The renewable energy market is experiencing strong, sustained growth, reflecting a market size of USD 1.1 trillion in 2022 and projected to reach USD 2.0 trillion by 2031, with a compound annual growth rate (CAGR) of 8.4% during the forecasting period (2024-2031). This expansion is driven by surging global demand, technological advancements, and significant investments in new infrastructure projects. Key developments include the OCU Group acquiring McCormack Drilling to enhance its trenchless technology solutions and Horizontal Directional Drilling projects in the UK and Ireland; TPI Composites, a major wind blade manufacturer in the US, filing for Chapter 11 bankruptcy to restructure its debt; and Atmos Renewables acquiring full ownership of the 316 MW Hornsdale Wind Farm in Australia, buying out Neoen SA's majority interest. A notable trend is the development of next-generation wind turbines, such as Envision Energy's two-blade onshore model, which has demonstrated high efficiency and stability. The renewable energy sector includes power generation from naturally replenishing sources such as solar, wind, hydropower, geothermal, and biomass, aimed at reducing carbon emissions and promoting sustainable energy systems. Major players in the market include Acciona Energia, EDF Renewables, Vestas, Ørsted, First Solar, Adani Green Energy, Tata Power, Duke Energy Corporation, and Iberdrola, S.A. The market is segmented by type (wind power, hydroelectric power, solar power, bio energy, others), technology (battery storage, pumped hydro storage, flywheel energy storage, thermal storage, others), and end-user (residential, industrial, commercial). The research process incorporates both primary and secondary data sources, examining governmental regulations, market conditions, competitive levels, historical data, technological advancements, market volatility, prospects, and potential barriers. Regional analysis covers North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report includes an in-depth analysis of emerging players and startups, providing insights into the evolving market landscape and key strategies. It covers go-to-market strategies, neutral market performance perspectives, development trends, competitive landscape analysis, supply and demand side analysis, year-on-year growth, competitive benchmarking, vendor identification, and other significant analyses. The full report includes market size (historical and forecast), Total Addressable Market (TAM), Serviceable Available Market (SAM), Serviceable Obtainable Market (SOM), market growth, technological trends, market share, market dynamics, competitive landscape, and major players (innovators, start-ups, laggards, and pioneers).

Renewable Energy Market Booms USD 2.0 Trillion by 2031 | Ørsted

The global renewable energy market is projected to grow from USD 1.1 trillion in 2022 to USD 2.0 trillion by 2031, reflecting an 8.4% compound annual growth rate (CAGR) between 2024 and 2031. This growth is driven by rising global demand, technological innovations, and increased investment in infrastructure. Key developments include OCU Group acquiring McCormack Drilling to expand its trenchless technology in the UK and Ireland, TPI Composites filing for Chapter 11 bankruptcy in the US, and Atmos Renewables acquiring full ownership of the 316 MW Hornsdale Wind Farm in Australia from Neoen SA. Next-generation wind turbines, such as Envision Energy's two-blade onshore model, are being developed for improved efficiency. Major players include Acciona Energia, EDF Renewables, Vestas, Ørsted, First Solar, Adani Green Energy, Tata Power, Duke Energy Corporation, and Iberdrola. The market is segmented by energy type, technology, and end-user, with regional analysis covering North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.