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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 2019. The global installations are expected to further grow at a CAGR of 7.6% between 2020 to 2025 to reach 3812 gigawatts by 2025.
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 2025. 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.
Properties and Applications
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.
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.
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 2019- 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.
1.1 Objectives of the Study
1.1.1 Research Objective
1.1.2 Key Findings of the Report
2 Research Methodology
2.1 Data Extraction
2.2 Data Corroboration
2.3 Market Structure
2.5 Market Models
3.1 Market Outlook
3.2 Market Scope and Segmentation
3.3 Additional Insights
4 Executive Summary
4.1 Key Market Developments
4.2 Market Analysis
4.3 Key Players
4.4 Market Revenue and Growth
5 Market Dynamics
5.1 Market Driver Analysis
5.2 Market Restraint Analysis
5.3 Industry Challenges
5.4 Industry Opportunities
6 Global Renewable Energy Market Analysis
6.1 Figure: Global Renewable Energy Historical Market (2015-2019) & Forecast (2020-2025)
6.2 Chart: Market Breakup by Region
6.2.1 North America
6.2.3 Asia Pacific
6.2.4 Latin America
6.2.5 Middle East and Africa
7 North America Renewable Energy Market Analysis
7.1 Figure: North America Renewable Energy Historical Market (2015-2019) & Forecast (2020-2025)
7.2 Chart: Market Breakup by Type
7.2.2 Onshore Wind
7.2.4 Bio Energy
7.3 Chart: Market Breakup by Country
7.3.1 United States of America
7.4 United States of America Renewable Energy Market Analysis
7.4.1 Figure: United States of America Renewable Energy Historical Market (2015-2019) & Forecast (2020-2025)
7.4.2 Chart: Market Breakup by Type
184.108.40.206 Onshore Wind
220.127.116.11 Bio Energy
7.4.3 Chart: Electricity Generation by Fuel Source
18.104.22.168 Natural Gas
7.5 Canada Renewable Energy Market Analysis
7.5.1 Figure: Canada Renewable Energy Historical Market (2015-2019) & Forecast (2020-2025)
7.5.2 Chart: Market Breakup by Type
22.214.171.124 Onshore Wind
126.96.36.199 Bio Energy
7.5.3 Chart: Electricity Generation by Fuel Source
188.8.131.52 Natural Gas
8 SWOT Analysis
9 Value Chain Analysis
10 Porter’s Five Forces Analysis
10.2 Buyer’s Power
10.3 Supplier’s Power
10.4 New Entrants
10.5 Degree of Rivalry
11 North America Renewable Energy Tariff Rates
12 EMR’s Key Indicators for Demand
13 EMR’s Key Indicators for Price
14 Competitive Landscape & Supplier Analysis
14.1 NextEra Energy, Inc
14.1.1 Company Overview
14.1.2 Financial Analysis
14.2 Schneider Electric
14.2.1 Company Overview
14.2.2 Financial Analysis
14.3 Swinerton Renewable Energy
14.3.1 Company Overview
14.3.2 Financial Analysis
14.4 Signal Energy LLC
14.4.1 Company Overview
14.4.2 Financial Analysis
14.5 M. A. Mortenson Company
14.5.1 Company Overview
14.5.2 Financial Analysis
14.6 Strata Solar
14.6.1 Company Overview
14.6.2 Financial Analysis
14.7 Cypress Creek Renewables, Llc
14.7.1 Company Overview
14.7.2 Financial Analysis
15 Events and Developments
The North America renewable energy market is driving the growth of the global market. The renewable energy installation reached 2455 gigawatts in 2019 globally. The installations are expected to witness a further growth in the forecast period of 2020-2025, growing at a CAGR of 7.6%. The installations are expected to reach nearly 3812 gigawatts by 2025.
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, Schneider Electric, Swinerton Renewable Energy, Signal Energy LLC, M. A. Mortenson Company, Strata Solar, and Cypress Creek Renewables, Llc, 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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