North America Renewable Energy Market Report and Forecast 2024-2032

North America Renewable Energy Market Outlook 

The renewable energy market in North America is supporting the growth of the global renewable energy market. Globally, more than 3058.36 gigawatts of renewable energy were installed in 2023. The global installations are expected to further grow at a CAGR of 7.6% between 2024 to 2032, which would aid the market in North America.

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The United States to Lead the Regional Market for Renewable Energy

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.

Market Segmentations

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:

• Hydropower
• Onshore Wind
• Solar
• Bio Energy
• Others

The major countries included in market are United States of America and Canada.

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Changing Environmental Policies Augmenting the Market Growth

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.

Key Players in the Renewable Energy Market in North America

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:

• NextEra Energy, Inc. (NYSE: NEE)
• Schneider Electric SE (EPA: SU)
• Swinerton Renewable Energy
• Signal Energy LLC
• M. A. Mortenson Company
• Others

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.

Key Highlights of the Report

North America Renewable Energy Market Report Snapshots

North America Renewable Energy Market Size

North America Renewable Energy Market Regional Analysis

North America Renewable Energy Market Growth

North America Renewable Energy Companies