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The North America renewable energy market is supporting the growth of the global renewable energy market. Globally, nearly 2455 gigawatts of renewable energy was installed in 2020. The global installations are expected to further grow at a CAGR of 7.6% between 2021 to 2026 to reach 3812 gigawatts by 2026.
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North America is among the leading countries having sustainable energy technologies and infrastructure. The North America renewable energy industry 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.
The growing global consciousness regarding environmental issues has also propelled the investment into renewable power projects by several nations. In 2017, the renewable energy industry received a total investment of approximately USD 280 billion. Globally, the hydropower sector accounts for the largest industry share. It is followed by solar and wind energy, representing nearly 50% of the market together. China, Brazil, Germany, and India are some of the leading regional markets in the industry, driven by the rising installation of renewable power.
Renewable energy is derived from renewable sources, which are naturally replenishable; that is, it cannot be exploited completely. These include wind, biomass, hydropower, and solar, among others. They provide energy to be used in the production of electricity, transport, air, water cooling or heating, and other services.
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On the basis of types, the industry in North America can be divided into:
Among the types, onshore wind represents the leading renewable technology in the United States, accounting for 39% of the industry.
The EMR report also covers regional markets in North America, like the United States of America and Canada.
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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 digitalization, increased consumer demand, and rising price parities invigorating the industry growth. 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.
December 2020- NextEra Energy Resources (NYSE: NEE) and Entergy Arkansas (NYSE: ETR) announced the start of the construction of the Chicot Solar Energy Center, Arkansas’ largest utility-scale solar power project.
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 industry based on 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, EMR’s 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.|
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual 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 (2016-2020)
8.3 Global Renewable Energy Market Forecast (2021-2026)
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 (2016-2020)
9.3 North America Renewable Energy Market Forecast (2021-2026)
9.4 North America Renewable Energy Market by Type
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2016-2020)
18.104.22.168 Forecast Trend (2021-2026)
9.4.2 Onshore Wind
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2016-2020)
188.8.131.52 Forecast Trend (2021-2026)
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2016-2020)
18.104.22.168 Forecast Trend (2021-2026)
9.4.4 Bio Energy
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2016-2020)
188.8.131.52 Forecast Trend (2021-2026)
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 (2016-2020)
10.1.2 Forecast Trend (2021-2026)
10.1.3 Market Breakup by Type
10.1.4 Electricity Generation by Fuel Source
10.2.1 Historical Trend (2016-2020)
10.2.2 Forecast Trend (2021-2026)
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 EMR’s Key Indicators for Demand
11.4 EMR’s 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 Figures and Tables
1. Global Renewable Energy Market: Key Industry Highlights, 2016-2026
2. Global Renewable Energy Historical Market: Breakup by Type (Gigawatts), 2016-2020
3. Global Renewable Energy Historical Market: Breakup by Country, 2016-2020
4. North America Renewable Energy Market: Key Industry Highlights, 2016 and 2026
5. North America Renewable Energy Market Forecast: Breakup by Type (Gigawatts), 2021-2026
6. North America Renewable Energy Historical Market: Breakup by Country (Gigawatts), 2016-2020
7. North America Renewable Energy Market Forecast: Breakup by Country (Gigawatts), 2021-2026
8. United States Renewable Energy Market: Key Industry Highlights, 2016 and 2026
9. Unites States Renewable Energy Market Forecast: Breakup by Fuel Source (Gigawatts), 2021-2026
10. Canada Renewable Energy Market: Key Industry Highlights, 2016 and 2026
11. Canada Renewable Energy Market Forecast: Breakup by Fuel Source (Gigawatts), 2021-2026
12. North America Renewable Energy Market Structure
The North America renewable energy market is driving the growth of the global market. The renewable energy installation reached 2455 gigawatts in 2020 globally. The installations are expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 7.6%. The installations are expected to reach nearly 3812 gigawatts by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on types, the industry can be segmented into hydropower, onshore wind, solar, bio energy, and others, with hydropower accounting for 44% of the market share. The major regional markets in the industry are the United States of America and Canada, with the United States leading the market. The key players in the above industry include NextEra Energy, Inc. (NYSE: NEE), Schneider Electric SE (EPA: SU), Swinerton Renewable Energy, Signal Energy LLC, and M. A. Mortenson Company, among others.
The major drivers of the industry such as rising disposable incomes, growing consciousness among consumers about environmental pollution, growing adoption of alternative power sources, and favourable government policies are driving the growth of the market globally. 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 industry insights that are accurate, actionable, and help them remain ahead of their competition.
EMR’s approach gives their clients a comprehensive assessment of the prevailing and projected industry conditions through the collection, collation, and analysis of data from trusted sources. The key questions answered in the market study are:
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