Global Renewable Energy Market is expected to reach USD 2.0 trillion by 2031

(IT-NEWSWIRE.COM, March 31, 2025 ) Global Renewable Energy Market reached USD 1.1 trillion in 2022 and is expected to reach USD 2.0 trillion by 2031, growing with a CAGR of 8.4% during the forecast period 2024-2031

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Market Dynamics

The Rising Adoption of Smart Grid Technology

Smart grids are transforming traditional electricity networks by integrating advanced digital technologies and communication systems. These modernized grids replace aging infrastructure with interconnected systems capable of managing the evolving energy landscape, including renewable energy sources, energy storage, and electric vehicles.

A key advantage of smart grids is their ability to seamlessly integrate energy storage solutions with renewable energy sources. By storing surplus energy during peak production and releasing it when supply is low, smart grids help mitigate the intermittent nature of renewable power. This enhances grid reliability, optimizes energy dispatch, and accelerates the global shift toward sustainable energy adoption.

Market Segments
• By Type (Hydroelectric Energy, Solar Energy, Wind Energy, Geothermal Energy)
• By End-User (Residential, Commercial, Industrial)
• By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

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Market Regional Share
Government Initiatives Driving Renewable Energy Growth in Asia-Pacific
Asia-Pacific dominates nearly half of the global renewable energy market, driven by a rapidly growing population and increasing energy demands. To address climate change and ensure energy security, countries in the region are making significant investments in solar, wind, and other renewable energy sources.

India and China are at the forefront of expanding renewable energy capacity. India’s Draft National Energy Policy (2022) targets a 40% renewable energy share by 2030, backed by ₹11,529 crore (USD 1.3 billion) in government subsidies. Additionally, the Indian government offers up to 40% subsidies for rooftop solar panel installations, encouraging widespread adoption.

China remains the global leader in renewable energy investments, contributing nearly USD 546 billion in 2022 almost half of the world’s total. The country added around 100 GW of solar and 61 GW of wind energy capacity in 2023, with continuous expansion expected throughout the decade. These large-scale initiatives position Asia-Pacific as a key driver of the global transition to sustainable energy.

Market Key Players
Key players are Acciona Energia, EDF Renewables, Vestas, Ørsted A/S, First Solar, Adani Green Energy, Tata Power, Duke Energy Corporation, Iberdrola, S.A. and NextEra Energy, Inc.

Recent Developments
• In May 2023, the Chinese installed wind and solar energy capacity reached 820 GW, accounting for nearly 31% of the total installed power generation capacity, according to data released by the Chinese government.

• In May 2023, Germany announced a tender for constructing ground-mounted solar energy plants with a total capacity of 1.6 GW. It is part of a larger plan to allocate and build 5.8 GW of installed solar energy generation capacity in 2023.

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Global Renewable Energy Market is expected to reach USD 2.0 trillion by 2031