The Global Renewable Energy Market is poised to reach a valuation of US$ million by 2027, growing at a steady CAGR of % during the forecast period (2021–2027), up from US$ million in 2019.

What is Renewable Energy?

Renewable energy—often referred to as clean or green energy—comes from natural resources that are continuously replenished, such as sunlight, wind, rain, tides, and geothermal heat. It offers a sustainable alternative to traditional fossil fuels, which are finite and contribute significantly to environmental degradation.

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Market Drivers and Trends

The market's growth is fueled by increasing awareness and global concern over the rising levels of greenhouse gas emissions, particularly CO₂. According to the Global Carbon Project (GCP), emissions from fossil fuels and industrial activities reached 36.81 billion tonnes of CO₂ in 2019—an increase of 0.6% from 2018. However, due to pandemic-related disruptions in 2020, emissions saw a historic drop of nearly 2 billion tonnes, the largest annual decline ever recorded, according to the International Energy Agency (IEA).

The limited availability of fossil fuels and their volatile pricing are also compelling economies to shift towards renewable energy sources. According to Our World in Data, approximately 84% of global primary energy still came from coal, oil, and gas as of 2019—highlighting the urgent need for a sustainable shift.

Impact of COVID-19

The COVID-19 pandemic significantly reduced fossil fuel-based energy generation, while accelerating interest in renewables. Global energy demand dropped drastically, reaching lows not seen in over seven decades. As per the IEA, overall energy demand shrank by 6% in 2020, and energy-related emissions declined by 8%. Oil demand dropped by 9%, and coal by 8%, while crude oil prices plummeted to historic lows.

Market Segmentation

By Type:

• Hydroelectric Power
• Wind Power
• Bioenergy
• Solar Energy
• Geothermal Energy

Among these, hydroelectric power led the market in 2020, accounting for the largest share. According to the IEA, hydropower contributed approximately 60.7% of global renewable electricity generation in 2019. Meanwhile, wind energy is projected to grow at a notable pace in the coming years due to falling technology costs and rising investments.

By End-use:

• Residential
• Commercial
• Industrial
• Power
• Chemicals & Petrochemicals
• Oil & Gas
• Food & Beverage
• Others

The industrial segment dominated the market in 2020, a trend expected to continue through the forecast period. The sector's high energy demands—especially in manufacturing—drive its heavy reliance on renewables. According to the IEA, manufacturing industries consume over 30% of global energy.

Regional Analysis

The market is geographically segmented into:

North America

• United States
• Canada
• Rest of North America

Europe

• Germany
• France
• Spain
• Italy
• United Kingdom
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• South Korea
• Australia
• Rest of APAC

Rest of the World

In 2020, Asia-Pacific emerged as the dominant region in the global renewable energy market, driven by growing energy needs and government initiatives supporting clean energy. However, North America is expected to witness rapid growth, thanks to new project launches. For instance, Amazon announced nine new renewable energy projects in Europe and North America in 2021. The company now operates over 200 renewable projects with a capacity of 8.5 GW.

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Key Players in the Global Renewable Energy Market

• General Electric
• ABB Ltd
• The Tata Power Company Limited
• Innergex
• Enel S.p.A.
• Xcel Energy Inc.
• EDF
• Geronimo Energy
• Invenergy
• ACCIONA

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