and fostering local economic development. Moreover, renewable energy creates millions of jobs globally, from research and development to manufacturing, installation, and maintenance, contributing to economic growth and social well-being.

The renewable energy market is experiencing robust growth due to a confluence of environmental, economic, and technological factors driving global demand for sustainable energy solutions. Climate change and the urgent need to reduce greenhouse gas emissions have become key motivators for governments, businesses, and individuals to prioritize cleaner energy sources over fossil fuels. Policymakers around the world are implementing favourable regulations, subsidies, and incentives, such as tax credits and feed-in tariffs, to accelerate the adoption of renewable energy technologies. Additionally, advancements in technology have led to significant reductions in the cost of renewable energy systems, such as solar panels and wind turbines, making them more accessible and economically viable. The growing focus on energy security and diversification has further spurred investments in renewables, reducing reliance on imported fuels and mitigating risks associated with fluctuating fossil fuel prices. Moreover, increasing public awareness about environmental sustainability and the health benefits of reducing air pollution is fostering consumer demand for green energy solutions. The rise of corporate sustainability initiatives and net-zero commitments by major industries is also fueling growth, as businesses seek to meet environmental targets and enhance their brand reputation. Simultaneously, innovations in energy storage, such as advanced battery technologies, and grid modernization are addressing challenges like intermittency, ensuring a more reliable integration of renewable energy into power systems.

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North America (NA) plays a pivotal role in the renewable energy landscape, led by the United States, which is one of the largest producers of wind and solar energy in the world. Federal and state-level policies, such as tax credits and renewable energy standards, have spurred substantial investments in solar and wind technologies. The European Union's Green Deal and other regulatory frameworks have set ambitious targets for carbon reduction and renewable energy integration, driving investments in sustainable energy projects. Europe's commitment to sustainability, along with strong government incentives and technological innovation, has helped it maintain a competitive edge in the renewable energy market. China, the largest producer and consumer of renewable energy, has led the market with remarkable growth in solar, wind, and hydropower capacity. India is also making significant strides in its renewable energy adoption, with large-scale solar and wind projects, in line with its ambitious renewable energy targets. In South America (SA), countries like Brazil, Chile, and Argentina are seeing a rise in renewable energy adoption, primarily in the form of wind and solar power. Brazil's emphasis on hydropower, which already accounts for a significant share of its energy mix, is complemented by increasing investments in wind and solar power. South America's renewable energy market is growing as governments prioritize sustainability, boost infrastructure investments, and encourage private sector participation. The region's vast open spaces and abundant sunlight make it an ideal location for solar farms, and its windy coastal areas are ideal for wind power generation, leading to further market expansion. The Middle East and Africa (MEA) represent a diverse renewable energy market, with different countries at varying stages of development. The Middle East, traditionally known for its oil reserves, is increasingly focusing on renewable energy to diversify its energy mix and reduce dependence on fossil fuels.

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Hydropower remains one of the dominant renewable energy sources, accounting for the largest share of global renewable electricity generation. As a mature and reliable technology, hydropower provides a stable, base-load power supply and contributes to grid stability, particularly in countries with abundant water resources such as China, Brazil, and Canada. Large-scale hydroelectric plants, as well as small and micro-hydro projects, continue to drive growth in the hydropower sector, although environmental concerns related to dam construction and river ecosystems pose challenges in some regions. Wind power is experiencing rapid growth, driven by technological advancements in turbine efficiency and declining installation costs. Onshore wind farms are already widespread, with significant contributions from countries like the United States, Germany, and China, while offshore wind power is emerging as a key growth area, especially in Europe and the Asia-Pacific region. Offshore wind farms, in particular, offer the potential for large-scale power generation, thanks to strong and consistent wind patterns in coastal areas. Wind power has become increasingly competitive with traditional fossil fuels, and its expansion is supported by government incentives and long-term contracts, making it one of the fastest-growing segments in the renewable energy sector. Solar energy is another key pillar of the global renewable energy market, with solar power systems seeing exponential growth in recent years due to decreasing costs and improved efficiency of solar panels. Photovoltaic (PV) solar energy is widely adopted across residential, commercial, and industrial sectors, with countries like China, India, and the United States leading the way in installation capacity. Solar energy is particularly important for off-grid applications, especially in remote areas, and its versatility-from rooftop solar installations to large utility-scale solar farms-makes it adaptable to a variety of geographic regions. Solar power is expected to continue its growth trajectory, further driven by technological innovations in energy storage and grid integration.

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Bioenergy, which includes biofuels, biomass, and biogas, plays a significant role in the renewable energy market, particularly in sectors such as transportation and heating. Biofuels, derived from organic materials like crops, algae, and waste, are increasingly used as alternatives to fossil fuels in cars, planes, and industrial processes. Biomass, used for power generation and heating, is widely utilized in countries with large agricultural and forestry industries. Geothermal power plants generate electricity by tapping into the Earth's internal heat, and geothermal heating systems are also widely used for residential and commercial heating in colder climates. The industrial sector is one of the largest consumers of renewable energy, driven by the need to power energy-intensive operations while reducing carbon footprints and operating costs. Solar farms, wind turbines, and biomass installations are becoming common fixtures at industrial sites, where they help companies meet sustainability goals, reduce dependency on external energy supplies, and enhance their competitiveness in an increasingly eco-conscious market. The residential sector has also become a significant driver of renewable energy adoption, particularly with the increasing popularity of solar energy. Homeowners around the world are installing rooftop solar panels to generate their own electricity, reducing reliance on the grid and lowering energy costs. In addition to solar power, small-scale wind systems and geothermal heating and cooling solutions are becoming more accessible to homeowners, providing sustainable and efficient alternatives to conventional energy sources.

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The residential renewable energy market is further boosted by government incentives, tax credits, and net metering policies that allow consumers to sell excess energy back to the grid. With growing concerns over energy bills, climate change, and the desire for energy independence, homeowners are increasingly looking to renewable energy systems not just as a cost-saving measure, but also as a way to contribute to a more sustainable energy future. Additionally, advancements in home energy storage systems, such as battery technologies, are making it easier for homeowners to store excess solar energy for later use, further increasing the appeal of renewable energy in residential settings. In the commercial sector, businesses are leading the charge in adopting renewable energy to power office buildings, retail spaces, and large corporate campuses. Companies are increasingly integrating renewable energy solutions into their operations to meet corporate sustainability targets, reduce energy costs, and attract environmentally conscious customers and investors. Solar installations on the roofs of commercial buildings are a common solution, and large businesses are entering into Power Purchase Agreements (PPAs) to buy renewable energy directly from producers, helping to ensure a stable, long-term energy supply at predictable rates. Moreover, the commercial sector is embracing energy-efficient technologies, smart grids, and advanced building management systems that optimize the use of renewable energy. As environmental responsibility becomes a key component of corporate social responsibility (CSR) strategies, commercial entities are not only seeking to lower their carbon emissions but also improve their public image and compliance with environmental regulations.

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Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Renewable Energy market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:
Asia-Pacific: (South Korea, China, India, Japan)
North America: (United States, Canada)
Europe: (Germany, France, United Kingdom, Italy)
South America: (Brazil, Argentina)
Middle East & Africa: (UAE, South Africa, Saudi Arabia)

By Type
• Hydropower
• Wind Power
• Solar Energy
• Bioenergy
• Geothermal
• Others

By End-User
• Industrial
• Residential
• Commercial

Steven Thomas - Sales & Marketing Manager
E-mail: sales@bonafideresearch.com
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Europe: +44 20 8089 0049
North America: +1 201 793 8545
https://www.bonafideresearch.com/

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This release was published on openPR.