Global Renewable Energy Market to Reach $2 Trillion by 2029
June 24, 2025
“Accelerating the Shift to Renewable Energy: A Smart, Sustainable Investment for a Cleaner Planet and a Stronger Economy Amid the Global Climate Crisis”
BOSTON, June 24, 2025 /PRNewswire/ — According to the latest study from BCC Research, the “Renewable Energy: Technologies and Global Markets” is projected to increase from $1.3 trillion in 2024 to $2.0 trillion by the end of 2029, at a compound annual growth rate (CAGR) of 8.7% from 2024 through 2029.
This report analyzes the global market for renewable energy technologies, presenting data on the market’s size in terms of both monetary value and energy capacity. It examines the technological, competitive, and economic trends that are shaping the industry. The report focuses on major renewable energy sources, including hydroelectric, wind, solar, geothermal, ocean energy, and bioenergy. It segments the market by technology, application, and region, with insights into the market in 19 countries across five regions. Additionally, it features profiles of 15 leading companies in the sector. While the primary focus is on power generation, the report also briefly addresses other applications such as heating and lighting.
Certain renewable energy sources, like ocean energy and bioenergy, are still in the early stages of development, with only a few facilities operating worldwide and limited energy output. More research is needed to overcome the challenges of scaling them up. While they cannot reduce emissions on their own, they can still play a valuable role in helping limit global warming to 2°C or below.
The factors driving the market’s growth include:
Renewable Energy’s Race to Cost Reduction: The cost of solar, wind, and battery storage has dropped significantly due to advanced technology, mass production, and supportive policies. This makes renewable energy more affordable and competitive with fossil fuels, encouraging wider adoption globally.
Rising Industrial Demand: Industries are increasingly switching to renewable energy to meet sustainability goals, reduce emissions, and avoid the volatility of fossil fuel prices. Many large companies are signing long-term deals to power their operations with clean energy.
Growth of Green Hydrogen: Green hydrogen, made using renewable electricity, is gaining momentum as a clean fuel for industries like steel, transport, and chemicals. Governments and companies are investing in this sector, seeing it as a path to deep decarbonization.
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Report Synopsis
|
Report Metric |
Details |
|
Base year considered |
2023 |
|
Forecast period considered |
2024-2029 |
|
Base year market size |
$1.25 trillion |
|
Market size forecast |
$2.0 trillion |
|
Growth rate |
CAGR of 8.7% for the forecast period of 2024-2029 |
|
Segments covered |
Technology, Application, Region |
|
Regions covered |
North America, Europe, Asia-Pacific, South America, Rest of the World |
|
Countries covered |
China, India, Japan, Vietnam, Germany, Spain, Italy, Turkey, Russia, U.S., Canada, Mexico, Brazil, Chile, Venezuela, Iran, Egypt, South Africa, UAE |
|
Market drivers |
• Renewable Energy’s Race to Cost Reduction • Increasing Industrial Demand for Renewable Energy • Growth Momentum of the Green Hydrogen Industry |
Interesting facts:
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Europe’s rapid growth in renewable energy is due to its goals of protecting the environment, becoming more energy self-sufficient, and reaching carbon neutrality by 2050. New policies like carbon taxes and emissions trading systems (ETS), along with strong national goals, are boosting demand for clean energy.
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In 2023, five countries—China, the U.S., Brazil, Germany, and India—accounted for 82% of all new wind energy installations around the world.
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By 2027, wind energy is expected to produce more electricity than hydropower.
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By 2029, wind and solar together are expected to generate 77% of all renewable electricity globally.
Emerging startups:
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GE Vernova: GE Vernova was a spun-off of General Electric Co., in April 2024. GE Vernova is dedicated to delivering critical technologies to accelerate the energy transition. The company has more than 20 patents related to NGCC and CCS. In January 2025, the company signed an order to supply 14 4.2MW-117m* wind turbines for the Iwaya and Shitsukari wind farms in Japan.
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Eurus Energy Holdings Corp: Is a holding company of the Eurus Energy Group, Japan’s largest wind power developer. It is developing wind farms near Higashidori, Aomori, Japan. The project is expected to begin its operations in 2028. This move is aligned with Japan’s goal to increase the renewable energy share in the total energy mix from 36% to 38% by 2030.
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ThinkLabs AI, Inc.: Launched in 2024 by GE Vernova, ThinkLabs AI is focused on technology development to enhance grid planning by combining the capabilities of intelligent automation and artificial intelligence (AI) capabilities. In 2024, it secured $5 million of seed funding to develop technology to transform critical grid operations.
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Fervo Energy: Fervo Energy was founded in 2017. Based in Houston, Texas, it develops geothermal projects by utilizing technologies such as horizontal drilling and distributed fiber optic sensing. In 2024, the company secured $255 million in funding for geothermal project development, which includes a $135 million corporate equity round and $120 million of debt capital.
The report addresses the following questions:
1. What is the projected market size and growth rate?
• The global market for renewable energy technologies market was valued at $1.25 trillion in 2023 and is expected to reach $2.0 trillion by the end of 2029.
2. What segments are covered in the report?
• The segments covered are technology and application. The technology segmentation includes solar power, wind power, bioenergy, geothermal energy, and ocean energy. The application segment includes industrial, residential, and commercial applications. Solar power is further segmented by technology, application, and region. Its technology segment includes solar PV and CSP. Wind power is further classified by technology, application, and region. Its technology segment comprises onshore and offshore wind. Geothermal energy is further segmented by technology, application, and region. Its technology segment includes flash steam, dry steam, and binary. Hydroelectric power is further segmented by technology, application, and region. Its technology segment includes renewable hydropower and pumped storage. Bioenergy is further segmented by technology, application, and region. Its technology segment includes solid biofuels and renewable waste, liquid biofuels, and biogas. The ocean energy segment is further segmented by application and region.
3. Which application segment will be dominant through 2029?
• The industrial segment will be the dominant segment through the forecast period.
4. Which technology segment will be dominant through 2029?
• The hydroelectric segment will be dominant through the forecast period.
5. Which region will be dominant through 2029?
• APAC currently accounts for the largest market share due to the significant renewable energy potential and raw material manufacturing base in countries like China, and India.
Market leaders include:
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MITSUBISHI HEAVY INDUSTRIES LTD.
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OCEAN POWER TECHNOLOGIES INC.
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POET LLC.
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SIEMENS GAMESA RENEWABLE ENERGY
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STATKRAFT AS
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TRINASOLAR
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VESTAS
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LONGI
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ADM
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ANSALDO ENERGIA
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CALPINE CORP.
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CHINA THREE GORGES CORP.
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DRAX GROUP PLC
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GE VERNOVA
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JINKO SOLAR
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