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The renewable energy market in North America is supporting the growth of the global renewable energy market. Globally, more than 2455 gigawatts of renewable energy were installed in 2021. The global installations are expected to further grow at a CAGR of 7.6% between 2022 to 2027, which would aid the market in North America.
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North America is among the leading countries having sustainable energy technologies and infrastructure. The North America renewable energy market is being driven by the increasing growth in solar PV due to the lowering technology cost in the past few years. The United States is a significant market in the industry globally. The United States is focusing on increasing its contribution to the global renewable energy market by up to 30% by the year 2026. The country’s electricity market is currently primarily fuelled by fossil fuels. Other markets in the region, such as Canada, are also growing at a steady pace due to increased capacity in the wind and solar power technologies.
Within North America, the United States is likely to lead the market for renewable energy due to various factors, like the rising demand for sustainable energy sources and the availability of vast energy resources. The United States renewable energy market is among the fastest-growing markets. In 2019, the installed renewable energy capacity in the United States was nearly 264504 megawatts. The United States possesses a wide range of offshore wind energy sources capable of exhibiting the power of more than 2000 gigawatts, which is almost as much as twice the current electricity consumption in the country. Such potential is likely to boost the opportunities to offer clean and supportive electricity at a large scale, sufficient to meet the needs of the leading nation in the future as well. The country has also promised to increase its renewable energy installation and meet a specific target by 2025, likely to drive the market growth faster. The rising renewable energy market in the region also creates significant job opportunities for the population of the country. More than 250,000 people in the nation have been employed in the sector so far, and it has also significantly fastened up the job creation rate in the country. The employment rate is likely to grow further with the growth of the sector in the coming years, adding significantly to the North America renewable energy market.
Renewable energy is derived from renewable sources, which are naturally replenishable; that is, it cannot be exploited thoroughly. It includes sources like sunlight, rain, wind, tides, waves, and geothermal heat. Most important renewable energies include wind, biomass, hydropower, and solar energy. They provide energy to be used to produce electricity, transport, air, water cooling or heating, and other services.
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Based on type, the market can be divided into:
The major countries included in market are United States of America and Canada.
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The growth of the market in the North American region is being driven by the changing policies and regulatory framework of the government to increase the reliance on renewable energy resources and minimise the dependence on fossil fuels for energy. The rising expertise in grid operators and the rising research to enhance the system of renewable energy extraction with minimised failures is also augmenting the market growth.
The North America renewable energy market is driven by the increase in alternative power capacity addition in the region. The consumers are becoming aware of the global effects of environmental pollution and climate changes, which are caused by fossil fuels and conventional power resources like oil, coal, and natural gas, hence, increasingly preferring the use of alternative power sources for various purposes. Due to the burn out of natural resources, alternative power sources are being preferred and demanded to ensure environmental sustainability. Thus, the rising awareness regarding green power sources is providing an impetus for industry growth. The government encourages the use of sustainable power sources by offering tax reliefs and other benefits for the adoption of renewable energy, thus, propelling the industry further. The adoption of solar power as a part of renewable portfolio targets (RPS) and Federal investment tax credit (ITC) is aiding the industry growth. Increased investments by the governments in alternative power plants to economize electricity and restrict environmental hazards are augmenting the market growth.
In North America, hydropower majorly contributes to the generation of renewable energy electricity, having an industry share of 44%. It is followed by onshore wind power. The energy sector is increasingly shifting from conventional to renewable power sources on account of innovation, ease of digitalisation, increased consumer demand, and rising price parities invigorating the North America renewable energy market. Solar and wind power are witnessing rising installations in the region, especially in Canada. There are several opportunities in the pipeline in the non-residential and utility PV segments, thus, enhancing the North America market growth. In Canada and the United States, the potential for wind power has risen. In both countries, the supplier base for wind is strong, attracting further investments.
