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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
United States Renewable Energy Market Report Snapshots
United States Renewable Energy Market Size
United States 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 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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