Renewable Energy Market Report 2025 (Global Edition)

Global Renewable Energy Market Report 2025 Market Size Split by Device Type (Power Discrete, Rectifier Discrete, Bipolar Discrete, GaN Discrete, SiC Discrete, MOSFET Discrete, IGBT Discrete, Power Mo...

Renewable Energy Market Report Description

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Impact of Trumph Tariff on Energy and Power Industry

In 2025, global trade entered a turbulent phase as the U.S., under President Donald Trump, introduced aggressive "Liberation Day Tariffs" to address trade imbalances. These tariffs, ranging from 10% to 46%, heavily impacted the energy and power sector, which relies on global supply chains for critical components like rare earth metals, solar panels, wind turbines, and lithium. The U.S.–China trade war escalated, with reciprocal tariffs and China's trade surplus with the U.S. reaching USD 102.6 billion. Retaliatory tariffs from the EU and Canada further disrupted energy supply chains, raising material costs and causing delays in key projects.

The U.S. imposed a 20% tariff on rare earths, impacting EVs and clean tech; 25% on solar panels, increasing installation costs; 15–25% on wind turbine parts, affecting project timelines; and 10–15% on oil and gas equipment, pushing producers to rethink supply networks. Sub-sectors like renewables, EVs, oil & gas, and power generation are all experiencing rising costs, supply bottlenecks, and delayed investments. For instance, solar and wind projects now face 10–30% higher costs, and EV producers are struggling with battery input inflation.

China remains central to the U.S. energy supply chain, with even indirect imports via countries like Vietnam and Malaysia tightly linked to Chinese inputs. As a result, U.S. energy firms are exploring alternative sourcing from Southeast Asia, Latin America, and domestic production to reduce exposure. However, switching suppliers requires significant investment, coordination, and time.

In this volatile environment, market research is critical. It helps energy firms map supplier risks, track price trends, and explore alternative sourcing. It enables supply chain optimization through AI and predictive analytics, while regulatory tracking and scenario planning allow companies to anticipate future disruptions. Energy firms like NextEra and First Solar are responding by diversifying suppliers, investing in local production, and leveraging digital tools to improve procurement and adapt to tariff-driven challenges. Those using data-driven strategies and flexible operations are best positioned to thrive amid rising trade tensions.

Competitive Landscape of the Renewable energy Market

The renewable energy market is highly competitive, with numerous players spanning various sectors, including solar, wind, hydropower, and biomass. Leading companies in this space include both established energy giants transitioning to renewables and specialized firms focusing solely on green energy solutions. Major players in the solar segment include First Solar, SunPower, and Trina Solar, while Vestas, Siemens Gamesa, and GE Renewable Energy dominate the wind power market.

In July 2023, Bakersfield Refinery Solar PV Park announced the installation of a solar PV power project with a capacity of 10MW. It is set to take place in California and will be built in a single step. It is anticipated to begin in 2023, with commercial operations beginning in 2024. (Source: https://www.power-technology.com/marketdata/power-plant-profile-bakersfield-refinery-solar-pv-park-us/) In February 2024, Grew Energy launched cutting edge solar PV modules at Intersolar. The company launched its technologically advanced ‘P-type’ and ‘N-type’ solar PV modules during the event, marking a significant milestone in the advancement of sustainable energy solutions. (Source: https://www.energetica-india.net/news/grew-energy-launches-cutting-edge-solar-pv-modules-at-intersolar-2024)

Top Companies Market Share in Renewable Energy Industry: (In no particular order of Rank)

• ABB
• Acconia S.A.
• Enel Spa
• General Electric
• Innergex
• Invenergy
• Schneider Electric
• Siemens Gamesa Renewable Energy S.A.
• Suzlon Energy Ltd.
• Tata Power
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Renewable energy Market

Which Region Dominates the Renewable energy Market in 2024?

According to Cognitive Market Research, North America dominates the renewable energy market due to a combination of factors, including strong government policies and incentives that encourage clean energy adoption. The U.S. has made significant investments in renewable technologies like wind, solar, and energy storage, driven by both federal and state-level mandates aimed at reducing carbon emissions. The region's advanced infrastructure and technological innovations also support the growth of renewables.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is the fastest-growing region in the renewable energy market due to rapid economic development, a rising population, and an increasing demand for energy. Countries like China and India are investing heavily in renewable energy technologies, including solar, wind, and hydroelectric power, to meet their growing energy needs while addressing environmental concerns. Government policies, subsidies, and ambitious renewable energy targets have significantly accelerated the adoption of clean energy.