The report gives a detailed analysis of the following key players in the North America renewable energy market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
|Scope of the Report||Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Country|
|Breakup by Type||Hydropower, Onshore Wind, Solar, Bio Energy, Others|
|Breakup by Country||United States of America, Canada|
|Market Dynamics||SWOT, Porter's Five Forces, Key Indicators for Price and Demand|
|Competitive Landscape||Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications|
|Companies Covered||NextEra Energy, Inc. (NYSE: NEE), Schneider Electric SE (EPA: SU), Swinerton Renewable Energy, Signal Energy LLC, M. A. Mortenson Company, Others|
|Report Price and Purchase Option||Explore our purchase options that are best suited to your resources and industry needs.|
|Delivery Format||Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6.1 North America
7 Industry Opportunities and Challenges
8 Global Renewable Energy Market Analysis
8.1 Key Industry Highlights
8.2 Global Renewable Energy Historical Market (2017-2021)
8.3 Global Renewable Energy Market Forecast (2022-2027)
8.4 Global Renewable Energy Market by Region
8.4.1 North America
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 North America Renewable Energy Market Analysis
9.1 Key Industry Highlights
9.2 North America Renewable Energy Historical Market (2017-2021)
9.3 North America Renewable Energy Market Forecast (2022-2027)
9.4 North America Renewable Energy Market by Type
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2017-2021)
18.104.22.168 Forecast Trend (2022-2027)
9.4.2 Onshore Wind
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2017-2021)
188.8.131.52 Forecast Trend (2022-2027)
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2017-2021)
18.104.22.168 Forecast Trend (2022-2027)
9.4.4 Bio Energy
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2017-2021)
188.8.131.52 Forecast Trend (2022-2027)
9.5 North America Renewable Energy Market by Country
9.5.1 United States of America
10 Regional Analysis
10.1 United States of America
10.1.1 Historical Trend (2017-2021)
10.1.2 Forecast Trend (2022-2027)
10.1.3 Market Breakup by Type
10.1.4 Electricity Generation by Fuel Source
10.2.1 Historical Trend (2017-2021)
10.2.2 Forecast Trend (2022-2027)
10.2.3 Market Breakup by Type
10.2.4 Electricity Generation by Fuel Source
11 Market Dynamics
11.1 SWOT Analysis
11.2 Porter’s Five Forces Analysis
11.2.1 Supplier’s Power
11.2.2 Buyer’s Power
11.2.3 Threat of New Entrants
11.2.4 Degree of Rivalry
11.2.5 Threat of Substitutes
11.3 Key Indicators for Demand
11.4 Key Indicators for Price
12 Value Chain Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 NextEra Energy, Inc. (NYSE: NEE)
184.108.40.206 Company Overview
220.127.116.11 Product Portfolio
18.104.22.168 Demographic Reach and Achievements
13.2.2 Schneider Electric SE (EPA: SU)
22.214.171.124 Company Overview
126.96.36.199 Product Portfolio
188.8.131.52 Demographic Reach and Achievements
13.2.3 Swinerton Renewable Energy
184.108.40.206 Company Overview
220.127.116.11 Product Portfolio
18.104.22.168 Demographic Reach and Achievements
13.2.4 Signal Energy LLC
22.214.171.124 Company Overview
126.96.36.199 Product Portfolio
188.8.131.52 Demographic Reach and Achievements
13.2.5 M. A. Mortenson Company
184.108.40.206 Company Overview
220.127.116.11 Product Portfolio
18.104.22.168 Demographic Reach and Achievements
14 Industry Events and Developments
List of Key Figures and Tables
1. Global Renewable Energy Market: Key Industry Highlights, 2017-2027
2. Global Renewable Energy Historical Market: Breakup by Type (Gigawatts), 2017-2021
3. Global Renewable Energy Historical Market: Breakup by Country, 2017-2021
4. North America Renewable Energy Market: Key Industry Highlights, 2016 and 2026
5. North America Renewable Energy Market Forecast: Breakup by Type (Gigawatts), 2022-2027
6. North America Renewable Energy Historical Market: Breakup by Country (Gigawatts), 2017-2021
7. North America Renewable Energy Market Forecast: Breakup by Country (Gigawatts), 2022-2027
8. United States Renewable Energy Market: Key Industry Highlights, 2016 and 2026
9. Unites States Renewable Energy Market Forecast: Breakup by Fuel Source (Gigawatts), 2022-2027
10. Canada Renewable Energy Market: Key Industry Highlights, 2016 and 2026
11. Canada Renewable Energy Market Forecast: Breakup by Fuel Source (Gigawatts), 2022-2027
12. North America Renewable Energy Market Structure
The North America renewable energy market is primarily supporting the global industry, in which nearly 2455 gigawatts of renewable energy was installed in 2020.
The renewable energy market in North America is being aided by the global renewable energy installations, which is projected to grow at a CAGR of nearly 7.6% in the forecast period of 2022-2027.
The renewable energy market in North America is likely to be aided the rising global installations, which is expected to reach 3812 gigawatts by 2026.
The major drivers of the industry include rising disposable incomes, increasing population, growth in solar PV due to the lowering technology cost, and the rising alternative power capacity addition.
The adoption of solar power as a part of renewable portfolio targets (RPS) and Federal investment tax credit (ITC) is expected to be a key trend guiding the growth of the industry.
The United States of America and Canada are the leading regions in the market.
The leading types of renewable energy in the industry are hydropower, onshore wind, solar, and bio energy, among others.
The leading players in the market are NextEra Energy, Inc, Schneider Electric, Swinerton Renewable Energy, Signal Energy LLC, and M. A. Mortenson Company, among others.
The North America renewable energy market is primarily supporting the global industry growth, in which nearly 2455 gigawatts of renewable energy was installed in 2020. Aided by the adoption of solar power as a part of renewable portfolio targets (RPS) and Federal investment tax credit (ITC), the global renewable energy installations is projected to grow at a CAGR of nearly 7.6% in the forecast period of 2022-2027 to reach 3812 gigawatts by 2026.
EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on types, the market can be segmented into hydropower, onshore wind, solar, and bio energy, among others. The major regional markets of renewable energy in North America are the United States of America and Canada. The key players in the above industry include NextEra Energy, Inc, Schneider Electric, Swinerton Renewable Energy, Signal Energy LLC, and M. A. Mortenson Company, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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