North America Renewable Energy Market Report and Forecast 2024-2032

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.

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