North America Renewable Energy Market Size, Share & Growth 2025-2034

North America Renewable Energy Market

The North America renewable energy market plays a pivotal role in the global shift towards sustainable power sources. With ambitious federal policies, favorable tax credits, and rising adoption of clean technologies, North America is steadily transitioning away from fossil fuels. This market is driven by rapid deployment of solar panels, expansion of wind farms, and modernization of hydropower plants. Government incentives, Renewable Portfolio Standards (RPS), and the Federal Investment Tax Credit (ITC) are accelerating project development and funding. The region is also witnessing increased corporate commitments to clean energy, shaping a future powered by renewables.

Expert Market Research: Insights for North America Renewable Energy Market

Tapping into the extensive industry insights provided by Expert Market Research, businesses, policymakers, and stakeholders gain valuable guidance to navigate the evolving North America renewable energy market. As the region commits to greener grids, Expert Market Research forecasts highlight how supportive policies and technological breakthroughs are aligning to accelerate clean energy adoption. Their comprehensive reports offer critical data, market trends, and projections that help companies seize emerging opportunities and mitigate challenges in this dynamic sector.

Market Size

The renewable energy market in North America significantly contributes to the global industry, which installed nearly 3,058.36 Gigawatt of capacity in 2024. North America’s share is expanding as investments in solar and wind projects surge. The scale of operations, combined with robust infrastructure and technological advancements, places North America as a leader in installed capacity. Utility-scale solar farms, widespread onshore wind installations, and established hydropower stations collectively drive this impressive figure. With a strong pipeline of upcoming projects, the region’s renewable energy capacity is set to maintain its influential position in the global energy landscape for years to come.

Market Trends

One major trend shaping the North America renewable energy market is the aggressive shift towards solar power, driven by declining technology costs and supportive state-level mandates. Companies are integrating battery storage with renewable projects to ensure grid stability. There is also a growing trend of community solar projects, allowing households to access clean energy without rooftop installations. Offshore wind is gaining momentum along the US East Coast. Meanwhile, corporations are increasingly signing Power Purchase Agreements (PPAs) to meet their sustainability targets. The transition to smart grids, digital monitoring, and data-driven energy management further highlights the technological advancements transforming the renewable energy sector.

Market Opportunities and Challenges

Opportunities abound for stakeholders across the renewable energy value chain in North America. Massive investments in infrastructure upgrades, grid interconnection, and electric vehicle integration present new growth avenues. Government support, coupled with increasing consumer demand for green power, fuels continuous innovation. However, the industry still faces challenges such as supply chain constraints, lengthy permitting processes, and intermittent power generation issues. Integrating high volumes of renewables into aging grid systems can also pose reliability concerns. Addressing these obstacles through advanced storage solutions, modernized grids, and favorable policies will be crucial for unlocking the full potential of the North America renewable energy market.

Market Segmentation

• Breakup by Type:

  • Hydropower

  • Onshore Wind

  • Solar

  • Bio Energy

  • Others

• Breakup by Region:

  • United States of America

  • Canada

Market Growth

Driven by supportive federal frameworks and corporate sustainability goals, the North America renewable energy market is projected to grow robustly over the next decade. The rapid decline in renewable energy generation costs makes large-scale solar and wind projects highly competitive with fossil fuels. Technological advancements in energy storage and grid integration are enabling higher renewable penetration into the energy mix. As governments continue to expand Renewable Portfolio Standards (RPS) and extend tax credits, investors remain confident. With continued innovation, expanding capacity, and consumer demand for clean energy solutions, North America will see a substantial increase in its share of global renewable installations.

Market Forecast

The global renewable energy installations are projected to grow at a CAGR of nearly 7.60% from 2025 to 2034, with capacity reaching an estimated 6,362.26 Gigawatt by 2034. North America is expected to maintain its significant contribution to this global growth, propelled by large-scale solar farms, wind projects, and enhanced hydropower capacity. The expansion of offshore wind and the integration of advanced storage systems will further strengthen the region’s renewable output. As policy frameworks continue to favor clean energy investments, North America will play a critical role in achieving climate goals, energy security, and decarbonization targets through 2034.

Competitor Analysis

North America’s renewable energy landscape is competitive, with major players driving innovation, capacity expansion, and sustainability. These companies are leveraging cutting-edge technologies, securing long-term PPAs, and expanding their renewable portfolios to maintain leadership.

• NextEra Energy, Inc. (NYSE: NEE): Largest renewable energy producer, focuses on wind and solar with advanced storage integration.

• Schneider Electric SE (EPA: SU): Global energy management leader offering smart grid solutions and digital energy transformation.

• Swinerton Renewable Energy: Provides engineering, procurement, and construction services for utility-scale solar and storage projects.

• Signal Energy LLC: Specializes in designing and building complex utility-scale renewable projects across North America.

• M. A. Mortenson Company: Delivers construction services for wind farms and solar facilities with a strong focus on sustainability.

• Others: Includes regional developers and technology innovators contributing to market dynamism and growth.