North America Renewable Energy Market Size, Trends & Forecast 2025-2034

Renewable energy has emerged as the backbone of North America's sustainability mission, reshaping its power landscape. The region's proactive stance on decarbonization and environmental conservation has led to an unprecedented surge in installations of clean energy sources. Federal policies, state-level incentives, and technological breakthroughs are propelling the deployment of solar, wind, hydropower, and bioenergy. Major corporations are increasingly investing in large-scale renewable projects to meet corporate sustainability goals. This collective push toward a low-carbon economy is not just a trend but a necessary evolution, positioning North America as a model for other regions aiming to achieve net-zero emissions.

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North America Renewable Energy Market Analysis by Expert Market Research

Powering sustainable futures, the North America renewable energy market continues to anchor global growth, driven by significant government support and technological advancements. Expert Market Research highlights that in 2024, the global renewable energy installations reached an impressive 3058.36 Gigawatt, with North America contributing a sizeable share. This robust performance is attributed to favorable policies such as the Federal Investment Tax Credit (ITC) and Renewable Portfolio Standards (RPS) promoting solar and wind projects. The region's commitment to carbon neutrality is fueling continuous investments in green technologies, solidifying its role as a global leader in clean energy deployment.

Market Size

The North America renewable energy market has emerged as a powerhouse for global clean energy expansion, adding significant capacity every year. By 2024, global renewable energy installations reached nearly 3058.36 Gigawatt, with North America contributing a substantial portion through massive investments in solar, wind, hydropower, and bioenergy projects. This region's push toward a low-carbon economy has been powered by federal and state-level incentives that continue to attract utility-scale investments. The region's large energy demand, combined with abundant natural resources and technological expertise, makes it one of the most lucrative markets for renewable energy development. The United States, in particular, has aggressively increased its installed capacity through tax credits, state Renewable Portfolio Standards (RPS), and corporate sustainability initiatives.

Canada is also expanding its hydropower and wind resources. Major infrastructure upgrades and grid modernization are boosting capacity integration. These factors collectively drive North America's significant share of the global installed base. This strong foundation is set to support continued capacity expansion as businesses, governments, and communities align around net-zero targets and clean energy transitions, solidifying North America's role as a leader in shaping the renewable energy future.

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Market Trends

The North America renewable energy market is witnessing transformative trends reshaping how energy is generated, distributed, and consumed. One major trend is the dramatic cost reduction of renewable technologies, especially solar PV modules and onshore wind turbines, making renewables cost-competitive with fossil fuels. Another trend is the rise of decentralized and distributed energy generation, such as rooftop solar and community solar programs, empowering consumers to produce their own power and contribute to the grid. Energy storage is gaining momentum, with battery innovations enhancing grid reliability by balancing variable wind and solar output. Corporations are increasingly signing long-term Power Purchase Agreements (PPAs) with renewable energy providers to meet sustainability targets and hedge against energy price volatility. Digitalization and smart grid technologies enable better demand-response, predictive maintenance, and real-time monitoring, optimizing renewable asset performance. Additionally, the integration of electric vehicles (EVs) and charging infrastructure complements clean energy adoption, driving cross-sector decarbonization. Offshore wind development, though still nascent in North America, is gaining traction with massive planned capacity along the East Coast. These dynamic trends reflect a resilient and adaptive market ready to capitalize on emerging opportunities and technological advancements.

Market Opportunities and Challenges

The market offers numerous opportunities, with decarbonization goals accelerating utility-scale projects and community solar initiatives. Expansion of transmission infrastructure, technological innovation in storage systems, and electrification of transport create new investment avenues. However, challenges persist. Regulatory hurdles, grid interconnection delays, and the intermittency of renewable sources can slow deployment. Balancing the energy mix to ensure a stable supply while scaling up renewables remains a complex task. Despite these obstacles, the steady influx of capital and policy support suggests that North America will continue to advance, fostering a greener and more resilient energy ecosystem.

Segmentation

Breakup by Type

Hydropower
Onshore Wind
Solar
Bio Energy
Others

Breakup by Region

United States of America
Canada

Growth

North America's renewable energy market is growing steadily, underpinned by robust policy frameworks, technological improvements, and growing societal demand for clean energy alternatives. The region's aggressive climate targets, including national and state-level commitments to net-zero emissions, have catalyzed investments in utility-scale solar farms, onshore and offshore wind projects, and bioenergy facilities. The Federal Investment Tax Credit (ITC) for solar and production tax credits for wind have played pivotal roles in de-risking investments, attracting capital inflow from both domestic and international stakeholders. As coal and older fossil fuel plants are phased out, renewable capacity is filling the gap, ensuring energy security while reducing greenhouse gas emissions. Another key growth driver is the rapid advancement in energy storage systems, which are essential to managing intermittency and supporting grid stability. Private corporations are also fueling demand through green energy procurement and renewable-backed PPAs, which further incentivize project developers. Additionally, community-driven renewable initiatives and technological innovations in floating solar and smart grids are opening new avenues for growth. Together, these factors demonstrate that North America's renewable energy market is well-positioned for sustained expansion, contributing significantly to global decarbonization goals.

Forecast

Looking ahead, the North America renewable energy market is poised to maintain its robust growth momentum well into the next decade. The global renewable installed capacity is projected to grow at a CAGR of about 7.60% from 2025 to 2034, nearly doubling from 3058.36 Gigawatt in 2024 to an estimated 6362.26 Gigawatt by 2034. North America's share will continue to be substantial as both the United States and Canada ramp up efforts to meet ambitious climate pledges and net-zero targets. Offshore wind is expected to emerge as a major growth frontier, supported by federal leasing initiatives and technological improvements lowering installation costs. Solar will remain dominant, driven by continued cost declines, community solar expansion, and integration with advanced storage solutions. Moreover, upgrades in grid infrastructure and smart grid deployment will play crucial roles in absorbing additional capacity and managing intermittent supply. Electrification of sectors like transport and heating will further stimulate renewable energy demand. Despite potential challenges like supply chain disruptions and policy shifts, long-term fundamentals point to steady capacity additions, innovation-driven cost efficiencies, and strong investor confidence. This favorable outlook signals North America's enduring leadership in the global clean energy transition.

Competitor Analysis

The North America renewable energy market is fiercely competitive, with established players and new entrants shaping the landscape. Companies are leveraging technological innovation and strategic partnerships to expand market share and drive large-scale project execution.

NextEra Energy, Inc. (NYSE: NEE): Leading clean energy company expanding large-scale solar and wind assets across North America.

Schneider Electric SE (EPA: SU): Offers smart energy management solutions, enabling efficient renewable integration into power grids.

Swinerton Renewable Energy: Provides engineering, procurement, and construction (EPC) services for utility-scale solar and storage projects.

Signal Energy LLC: Delivers renewable energy construction services for solar and wind projects with a focus on high-performance execution.

M. A. Mortenson Company: Specializes in renewable energy construction, supporting large-scale wind and solar installations in the U.S.

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