Renewable Energy Market Size, Share, Growth Analysis, By Product(Hydro Power, Wind Power, and Solar Power), By Application(Industrial, Commercial, and Residential), By Region - Industry Forecast 2024-2031

Global Renewable Energy Market size was valued at USD 899.24 Billion in 2022 and is poised to grow from USD 1050.31 Billion in 2023 to USD 3637.99 Billion by 2031, growing at a CAGR of 16.80% in the forecast period (2024-2031). 

In recent times, the renewable energy sector has witnessed massive growth owing to the transformation towards low-carbon fuels and the presence of strict environmental laws in most of the developed economies. The energy generation market is growing because of rising installation capacity of renewable sources because of the growing environmental concerns along with pressure to minimize harmful impact of greenhouse gases (GHG). These are some of the primary factors expanding the solar and wind energy sectors. The growing awareness about the hazardous impacts of fossil fuels on the environment, increasing government initiatives for encouraging the utilization of clean and green energy are also boosting the market growth. Nowadays, people along with private and public institutes are also trying to minimize carbon emissions and increasing the adoption of green energy, resulting in the growth of the global renewable energy market. 

Growing industrialization and urbanization in the developing economies worldwide is also driving the demand for various renewable energy sources like solar and geothermal energy. The growing developments in technology are also reducing the expense of renewable energy and the rising competitiveness of the battery storage market are also positively influencing the renewable energy market.