The current report Scope analyzes Renewable Energy Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America Renewable Energy Market Analysis

According to Cognitive Market Research, the global Renewable energy market size was estimated at USD 1124514.6 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 449805.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Renewable energy market with a market size of USD 354896.81million in 2024 and is projected to grow at a CAGR of 7.0%during the forecast period. The U.S. market's robust government policies, increasing environmental awareness.
• The Canada Renewable energy market had a market share of USD 53976.70million in 2024 and is projected to grow at a CAGR of 8.0%during the forecast period. Canada’s robust government policies, increasing environmental awareness.
• The Mexico Renewable energy market is projected to witness growth at a CAGR of 7.7%during the forecast period, with a market size of USD 40932.33million in 2024.

Europe Renewable Energy Market Analysis

According to Cognitive Market Research, the global Renewable energy market size was estimated at USD 1124514.6 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 337354.38 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.

• The United Kingdom Renewable energy market had a market share of USD 56675.54million in 2024 and is projected to grow at a CAGR of 8.3%during the forecast period. In the UK, Renewable energy sales witness an upswing due to the strong regulatory frameworks, ambitious climate goals, and an increasing shift toward sustainability.
• The France Renewable energy market is projected to witness growth at a CAGR of 6.7%during the forecast period, with a market size of USD 31036.60million in 2024.
• According to Cognitive Market Research, the German Renewable energy market size was valued at USD 66796.17million in 2024 and is projected to grow at a CAGR of 7.7%during the forecast period. In Germany, Renewable energy surged due to the strong regulatory frameworks, ambitious climate goals, and an increasing shift toward sustainability.
• The Italy Renewable energy market is projected to witness growth at a CAGR of 6.9%during the forecast period, with a market size of USD 29012.48million in 2024.
• The Russia Renewable energy market is projected to witness growth at a CAGR of 6.5%during the forecast period, with a market size of USD 52289.93million in 2024.
• The Spain Renewable energy market is projected to witness growth at a CAGR of 6.6% during the forecast period with a market size of USD 27663.06million in 2024
• The Luxembourg Renewable energy market is projected to witness growth at a CAGR of 7.6% during the forecast period, with a market size of USD 10457.99million in 2024.
• The Portugal Renewable energy market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD 7084.44million in 2024.
• The Greece Renewable energy market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 4048.25million in 2024.
• The Rest of Europe's Renewable energy market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD 52289.93million in 2024.

Asia Pacific Renewable Energy Market Analysis

According to Cognitive Market Research, the global Renewable energy market size was estimated at USD 1124514.6 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 258638.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Renewable energy market size was valued at USD 116387.26million in 2024 and is projected to grow at a CAGR of 10.5% during the forecast period. Renewable energy surged in China due to rapid urbanization, industrialization, and a growing demand for clean energy solutions.
• The Japan Renewable energy market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 35692.09million in 2024.
• The India Renewable energy market had a market share of USD 31036.60 million in 2024 and is projected to grow at a CAGR of 12.8% during the forecast period. India's rapid urbanization, industrialization, and a growing demand for clean energy solutions.
• The South Korean Renewable energy market is projected to witness growth at a CAGR of 10.1% during the forecast period, with a market size of USD 25863.84million in 2024.
• The Australian Renewable energy market is projected to witness growth at a CAGR of 10.7% during the forecast period, with a market size of USD 13449.19million in 2024.
• The South East Asia Renewable energy market is projected to witness growth at a CAGR of 12.0% during the forecast period, with a market size of USD 17846.05million in 2024.
• The Rest of Asia Pacific Renewable energy market is projected to witness growth at a CAGR of 10.8% during the forecast period, with a market size of USD 18363.32million in 2024.

South America Renewable Energy Market Analysis

According to Cognitive Market Research, the global Renewable energy market size was estimated at USD 1124514.6 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 56225.73 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Renewable energy market size was valued at USD 24064.61million in 2024 and is projected to grow at a CAGR of 9.0% during the forecast period. Renewable energy flourished in Brazil due to abundant natural resources, favorable climate conditions, and an increasing shift toward sustainability.
• Argentina's Renewable energy market had a market share of USD 9445.92million in 2024 and is projected to grow at a CAGR of 9.3% during the forecast period. Argentina's abundant natural resources, favorable climate conditions, and an increasing shift toward sustainability.
• Colombia Renewable energy market is projected to witness growth at a CAGR of 8.2% during the forecast period, with a market size of USD 5004.09million in 2024.
• Peru Renewable energy market is projected to witness growth at a CAGR of 8.6% during the forecast period, with a market size of USD 4610.51million in 2024.
• Chile Renewable energy market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 4048.25million in 2024.
• The Rest of Latin America's Renewable energy market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 9052.34million in 2024.

Middle East Renewable Energy Market Analysis

According to Cognitive Market Research, the global Renewable energy market size was estimated at USD 1124514.6 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 22490.29 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031..

