United States Renewable Energy Market Outlook 2031
The United States renewable energy market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 10.1% during the forecast period, 2023–2031. The growth of the market is attributed to government policies and initiatives to fulfil increased electricity demand using renewable energy sources have been praised.
In 2020, United States electricity generated through renewable energy sources (such as wind, hydropower, solar, biomass, and geothermal energy) a record 834 billion kilowatt-hours (kWh) accounting for around 21% of all electricity generated in the US.
In the United States in 2020, only natural gas (1,617 billion kWh) produced more power than renewables. For the first time in history, renewables outperformed nuclear (790 billion kWh) and coal (774 billion kWh). This result in 2020 was mostly owing to a major reduction in coal use in energy generation in the United States, as well as constantly increasing use of wind and solar.
In 2007, coal-fired electricity output in the United States reached a high of 2,016 billion kWh, although much of that capacity has since been replaced or converted to natural gas-fired power.
Until 2016 coal was the greatest source of electricity in the US, and by 2020 was the first year when renewables and nuclear power provided more electricity than coal (according to our data series that dates back to 1949). Because many nuclear power plants retired and other nuclear facilities suffered slightly more maintenance-related interruptions, nuclear electric generation dropped by Two percent from 2019 to 2020.
With a 42 % rise between 2010 and 2020, renewable energy is the rapidly growing energy source in the United States from 2000 to 2020, it increased by 90%.
In 2020, renewables accounted for about 20% of utility-scale energy generation in the United States, with hydropower (7.3%) and wind power accounting for the majority (8.4 percent).
Solar energy (including distribution) is the fastest-growing electricity source in the United States, accounting for 3.3 percent of total generation in 2020.
With the resolution signed by more than 250 mayors from various cities at the United States conference of mayors in 2017, many cities are projected to make a quick transition from fossil to renewable energy, resulting in a plethora of prospects for renewable energy firms in the near future.
According to the Department of Energy, the United States has a wind energy potential of more than 2000 GW, which can generate power twice as much as the country's current need.
United States Renewable Energy Market Trends, Drivers, Restraints, and Opportunities
- Rising pressure for reduction in carbon emission is projected to drive the United States renewable energy market during the forecast period.
- Increasing investments and growing industrial demand for electricity are anticipated to boost the market in the coming years.
- Rapid growth in power-driven transportation is the main factor driving the market during the forecast period.
- High investments in development of renewal power projects are expected to hamper the United States renewable energy market growth.
- Global pandemic covid -19 has affected the energy market adversely due to negative demand and temporary delay in renewable energy projects.
Scope of United States Renewable Energy Market Report
The report on United States Renewable Energy Market the global market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Renewable Energy Market - United States Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Solar, Hydro, Bioenergy, and Others)
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Country Scope
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Slovakia
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Siemens Gamesa Renewable Energy SA; First Solar Inc.; Sunrun Inc.; Vestas Wind Systems A/S; General Electric Company
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United States Renewable Energy Market Segment Insights
Types Segment Analysis
Based on types, the United States renewable energy market is segmented into solar, hydro, bioenergy, and others. The solar segment is expected to hold a key share of the United States renewable energy market during the forecast period owing to rising number of solar projects, such as solar photovoltaic and concentrated solar power (CSP), were either operational or under construction.
Segments
The United States renewable energy market has been segmented on the basis of
Types
- Solar
- Hydro
- Bioenergy
- Others
Country
Key Players
Competitive Landscape
Key players competing in the United States renewable energy market include Siemens Gamesa Renewable Energy SA; First Solar Inc.; Sunrun Inc.; Vestas Wind Systems A/S; General Electric Company. Some of these players are focusing on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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