North America Renewable Energy Market Outlook
According to a new report by Expert Market Research titled, “North America Renewable Energy Market Size, Share, Analysis, Report and Forecast 2024-2032″, the North America renewable energy market is aided by the growth of the global renewable energy market, which reached an installation capacity of more than 2842.34 gigawatts in 2023. Aided by the rising demand for sustainable energy sources and introduction of favourable government policies in the region, the market is expected to witness a healthy growth during 2024-2032.
Renewable energy, encompassing wind, solar, hydro, and geothermal power, among others, has been at the forefront of addressing global environmental challenges, with North America being a vanguard in its uptake. These energy sources are inherently inexhaustible and can significantly reduce carbon emissions, playing a crucial role in mitigating climate change effects.
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The shift towards sustainable energy solutions from fossil-based sources is a major driver for the North America renewable energy market growth. A surge in environmental consciousness, coupled with rigorous governmental initiatives and policies, has been pivotal in steering both businesses and consumers towards green energy adoption. Additionally, technological advancements, ranging from enhanced solar cell efficiency to smarter wind turbines, have augmented the capacity and efficiency of renewable energy installations.
One of the North America renewable energy market trends is the growing shift towards solar energy. Solar installations, both photovoltaic and concentrated, have seen a substantial rise in recent years. The plummeting costs of solar panels, combined with their increasing efficiency, have made them a go-to solution for many households and businesses. Furthermore, wind energy, especially offshore wind farms, is observing heightened attention due to its massive potential and declining installation costs.
As per the North America renewable energy market analysis, the industrial sector is emerging as a significant adopter of renewable energy. With industries aiming to minimise their carbon footprint and operational costs, renewable sources like solar and wind are becoming common in their energy mix. Additionally, utilities are rapidly increasing their renewable energy adoption, anticipating a greener future and responding to consumer demand for cleaner power sources.
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Simultaneously, the transition to renewable energy has given impetus to the storage solutions sector. As the reliability of renewable sources can be intermittent, the demand for efficient energy storage systems, such as advanced battery technologies, has risen, bolstering the overall North America renewable energy market demand. These storage solutions not only ensure a steady power supply but also aid in grid balancing and energy management.
North America Renewable Energy Market Segmentation
The market can be divided based on type and country.
Market Breakup by Type
- Hydropower
- Onshore Wind
- Solar
- Bio Energy
- Others
Market Breakup by Country
- United States of America
- Canada
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the North America renewable energy market. Some of the major players explored in the report by Expert Market Research are as follows:
- NextEra Energy, Inc.
- Schneider Electric SE
- Swinerton Renewable Energy
- Signal Energy LLC
- M. A. Mortenson Company
- Others
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