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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
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
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The North America renewable energy market is primarily supporting the global industry, in which nearly 3058.36 gigawatts of renewable energy was installed in 2023.
The market is projected to grow at a CAGR of 7.6% between 2024 and 2032.
The market is assessed to witness a healthy growth in the forecast period of 2024-2032 to reach about 7930.03 gigawatts by 2032.
The major drivers of the industry include rising disposable incomes, increasing population, growth in solar PV due to the lowering technology cost, and the rising alternative power capacity addition.
The adoption of solar power as a part of renewable portfolio targets (RPS) and Federal investment tax credit (ITC) is expected to be a key trend guiding the growth of the market.
The major countries in the North America market include the United States of America and Canada.
The leading types of renewable energy in the market are hydropower, onshore wind, solar, and bio energy, among others.
The leading players in the market are NextEra Energy, Inc, Schneider Electric, Swinerton Renewable Energy, Signal Energy LLC, and M. A. Mortenson Company, among others.
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