Global Renewable Energy Market Report and Forecast 2025-2032

Renewable Energy Market Insights & Analysis

The Global Renewable Energy Market reached a value of nearly USD 1.3 trillion in 2024. The market is assessed to grow at a CAGR of around 7.9%, during the forecast period of 2025-2032 to attain a value of around USD 2.7 trillion in 2032. The industry is driven by a blend of government subsidies, stringent environmental restraints, and rising public consciousness of the negative impacts of fossil fuels.  The Renewable Energy Market is growing owing to swift technology innovations like energy storage solutions & smart grid integration.

Moreover, the Renewable Energy Market is growing due to the rising usage of solar, wind, hydro, and bioenergy in the commercial, residential, and industrial sectors. Also, noticeable instances include international programs, including China's dynamic construction of solar infrastructure & the European Union's Green Deal, which strives to attain net-zero emissions by 2050. Besides, off-grid renewable energy solutions are attaining market traction in underdeveloped countries by fetching electricity to isolated areas.

Global Renewable Energy Market FY32

• Study Period: 2020- 2032


• Base Year: 2024


• CAGR(2025-2032): 7.9%


• Market Value 2032: USD 2.7 Trillion


• Fastest Growing Market: Asia-Pacific


• Major Players: First Solar, Inc., Suzlon Energy Ltd., Vestas Wind Systems A/S, Conergy Energy Systems, Senvion S.A., Ørsted A/S, Vattenfall AB, JinkoSolar Holding Co., Ltd, Tata Power Solar Systems Ltd., Enel Green Power S.p.A., and Others.

Furthermore, to fulfill the mounting requirement for energy in a sustainable manner, countries such as Brazil & India are also infusing their spending in renewable energy. Also, public-private sector partnerships are elevating the progression of large-scale projects, including solar parks & wind farms.

Consequently, the increasing global commitment to decreasing carbon footprints, dropping technology expenses, and growing energy consumption are contributing to enhancing the Renewable Energy Market. Additionally, the industry would be impelled by aspects, including green finance systems, energy security concerns, and supportive legislation in the future years.

Renewable Energy Market Upgrades & Recent Developments

2025:

• Senvion S.A. declared a comeback with newly engineered modular turbines for distributed wind markets.
• JinkoSolar Holding Co., Ltd. revealed its N-type TOPCon solar modules, offering around 25%+ efficacy.
• Enel Green Power S.p.A. introduced a blockchain platform for transparent renewable energy tracking in Europe.

2024:

• First Solar, Inc. introduced its next-generation photovoltaic module, Series 7, with improved efficiency.
• Vestas Wind Systems A/S joined hands with Iberdrola to expand its offshore wind footprint in the UK.
• Ørsted A/S attained Eversource's offshore wind assets to reinforce its US renewable portfolio.