Renewable Energy Market to Reach USD 2.0 Trillion by 2031 | CAGR 8.4% | Asia-Pacific Leads with 30% Share | Key Players: Acciona Energia, EDF Renewables, Vestas, Ørsted, First Solar

Renewable Energy Market Outlook

The Global Renewable Energy Market reached USD 1.1 trillion in 2022 and is projected to grow to USD 2.0 trillion by 2031, expanding at a CAGR of 8.4% during 2024-2031. Growth is driven by rising adoption of renewable technologies, increasing investment from governments and private players, and ambitious global climate targets. For example, the European Union plans to invest €210 billion (USD 223 billion) in renewable energy by 2027, while China aims to install over 1200 GW of solar and wind capacity by 2031 to achieve carbon neutrality by 2060. According to IRENA, renewable sources could generate 85% of global energy by 2050, fueled by rapid capacity additions in major countries like India, China, and the U.S.. Global initiatives such as the Paris Agreement are further accelerating renewable energy adoption and investments worldwide.

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Recent Developments:

✅ January 2026: Egypt signed renewable energy deals worth US$ 1.8 billion to construct a 1.7 GW solar plant with 4 GWh battery storage and establish a battery manufacturing hub, advancing its clean energy goals.

✅ December 2025: India commissioned multiple large-scale wind farms totaling 3 GW capacity as part of its renewable energy expansion program to meet growing electricity demand sustainably.

✅ November 2025: The U.S. Department of Energy approved funding for advanced offshore wind projects along the East Coast, supporting over 4 GW of additional renewable capacity and enhancing grid resilience.

✅ September 2025: A European consortium announced the development of hybrid solar-wind farms with integrated energy storage, aiming to stabilize intermittent renewable generation and support national energy targets.

✅ August 2025: Major utility-scale renewable projects in China, including solar and onshore wind farms, began commercial operations, contributing significantly to the country's goal of achieving carbon neutrality by 2060.

Mergers & Acquisitions:

✅ March 2025: ONGC NTPC Green, a joint venture between India's Oil and Natural Gas Corporation and NTPC, acquired Ayana Renewable Power, adding approximately 4.1 GW of solar and wind capacity to its portfolio and significantly expanding its renewable footprint in India.

✅ April 2025: JSW Neo Energy acquired a 4.7 GW renewable energy platform from O2 Power, strengthening its portfolio amid rising demand for clean energy assets.

✅ December 2024: TotalEnergies SE acquired VSB Holding GmbH for USD 1.65 billion, expanding its renewable energy presence in Europe across wind, solar, and battery storage.

✅ 2025: Hexa Climate Solutions purchased Fortum's India renewables portfolio, including over 200 MW of operational solar and a 600 MW project pipeline, with plans to invest USD 500 million to expand renewable energy operations.

✅ Late 2025: Enel acquired two onshore wind farms in Germany with a combined capacity of 51 MW, marking strategic expansion into the German renewable energy market.

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Key Players:

• Acciona Energia - 12% - Leading in wind and solar projects globally, with strong European and Latin American presence.

• EDF Renewables - 11% - Focuses on large-scale solar, wind, and hybrid renewable projects across Europe and North America.

• Vestas - 10% - Global leader in wind turbine manufacturing and wind farm solutions.

• Ørsted A/S - 9% - Specializes in offshore wind energy and utility-scale renewable projects.

• First Solar - 8% - Pioneer in thin-film solar technology and utility-scale solar PV deployment.

• Adani Green Energy - 8% - One of India's largest renewable energy companies with diversified solar and wind assets.

• Tata Power - 7% - Operates solar, wind, and hydro projects, contributing significantly to India's renewable capacity.

• Duke Energy Corporation - 6% - Focused on utility-scale solar and wind projects in North America.

• Iberdrola, S.A. - 5% - European utility investing heavily in wind, solar, and grid modernization.

• NextEra Energy, Inc. - 5% - Leader in U.S. wind and solar generation, including large-scale battery storage integration.

Market Segmentation:

By type, Hydroelectric Energy (35%) leads the market due to its long-standing adoption, reliability, and large-scale generation capacity. Solar Energy (30%) follows, driven by declining panel costs, technological improvements, and growing residential and commercial adoption. Wind Energy (25%) is expanding rapidly with both onshore and offshore projects, while Geothermal Energy (10%) serves niche applications with stable baseload generation.

By end-user, Residential (28%) adoption is rising with rooftop solar and home-scale energy solutions, Commercial (34%) usage is driven by cost reduction and sustainability targets, and Industrial (38%) demand is fueled by large-scale power needs and corporate renewable energy commitments.

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Regional Insights:

North America is a major market, holding approximately 32% share in 2024, driven by large-scale solar and wind projects, supportive government incentives, and private sector investments in clean energy.

Europe (28%) follows, supported by ambitious climate policies, offshore wind expansion, and strong investment in renewable infrastructure in countries such as Germany, the U.K., and France.

Asia-Pacific (30%) is the fastest-growing region, led by China, India, Japan, and South Korea, due to rising electricity demand, rapid industrialization, and massive solar and wind capacity additions.

Market Dynamics:

Driver:
The Global Renewable Energy Market is being shaped by several key drivers and challenges. The growing adoption of smart grid technology is modernizing traditional electricity infrastructure by integrating advanced communication and control systems, enabling seamless incorporation of renewable energy sources, energy storage, and electric vehicles. Smart grids enhance the reliability and dispatchability of renewable energy by storing excess generation and releasing it during low-production periods, driving wider adoption of renewables. Additionally, increasing public awareness and consumer demand for sustainable energy is influencing market growth, as individuals and businesses prioritize clean energy solutions to combat climate change and reduce environmental impact. Governments worldwide are supporting this trend through regulatory frameworks, incentives, and feed-in tariffs, boosting residential and commercial adoption of solutions like rooftop solar and small-scale wind systems.

However, fossil fuel subsidies in many developing and underdeveloped countries create market distortions by lowering the apparent cost of conventional energy sources. These subsidies, combined with indirect support such as tax credits and guaranteed purchase agreements, make fossil fuels artificially more competitive than renewables, discouraging investments and slowing the transition to clean energy. Overcoming these challenges is critical to sustaining global renewable energy growth and achieving long-term decarbonization goals.

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