Clean and Renewable Energy Market 2024 – Trend Analysis, Industry Growth, Key Players, Growth Opportunities And Outlook By 2033

Overview and Scope

Clean and renewable energy refers to energy sources that are sustainable, environmentally friendly, and produce little to no greenhouse gas emissions or other harmful pollutants when used to generate electricity or perform other energy-related tasks. These energy sources are typically naturally replenished and can be used over and over again without depleting finite resources or causing significant harm to the environment.

Sizing and Forecast

The clean and renewable energy market size has grown exponentially in recent years. It will grow from $274.12 billion in 2023 to $343.15 billion in 2024 at a compound annual growth rate (CAGR) of 25.2%. The growth in the historic period can be attributed to increased environmental awareness and concerns, increased energy security and independence, cost competitiveness, increased policy support and incentives, increased public and private investments, increased energy access and equity, increased corporate sustainability initiatives.

The clean and renewable energy market size is expected to see exponential growth in the next few years. It will grow to $771.46 billion in 2028 at a compound annual growth rate (CAGR) of 22.4%. The growth in the forecast period can be attributed to increasing climate change mitigation goals, increasing electrification of transportation, increasing energy transition in emerging markets, resilience and disaster preparedness, circular economy and resource efficiency, community and stakeholder engagement. Major trends in the forecast period include expansion of distributed generation initiatives, advancements in energy storage technologies, integration into smart grid infrastructure, innovation in offshore wind and floating solar, expansion of microgrid deployments.

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Segmentation & Regional Insights

The clean and renewable energy market covered in this report is segmented –

1) By Type: Hydroelectric Power, Wind Power, Bio Energy, Solar Energy, Geothermal Energy, Other Types

2) By Application: Power Generation, Heating And Cooling, Transportation, Rural Electrification, Desalination, Other Applications

3) By End-Use: Residential, Commercial , Industrial, Other End-Uses

Asia-Pacific was the largest region in the clean and renewable energy market in 2023. The regions covered in the clean and renewable energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

Increasing investments in the energy sector are expected to propel the clean and renewable energy market going forward. Increasing investments in the energy sector refers to the allocation of financial resources towards activities related to the production, distribution, and development of energy sources. This can include investments in renewable energy sources such as solar, wind, hydroelectric, and geothermal power, as well as traditional energy sources like oil, natural gas, and coal. Investment in clean and renewable energy is crucial for mitigating climate change and achieving a sustainable future by reducing dependence on fossil fuels and promoting environmentally friendly alternatives. For instance, in May 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, global energy investment rose to $1,740 billion in 2023 from $1,617 billion in 2022. Around USD 2.8 trillion will be invested in energy in 2023. More than USD 1.7 trillion is being allocated to clean energy initiatives, encompassing renewable power, nuclear, grids, storage, low-emission fuels, efficiency enhancements, end-use renewables, and electrification. Therefore, increasing investments in the energy sector are driving the growth of the clean and renewable energy market.

Key Industry Players

Major companies operating in the clean and renewable energy market are Électricité de France S.A., Panasonic Corporation, Hanwha Group, Sharp Corporation, LONGi Green Energy Technology Co. Ltd., Xcel Energy Inc., Trina Solar Co. Ltd., JinkoSolar Holding Co. Ltd., Acciona S.A., Canadian Solar Inc., Kaneka Corporation, Risen Energy Co. Ltd., National Grid Renewables, First Solar Inc., Abengoa SE, JA Solar Technology Co. Ltd., SolarWorld AG, Tata Power Systems Limited, Yingli Solar, Hevel Group, GreenBrilliance, ReneSola Ltd., GAF Energy LLC, SunEdison Inc., Indosolar Limited, United Renewable Energy LLC

The clean and renewable energy market report table of contents includes: