MARKET OVERVIEW
The United States Renewable Energy Market (https://www.imarcgroup.com/united-states-renewable-energy-market) reached a size of USD 237.2 Billion in 2024. It is forecasted to grow at a CAGR of 9.79% during the period from 2025 to 2033, reaching USD 549.7 Billion by 2033. Growth is driven by concerns for resource conservation, air quality improvement, biodiversity protection, and climate change mitigation, promoting renewable energy's role across diverse applications.
STUDY ASSUMPTION YEARS
Base Year: 2024
Historical Year/Period: 2019-2024
Forecast Year/Period: 2025-2033
UNITED STATES RENEWABLE ENERGY MARKET KEY TAKEAWAYS
Current Market Size: USD 237.2 Billion in 2024
CAGR: 9.79% (2025-2033)
Forecast Period: 2025-2033
Renewable energy sources include solar, wind, hydro, geothermal, biomass, tidal, and wave energy.
Applications cover electricity generation, transportation, heating and cooling, desalination, water treatment, irrigation, street lighting, space exploration, military operations, and research.
Energy storage solutions like lithium-ion batteries are increasingly integrated to address intermittency in solar and wind power.
Offshore wind energy is a major growth area, with plans for 30 gigawatts capacity by 2030 and 110 gigawatts or more by 2050.
The market operates across industrial, residential, and commercial end users, and spans the Northeast, Midwest, South, and West regions.
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MARKET GROWTH FACTORS
The renewable energy sector in the United States is majorly driven by awareness about conservation, and also air pollution, biodiversity and climate change. Due to this, the renewable energy market in the United States faces a huge push, and participants are more likely to consume clean and sustainable energy in this regard.
The growing use of different types of renewable energy sources like solar energy, wind energy, hydro energy, geothermal energy, biomass energy, tidal energy and wave energy for applications in areas such as power generation, transportation, heating and cooling, desalination, water pumping, irrigation, street lighting, space exploration, military and research is driving the demand in the global renewable energy market.
Energy storage meaningfully addresses the intermittence of solar and wind energy. Lithium-ion batteries are a principal technology candidate to overcome problems associated with over-supply and demand for energy. To incorporate decentralized energy systems like smart grids and microgrids also increases the grid's resilience and renewables penetrate it, which helps grow the market.
MARKET SEGMENTATION
Type Insights:
Hydro Power: Renewable energy derived from the movement of water to generate electricity, providing sustainable power.
Wind Power: Energy generated by harnessing wind through turbines, contributing a significant portion to the renewable mix.
Solar Power: Utilizes sunlight conversion into electrical energy, a rapidly expanding renewable segment.
Bioenergy: Derived from organic materials, bioenergy serves as an alternative to fossil fuels with multiple applications.
Others: Includes geothermal, tidal, wave, and other renewable energy sources beyond the primary categories.
#### End User Insights:
Industrial: Usage of renewable energy for manufacturing, production, and related industrial processes.
Residential: Adoption of renewable energy solutions in homes for electricity, heating, and cooling needs.
Commercial: Renewable energy utilization in business establishments and commercial infrastructure.
#### Regional Insights:
Northeast
Midwest
South
West
The report comprehensively covers these regions, analyzing their specific market trends and dynamics.
REGIONAL INSIGHTS
The report highlights major regional markets in the U.S., including the Northeast, Midwest, South, and West. However, specific dominant regional market shares or CAGR figures are not provided in the source. The regional analysis supports understanding of localized market conditions and informs targeted strategies.
RECENT DEVELOPMENTS & NEWS
Not provided in source.
KEY PLAYERS
Not provided in source.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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