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United States Renewable Energy Market Size, Share, Forecast: By Source: Hydro, Solar, Wind, Others; By Type: Product, Service; By End User: Residential, Commercial, Industrial; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032
United States Renewable Energy Market Outlook
The United States renewable energy market size is projected to grow at a CAGR of 10.10% between 2024 and 2032.
Key Takeaways
- In 2022, the United States generated a total of 102.92 quadrillion Btu of energy.
- Hydropower and wind power accounted for 20% of US utility-scale electricity generation in 2020, with a share of 7.3% and 8.4%.
- In 2021, renewable energy sources, such as wind, hydroelectric, solar, biomass, and geothermal energy, produced a record-high 834 billion kWh of electricity in the US, accounting for about 21% of total electricity generation.
With rising investments in the solar, wind, and hydroelectric power infrastructure, demand for renewable energy in the United States is expected to increase in the forecast period. In January 2024, the city of Charlotte commenced the construction of a 537-acre solar farm in Denton, North Carolina.
In addition, renewable energy sources such as solar and wind have become increasingly cost-competitive, making them economically viable alternatives to traditional fossil fuels. The cost of electricity from solar PV and onshore wind has fallen by 89% and 69% between 2010 and 2022, which has promoted the renewable energy market development in US.
Furthermore, US government has implemented several incentives to support deployment of renewable energy, which have contributed to the United States renewable energy market growth. These incentives include Regional Greenhouse Gas Initiative (RGGI), the Renewable Portfolio Standards (RPS), Clean Energy Standard (CES), the Zero Emission Vehicle (ZEV) program, and the Transportation and Climate Initiative (TCI).
Additionally, the emerging market for green hydrogen over traditional hydrogen presents opportunities for market growth as green hydrogen can help reduce greenhouse gas emissions in the transportation sector of the US, which is responsible for 29% of global greenhouse gas emissions. In addition, the US government has announced investments in clean hydrogen hubs, which will support the production, storage, delivery, and consumption of green hydrogen. For instance, Florida Power & Light constructed a 20 MW green hydrogen plant in 2023.
According to United States renewable energy market analysis, hydropower is one of the most traditional forms of renewable energy. The US had more than 2,200 hydroelectric power plants, with a total installed capacity of 80.3 gigawatts (GW) as of 2019. The largest hydroelectric power plant in the U.S. is the Grand Coulee Dam in Washington, with a capacity of 6.8 GW. Wind energy segment also holds a substantial market share due to expansion of onshore and offshore wind farms in US. For instance, the construction of the first large-scale offshore wind project, Vineyard Wind was started in 2021 which can further drive the market growth in future.
Market Segmentation
United States Renewable Energy Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
| Market Breakup | Categories |
| Source | Hydro, Solar, Wind, Others |
| Type | Product, Service |
| End User | Residential, Commercial, Industrial |
| Region | New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, Far West |
Competitive Landscape
Market leaders are engaged in constructing new power plants to cater to high demand for renewable energy and electricity.
- Siemens AG
- NextEra Energy, Inc.
- General Electric Co.
- Sunrun, Inc.
- Cypress Creek Renewables LLC
- Vestas Wind Systems A/S
- Trina Solar Co., Ltd
- Ecoplexus, Inc.
- Recurrent Energy Inc.
- Good Energy
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Source |
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| Breakup by Type |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*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.
1 Preface
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
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Renewable Energy Market Overview
8.1 Key Industry Highlights
8.2 North America Renewable Energy Historical Market (2018-2023)
8.3 North America Renewable Energy Market Forecast (2024-2032)
8.4 North America Market Share by Country
8.4.1 United States of America
8.4.2 Canada
9 United States Renewable Energy Market Overview
9.1 Key Industry Highlights
9.2 United States Renewable Energy Historical Market (2018-2023)
9.3 United States Renewable Energy Market Forecast (2024-2032)
10 United States Renewable Energy Market by Source
10.1 Hydro
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Solar
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Wind
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Others
11 United States Renewable Energy Market by Type
11.1 Product
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Service
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 United States Renewable Energy Market by End User
12.1 Residential
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Commercial
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Industrial
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
13 United States Renewable Energy Market by Region
13.1 New England
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Mideast
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Great Lakes
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Plains
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Southeast
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Southwest
13.6.1 Historical Trend (2018-2023)
13.6.2 Forecast Trend (2024-2032)
13.7 Rocky Mountain
13.7.1 Historical Trend (2018-2023)
13.7.2 Forecast Trend (2024-2032)
13.8 Far West
13.8.1 Historical Trend (2018-2023)
13.8.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 General Electric Co.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Siemens AG
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 NextEra Energy, Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Sunrun, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Cypress Creek Renewables LLC
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Vestas Wind Systems A/S
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Trina Solar Co., Ltd
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Ecoplexus, Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Recurrent Energy Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Good Energy
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Renewable Energy Market: Key Industry Highlights, 2018 and 2032
2. United States Renewable Energy Market: Key Industry Highlights, 2018 and 2032
3. United States Renewable Energy Historical Market: Breakup by Type (Gigawatt), 2018-2023
4. United States Renewable Energy Market Forecast: Breakup by Type (Gigawatt), 2024-2032
5. United States Renewable Energy Historical Market: Breakup by Source (Gigawatt), 2018-2023
6. United States Renewable Energy Market Forecast: Breakup by Source (Gigawatt), 2024-2032
7. United States Renewable Energy Historical Market: Breakup by End User (Gigawatt), 2018-2023
8. United States Renewable Energy Market Forecast: Breakup by End User (Gigawatt), 2024-2032
9. United States Renewable Energy Historical Market: Breakup by Region (Gigawatt), 2018-2023
10. United States Renewable Energy Market Forecast: Breakup by Region (Gigawatt), 2024-2032
11. United States Renewable Energy Market Structure
Key Questions Answered in the Report
The United States renewable energy market value is projected to grow at a CAGR of 10.10% between 2024 and 2032.
Renewable energy is energy that is collected from resources that are naturally replenished, such as sunlight, wind, rain, tides, waves, and geothermal heat.
The major market driver includes declining costs of solar and wind energy, strong government support, rising consumer awareness, technological advancements, and growing concerns about climate change and pollution.
Key trends aiding the market expansion are innovations in photovoltaics and big data/AI, increasing investment in solar and wind projects, and the evolving balance between decarbonisation and security of energy supply.
Major regions in the market are New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
Renewable energy can be sourced through hydro, solar, and wind, among others.
Based on end users, the market is segmented into residential, commercial, and industrial.
Key players in the market are Siemens AG, NextEra Energy, Inc. General Electric Co., Sunrun, Inc., Cypress Creek Renewables LLC, Vestas Wind Systems A/S, Trina Solar Co., Ltd, Ecoplexus, Inc., Recurrent Energy Inc., and Good Energy, among others.
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