The Global Renewable Energy Market is changing at a very high rate due to the increasing rate of global sustainability goals, policy backing, and technology. The MarkNtel Advisors research showed that the market is estimated to be USD 1080 billion in 2024 and they are expected to grow to USD 1918 billion by 2030 a compound annual growth rate (CAGR) of about 12.17%, during the period of forecast (2025-2030).

Market Definition

Renewable energy: This is power produced by naturally renewing and environmentally friendly sources namely solar and wind power, hydro power, and other sources including biomass and geothermal. Instead of causing considerable carbon emissions in the atmosphere unlike fossil fuels, these resources have been identified to have low or no combustion, a factor that has made them one of the central components in the decarbonization of the world.

Drivers Influencing the Market Growth.

1. Energy Security Concerns are on the increase.

Renewable energy has become an important motivator of energy security on the global scale. Nations that have fewer reserves of fossil fuels are also investing more and more in renewable infrastructures to make them less reliant on foreign energy, thereby improving economic resilience and geopolitical stability. Additions of more renewable capacity especially solar and wind have significantly increased overall energy supply in the markets like China and India.

2. Governmental Programmes and Research and Development.

Governments in the country and in the region are setting aside a lot of money to promote renewable technologies. This encompasses the support of solar photovoltaic innovation, floating solar and offshore wind development that would result in better efficiencies and reduce levelized costs of electricity. These programs improve residential, commercial, and industrial deployment.

Market Segments & Trends

Source Segmentation

• Solar Energy: It has the highest percentage of the renewable mix given that the price of photovoltaic systems has been decreasing, and the technology is being widely used in utility-scale and in distributed rooftops.
• Wind Energy: The wind energy is also increasing as the technology of turbines has improved and the off shore wind projects are being extended.
• Hydropower & Others: Hydropower is an unchanged player whereas newcomers like geothermal and biomass offer a niche.

End-User Segmentation

Residential market has shown significant growth because of the adoption of rooftop solar and favourable incentive schemes, but commercial and industrial markets continue to form the foundation of overall capacity development in utility-scale development.

Regional Insights

Asia-Pacific region is projected to record the largest growth during the projection period which is supported by a lot of renewable energy, good policies and production leadership in major components like solar panels and wind turbines.

Competitive Landscape

The market players that have been profiled include:

• Iberdrola
• Siemens Gamesa
• Ørsted A/S
• NextEra Energy, Inc.
• EDF Renewables
• General Electric
• Vestas
• Acciona, S.A.
• Canadian Solar
• Enel Green Power SpA
• Lightsource BP
• Adani Green Energy Ltd.
• Tata Power Renewables
• Enterprize Energy
• JSW Energy

To consolidate their presence in the market and govern the energy transition goals in the world, these organizations invest in massive projects development, optimization of the technology and strategic partnerships.

Opportunities & Challenges

Growth Opportunities

The emerging investment in green hydrogen infrastructure is one of the most promising growth opportunities. Green hydrogen is a carbon-neutral fuel substitute with potential and high density properties as an energy source, which is drawing investment in large-scale solar and wind-generated factories, particularly in Europe, the Middle East, and Asia-Pacific.

Market Restraints

Although the global environment is very favorable to enhance growth, the renewable industry is being threatened by factors like disruptions in the global supply chain due to unprecedented situations (e.g., pandemics, geopolitical conflicts), which have sometimes impacted the delivery and installation of important elements on time.

Industry Developments

Recent strategic developments are:

A 14.4 MW wind turbine contract award to Siemens Gamesa had been made on a 1.44 GW offshore wind project in Poland, which is set to serve an approximate of 2 million homes.

Indian and Saudi Arabian partnerships in solar, wind and green hydrogen, through collaboration between the ministry of New and renewable energy of India and Saudi Aramco ministry of investment, to enhance cross border project development.

Contextual Global Trends

External statistics point at more general renewable patterns:

By 2025, wind and solar power generation in the EU will overtake fossil fuels, which indicates structural changes in energy balances.

The first time renewable generation surpassed coal as the primary source has been in 2025, with the scalability of renewable capacity additions highlighted.

However, solar and wind are growing at higher rates than aggregate electricity demand despite the policy and investment issues in certain geographical areas.

Conclusion

It is expected that the Global Renewable Energy Market will rise by a large percentage and be seen as the major growth in the market by the year 2025 and 2030 because of the need to have energy security, solid policy back up and constant technological advancements. As the number of green hydrogen investments increase and the sectors become more connected, renewable energy is one of the key pillars of the global energy transition. Further alignment of government structures with market incentives will play a critical role on maintaining the momentum into the net-zero targets.