• The GCC Countries Renewable energy market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 9625.84million in 2024. Renewable energy sales flourish due to combination of abundant natural resources, ambitious renewable energy targets, and increasing foreign investments.
• The Egypt Renewable energy market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 2361.48million in 2024.
• The South Africa Renewable energy market is projected to witness growth at a CAGR of 9.7% during the forecast period, with a market size of USD 3553.47million in 2024. Renewable energy sales flourished in South Africa due to combination of abundant natural resources, ambitious renewable energy targets, and increasing foreign investments.
• The Turkey Renewable energy market is projected to witness growth at a CAGR of 8.2% during the forecast period, with a market size of USD 1934.17million in 2024.
• The Nigeria Renewable energy market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 2361.48million in 2024.
• The Rest of the MEA Renewable energy market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 2653.85million in 2024.

Renewable Energy Market Analysis

How are Segments Performing in the Global Renewable energy Market?

Renewable energy Market Device Type Segment Analysis

According to Cognitive Market Research, The Power Module segment is the dominant category in the renewable energy market, driven by its essential role in efficient energy conversion and management. Power modules, including silicon-based and advanced materials like SiC and GaN, are widely used in renewable energy systems such as solar inverters and wind turbine controllers. These modules help optimize power output and increase the efficiency of energy systems, making them critical for large-scale renewable energy installations.

The SiC Module segment is the fastest-growing category in the renewable energy market, fueled by the increasing demand for high-efficiency, high-voltage, and high-temperature solutions. Silicon carbide (SiC) modules offer superior performance compared to traditional silicon-based technologies, making them ideal for renewable energy applications that require rapid energy conversion and reduced power losses.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Renewable Energy Industry. Request a Free Sample PDF!

Renewable energy Market Component Segment Analysis

According to Cognitive Market Research, the Inverters segment is the dominant category in the renewable energy market, particularly in solar and wind energy systems. Inverters convert direct current (DC) generated from renewable sources like solar panels into alternating current (AC) used in homes and businesses. The widespread adoption of solar energy systems for both residential and commercial applications has significantly contributed to the growth of this segment.

The DC to DC Converters segment is the fastest-growing category in the renewable energy market, driven by the increasing need for efficient energy management in renewable systems. These converters are critical in applications such as solar photovoltaic (PV) systems, where they help optimize power output by adjusting voltage levels. With the rise in electric vehicles (EVs) and energy storage systems, DC to DC converters have gained significant traction.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Renewable Energy Application Segment Analysis

Renewable energy Market Application Segment Analysis

According to Cognitive Market Research, The Power Generation segment is the dominant category in the renewable energy market, as it directly involves the production of electricity from renewable sources like solar, wind, hydropower, and biomass. This segment accounts for the largest share of the renewable energy market, driven by the global push to transition from fossil fuels to clean energy. Power generation from renewable sources has become a cornerstone of energy policies worldwide, with governments and private sectors investing heavily in large-scale projects.

The Power Control segment is the fastest-growing category in the renewable energy market, fueled by advancements in energy storage systems, smart grids, and grid stability technologies. As the share of renewable energy in power generation increases, efficient power control becomes critical to ensure the reliable integration of fluctuating renewable sources like solar and wind into the grid.

• Power Generation
• Power Transmission
• Power Distribution
• Power Control

Renewable Energy Power Range Segment Analysis

Renewable energy Market Power Range Segment Analysis

According to Cognitive Market Research, the Above 5 MW segment is the dominant category in the renewable energy market, primarily driven by large-scale energy projects like wind farms, solar power plants, and hydropower installations. These projects require high-capacity systems to meet the growing energy demands of industrial, commercial, and utility-scale applications. The increasing push for green energy infrastructure, along with government incentives and renewable energy targets, has led to a rise in large-scale installations.

The 1 MW to 3 MW segment is the fastest-growing category in the renewable energy market, particularly driven by the increasing adoption of medium-scale solar and wind energy projects. This power range is ideal for commercial and industrial applications, as well as for energy cooperatives and agricultural operations looking to reduce their energy costs. With falling technology costs and improvements in efficiency, the 1 MW to 3 MW segment is expanding rapidly, especially in emerging markets where businesses are seeking cost-effective, sustainable energy solutions.

• Up to 1 MW
• 1 MW to 3 MW
• 3 MW to 5 MW
• Above 5 MW

Renewable Energy End-use Segment Analysis

Renewable energy Market End-use Segment Analysis

According to Cognitive Market Research, the Solar PV segment is the dominant category in the renewable energy market, driven by its widespread adoption and decreasing cost. Solar photovoltaic (PV) systems are widely used for residential, commercial, and utility-scale power generation. The global push for clean energy, combined with technological advancements, has made solar power the most affordable and accessible renewable energy source.

The Wind segment is the fastest-growing category in the renewable energy market, driven by technological advancements, increased efficiency, and large-scale infrastructure projects. Onshore and offshore wind farms are rapidly expanding to meet the global demand for renewable energy, especially in regions like Europe, North America, and Asia-Pacific. As countries strive to meet ambitious climate goals, wind energy is becoming an increasingly popular choice due to its scalability and high energy output.

• Solar PV
• Wind
• Hydro
• Fuel Cell
• Others

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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