Renewable Power Market Size, Share, Growth, Trends, and Industry Analysis: By Type (Hydroelectric Power, Wind Power, Biofuel, Solar Energy, Geothermal Energy, and Biomass Energy), By End User (Residential, Commercial, Industrial, and Others), and Region Forecast 2019-2030

Renewable Power Market size was valued at USD 783.5 billion in 2023 and is poised to grow at a CAGR of 13.2% over the forecast year to reach USD 1,866.2 billion in 2030. Energy produced from naturally replenishing sources also known as limitless resources is referred to as renewable electricity. Compared to fossil fuels, which are limited and cause pollution and greenhouse gas emissions, such as coal, oil, and natural gas, renewable energy sources are sustainable and have less of an adverse effect on the environment.

This merging of the increased demand for energy, the rapid growth of technology, and the world's focus on sustainability to reduce climatic change is envisioned as being what is driving the renewable power market. The projection today would be that in 2023, renewables are going to be nearly half of global electricity generation by 2030, bringing about a paradigm in energy. However, the market faces severe restraints, such as the high initial investment required for capital, intermittency of renewable sources, and inconsistent regulatory environments, which are also posing a significant threat to the development of projects.

However, there is an emerging opportunity, especially in the developing world, where clean energy infrastructure investment is gaining momentum. The emergence of energy storage solutions and smart grid technologies is allowing renewables to add more value to both viability and efficiency. Trends in that regard include the rising use of corporate power purchase agreements, cooperation in both public and private areas, and transitions to decentralized systems, all of which are so situated that the renewable power sector is ready for market growth in the next years.

Renewable Power Market Key Developments:

• In August 2023, Adani Energy Solutions announced the successful financial closure of its USD 1 billion Green HVDC link project. This initiative aims to enhance the supply of renewable power to the city and address its increasing electricity demand. The credit facility is integrated into the USD 700 million revolving project finance initiative established in October 2021 for AESL's ongoing transmission assets portfolio. This distinctive platform in infrastructure financing ensures steady access to capital for upcoming projects in AESL's transmission portfolio, utilizing funds repaid by. 
• In April 2021, Walmart announced the installation of 6.5 MW of solar power systems at seven of its California stores, developed by Sol Customer Solutions. Bank of America (BOA) served as the tax-equity partner for the portfolio, which featured a mix of solar power systems on parking lot rooftops and carports, with an estimated cost of around US$10 million.