United States Renewable Energy Market Report and Forecast 2024-2032

United States Renewable Energy Market Size

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:

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

United States Renewable Energy Market Report Snapshots

United States Renewable Energy Market Size

United States Renewable Energy Companies