Global renewable energy market to reach $3.875t by 2035

This is being driven by the wider adoption of various clean energy technologies.

The global renewable energy market is projected to reach $3.875t by 2035, with a compound annual growth rate of 12.5% between 2025 and 2035.

According to Transparency Market Research Inc., the 2035 level is more than triple in size compared to 2024. The expansion is thanks to the adoption of solar, wind, hydro, and other green energy sources, along with supportive government initiatives.

“Governments, corporations, and communities worldwide are prioritising renewable energy adoption to combat climate change, reduce carbon footprints, and secure energy independence. Technological advancements, declining costs of renewable energy systems, and supportive policies have made renewables increasingly competitive with traditional energy sources,” the analysis said.

By 2035, renewable energy is expected to dominate global power generation, driven by commitments to achieve net-zero carbon targets and reduce reliance on fossil fuels.

The market is expected to witness the mainstream adoption of renewable-powered green hydrogen, massive expansion of offshore wind and floating solar farms, widespread use of decentralised microgrids for energy access in remote areas, and the integration of renewable energy into heavy industries and transportation sectors.

Growth will be led by Asia-Pacific, followed by Europe and North America, with strong policy support and large-scale renewable investments.

Major players include Iberdrola, Enel, Ørsted, and NextEra. They capitalise on large-scale portfolios, long-term power purchase agreements, and advanced digital operations and maintenance capabilities to optimise performance and reliability.