Renewable Energy Market Size Worth USD 5,840.13 Billion by 2034 | CAGR: 14.6%

The global renewable energy market size is expected to reach USD 5,840.13 billion by 2034, according to a new study by Polaris Market Research. The report “Renewable Energy Market Size, Share, Trends, Industry Analysis Report By Product (Solar Power, Hydropower, Bioenergy, Wind Power, Others), By Application, By Region – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The renewable energy market encompasses all the technologies, products, and services that generate power from natural sources that are continuously replenished. These sources include sunlight, wind, moving water, and geothermal heat from the earth. The market is a diverse ecosystem of companies involved in manufacturing solar panels and wind turbines, developing and constructing large-scale power plants, and providing the infrastructure to deliver this clean electricity to homes and businesses. It represents a fundamental shift away from fossil fuels toward a more sustainable and environmentally friendly energy system.

The market is characterized by a number of powerful trends that are shaping its future. Continuous decline in the cost of solar, especially in home solar systems and wind technologies, has made them highly competitive with traditional energy sources. This cost-effectiveness is driving widespread adoption across different regions. Additionally, there is a growing focus on the integration of smart grids and energy storage solutions, which are essential for managing the variable nature of renewable power. As governments and corporations worldwide commit to ambitious decarbonization targets, the market is expected to witness sustained growth driven by both large-scale utility projects and decentralized energy systems.

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Renewable Energy Market Report Highlights:

• By product, the solar segment held the largest share in 2024. Its dominance is a result of its long history as a reliable power source, with well-established infrastructure and proven efficiency in generating electricity to meet high demand.
• Based on application, the industrial sector held the largest share in 2024. This is because manufacturing facilities and other large-scale operations have a massive need for energy, and they are increasingly adopting renewable solutions to meet both their power requirements and their corporate sustainability goals.
• In terms of region, Asia Pacific held the largest share in 2024 due to its rapid economic development and a significant push from governments to deploy renewable energy to meet a growing demand for power. The renewable energy market in North America is driven by a combination of strong government support, technological innovation, and a growing focus on environmental sustainability.
• A few key players in the market include NextEra Energy, Inc.; Vestas Wind Systems A/S; Iberdrola, S.A.; Brookfield Renewable Corporation; Adani Green Energy Limited; Siemens Gamesa Renewable Energy, S.A.; First Solar, Inc.; inkoSolar Holding Co., Ltd.; Canadian Solar Inc.; and ReNew Energy Global PLC.

Polaris Market Research has segmented the renewable energy market report based on product, application, and region:

By Product Outlook (Revenue – USD Billion, 2020–2034)

• Solar Power
• Hydropower
• Bioenergy
• Wind Power
• Others

By Application Outlook (Revenue – USD Billion, 2020–2034)

• Commercial
• Residential
• Industrial

By Regional Outlook (Revenue – USD Billion, 2020–2034)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America