IMR Knowledge Cluster

2024

Global Renewable Energy Price Trends and Market Analysis

Trending Industry Insights Reports Energy & Natural Resources Renewable Energy

Description Table Of Content

The global renewable energy market is witnessing an unprecedented transformation, highlighted by its strongest growth in two decades. In 2023, renewable energy capacity surged by nearly 50%, reaching a record 510 gigawatts (GW) of new installations. This remarkable increase marks the 22nd consecutive year of record-breaking expansion, showcasing the accelerating momentum toward clean energy solutions across the globe. Central to this growth is solar photovoltaic (PV) technology, which alone accounted for three-quarters of the new capacity added. This trend reflects the technology’s growing competitiveness, affordability, and increasing adoption by consumers and businesses alike, further solidifying its role as a cornerstone of the renewable energy landscape.

If the current pace continues, projections suggest that global renewable energy capacity could reach approximately 7,300 GW by 2028. By 2032, this capacity is expected to exceed 12,000 GW, signaling sustained growth driven by several factors, including technological advancements, supportive policy frameworks, and increased investments in clean energy infrastructure. The need to transition to renewable energy sources is further bolstered by rising concerns over climate change, energy security, and the demand for sustainable energy solutions. This shift is also accompanied by a significant increase in global investments in the energy sector, which favors renewables over traditional non-renewable sources. In 2022, the global energy investment landscape highlighted a growing trend where renewable technologies received a larger share of investments, reflecting the sector’s increasing viability and attractiveness to investors.

The impact of renewable energy on electricity generation is profound, as evidenced by the comparison of production from renewable vs. non-renewable sources in 2023. Renewables now contribute a larger share of the global electricity mix, highlighting their essential role in achieving energy diversification and resilience. This trend is paralleled by a steady increase in renewable energy generation across various sources, such as wind, solar, and hydroelectric power, from 2017 to 2023. As renewable technologies continue to evolve and improve in efficiency, they are expected to play an even more significant role in meeting global energy demands. Country-wise adoption rates indicate varying levels of commitment to renewable energy, with some nation’s leading the charge in their transition away from fossil fuels.

In addition to capacity growth, the renewable energy sector has made substantial contributions to job creation, with millions of jobs generated between 2017 and 2023. This employment surge underscores the socio-economic impact of the renewable energy revolution, contributing to local economies while supporting the global shift toward sustainable energy solutions. The evolution of renewable energy’s share in global electricity generation also reflects changing perceptions and growing acceptance of these technologies.

Top companies in the renewable sector are positioned to lead the transition, significantly impacting the market landscape. The role of energy storage technologies has become increasingly critical, enhancing the reliability of renewable sources and allowing for greater integration into existing energy grids. Furthermore, the levelized cost of energy (LCOE) for renewables continues to decline, making them more competitive compared to fossil fuels and nuclear energy.

Ultimately, the evolution of the renewable energy market underscores a pivotal shift in the global energy paradigm, driven by technological innovation, policy support, and a collective commitment to combat climate change. The sector’s capacity for carbon emission reduction will be essential in addressing the urgent need for sustainable energy solutions as the world continues to strive for a cleaner, greener future.

1. MARKET OUTLOOK

    1.1. Market Snapshot
    1.2. Market Definition
    1.3. Key Takeaways

2. MARKET STATISTICS

    2.1. Global Energy Investment Landscape: Renewable vs. Non-Renewable (2017-2023), in USD Billion
    2.2. Global Investment in The Energy Sector, By Type, 2022
    2.3. Comparison of Electricity Production by Renewables Vs Non-renewables (2023)
    2.4. Share of Global Electricity Generation, 2022 (%)
    2.5. Evolution of Renewable Energy's Share in Global Electricity Generation (2017-2023)
    2.6. Global Renewable Energy Generation by Source, 2017-2023 (%)
    2.7. Global Renewable Energy Generation by Source (2023)
    2.8. Global Renewable Energy Capacity (MW) Surge: Tracking Growth (2017-2023)
    2.9. Country-wise Renewable Energy Adoption Rates, 2022
    2.10. US Annual Growth Rate % Of Renewable Energy Capacity (2017-2023)
    2.11. 2022 Energy Revolution: Renewable Technologies by GWh
    2.12. Global Renewable Energy Employment: Million Jobs Created (2017-2023)
    2.13. World's Top 20 Renewable Energy Giants by Capacity in 2023 (GW)
    2.14. Impact of Renewable Energy on Carbon Emission Reduction (2013-2023)
    2.15. Leading Energy Storage Companies and Their Market Share % (2023)
    2.16. Levelized Cost of Energy (LCOE) Comparison 2024