North America Renewable Energy Market size was valued at US$ 248.13 Bn. in 2020. North America Renewable Energy Market is estimated to grow at a CAGR of 8.3% over the forecast period.
With over 2460 gigatonnes of renewable energy installed in 2020, the North American Renewable Energy Market is primarily supporting global market growth. The lower cost of technologies in recent years has driven the increased growth in solar PV in North America. Efforts to meet increased power demand with renewable energy sources are also expected to make a significant contribution to market growth. With the government's determination to collect as much energy as possible from renewable sources while reducing carbon emissions, the share of renewable energy is expected to skyrocket, propelling the renewable energy market to new heights.
North America Renewable Energy Market Report Scope and Research Methodology
The report on North America Renewable Energy market provides qualitative and quantitative analysis of market development determinants, limitations, opportunities, and issues from a market. The North America Renewable Energy market research was conducted by dividing the market into main segments and further dividing it into various sub-segments. The region-wise analysis of the market including dynamics and North America Renewable Energy market size has been provided by the report. The research by SMR on the North America Renewable Energy industry is a combination of both primary and secondary research methods, which makes the report authentic. To estimate the and regional North America Renewable Energy market size, the bottom-up approach was used. SMR's report is the result of a study that used various methodologies such as the PESTLE, PORTER, and SWOT analysis. The study used these models to shed light on the key financial considerations that North America Renewable Energy market players must focus on while developing marketing strategies for both consumer and industrial markets.
North America Renewable Energy Market Report Overview
The research is based on forecasts from major organizations as well as market statistics. A detailed analysis at, regional and country market levels with a competitive scenario during the forecast period and individual firm valuations, are all included in North America Renewable Energy market research. The report on the North America Renewable Energy Market enlightens about the growth variables, current market share, technological developments, applications, and regional penetrations by 2027.
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North America Renewable Energy Market Key Players:
Swinerton Renewable Energy (San Francisco, California, United States)
Signal Energy LLC (Chattanooga, Tennessee, United States)
M. A. Mortenson Company (Minneapolis, Minnesota, United States)
General Electric Co. (Boston, Massachusetts, United States)
NextEra Energy Inc (Juno Beach, Florida, United States)
Hydro Quebec (Montreal, Canada)
Canadian Solar Inc. (Guelph, Canada)
National Grid Renewables (Bloomington, United States)
Entergy Arkansas (New Orleans, Louisiana, United States)
Xcel Energy Inc.( Minneapolis, Minnesota, United States)
North America Renewable Energy Market Dynamics:
In terms of renewable energy technologies and infrastructure, North America is one of the most advanced regions. As technology costs have decreased in recent years, solar PV has grown in popularity in North America, resulting in increased growth. The United States is expected to contribute up to 32% more to the global renewable energy industry by 2027. Currently, fossil fuels are the country's primary source of electricity. Other markets in the region, such as Canada, are steadily rising due to increased capacity in wind and solar power technologies.
North America Renewable Energy Market Segmentation:
The Renewable Energy Market is divided into five types: hydroelectric power, wind power, bioenergy, solar energy, and geothermal energy. During the forecast period, the Solar Energy segment is expected to grow at a significant CAGR of 8.1%. The United States dominates the solar energy market in North America. Canada, Mexico, and the United States have all put in place a variety of regulatory frameworks and policies to encourage the development of renewable energy sources like solar energy. Furthermore, falling solar power module costs, as well as government efforts to increase renewable energy percentages in total energy mix, are boosting the region's solar power energy segment.
Solar electricity is currently cost-competitive with traditional energy sources in a number of US states that are pursuing renewable energy sources, including California, Hawaii, Texas, and Minnesota. Some states are even aiming for 100% renewable energy, with Hawaii, for example, aiming for 100% renewable energy by 2045. Furthermore, both Canada and Mexico have set solar energy goals, recognizing that both countries have the capacity to generate significant amounts of solar energy. Solar energy is being promoted in both countries in the residential, commercial, and industrial sectors. As a result, the market for solar energy is expected to grow significantly over the forecast period.
North America Renewable Energy Market Regional Analysis
The North America Renewable Energy market report consists of an analysis of all the regions: Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America. During the research, the primary geographic condition with segments and sub-segments analysis has been provided in the report. The current state of the regional market is provided in the report in terms of market size, share, and volume.
Key Questions answered in the North America Renewable Energy Market Report are:
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About Stellar Market Research
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North America Renewable Energy Market , Middle East & Africa Well Casing Market
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business.
North America Renewable Energy Market , North America Renewable Energy Market Size , North America Renewable Energy Market Share , North America Renewable Energy Market Growth , North America Renewable Energy Market Trends
Mar 16, 2023
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