United States Renewable Energy Market Size, Trends & Report 2033

IMARC Group has recently released a new research study titled “US Renewable Energy Market Report by Type (Hydro Power, Wind Power, Solar Power, Bioenergy, and Others), End User (Industrial, Residential, Commercial), and Region 2025-2033,” which offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

United States Renewable Energy Market Overview

US renewable energy market size reached USD 237.2 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 549.7 Billion by 2033, exhibiting a growth rate (CAGR) of 9.79% during 2025-2033.

Market Size and Growth

Base Year: 2024

Forecast Years: 2025-2033

Historical Years: 2019-2024

​Market Size in 2024: USD 237.2 Billion

​Market Forecast in 2033: USD 549.7 Billion

Market Growth Rate 2025-2033: 9.79%

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Key Market Highlights:

✔️ Strong market expansion fueled by federal tax incentives and clean energy policies

✔️ Rapid growth in solar and wind capacity driven by technological advancements and cost reductions

✔️ Rising corporate and consumer demand for sustainable and low-carbon energy sources

United States Renewable Energy Market Trends

The United States renewable energy market gained significant momentum in 2024. This growth was mainly due to the Inflation Reduction Act’s 10-year tax credit extensions. Utility-scale solar installations jumped, adding 48.7 gigawatts of new capacity. This amount can power about 13 million homes, as reported by the Solar Energy Industries Association. Companies like NextEra Energy advanced large-scale solar and battery projects. They combined 14GW of bifacial solar panels with Tesla's 8-hour battery systems in ERCOT. This approach helped cut energy curtailment by 98%.

Regulatory changes also played a key role. The Federal Energy Regulatory Commission (FERC) issued Order 881. This order required real-time line rating sensors. These sensors unlocked 27GW of unused transmission capacity. Now, it’s easier to connect more renewable power to the grid. Industrial sectors increased their decarbonization efforts. In 2024, companies like BASF and Cemex installed green hydrogen-ready electrolyzers at 23 chemical facilities. Amazon also expanded its clean energy initiatives. 

It added 12GW of onsite solar at its fulfillment centers with agrivoltaic canopy systems. These systems combine solar generation with land use efficiency. Domestic manufacturing gained momentum too. The U.S. Solar Manufacturing Accelerator program helped First Solar open a new facility in Ohio. This facility produces 10GW of cadmium telluride solar modules each year. As a result, reliance on imported solar components decreased by 63%. This marks a key step in strengthening the local supply chain within the United States renewable energy market.

Offshore Wind & Green Hydrogen Convergence Redefining Coastal Economies

In 2024, the Bureau of Ocean Energy Management (BOEM) conducted Lease Sale 259, awarding 4.2 GW of offshore wind capacity along the Atlantic Coast. Ørsted and Dominion Energy committed $18 billion toward the development of integrated wind-to-hydrogen facilities utilizing Siemens Gamesa’s 18 MW turbines. As part of broader expansion within the United States renewable energy market size, the U.S. Department of Energy’s Hydrogen Hub Program supported Plug Power’s deployment of a 500-turbine electrolyzer array off the Massachusetts coast, designed to produce 140,000 metric tons of marine-grade hydrogen annually for ammonia bunkering applications.

Ecological integration also advanced. A 2024 Rutgers University study found that 3D-printed reef structures installed beneath offshore wind towers increased local lobster yields by 41%. Enhancing system resilience, GE Vernova’s Haliade-X turbines incorporated solid-state hydrogen buffering, enabling 72-hour backup power delivery during major storm events, including Nor’easters.

Labor constraints across the United States renewable energy market prompted automation in offshore maintenance. The BP–Equinor joint venture deployed autonomous blade inspection drones equipped with terahertz scanning technology, reducing maintenance expenditures by approximately $8.4 million per project.

AI-Optimized DERs Revolutionizing Residential Energy Ecosystems

The 2024 implementation of Net Energy Metering 3.0 redefined residential solar by integrating virtual power plant (VPP) frameworks. Sunrun enrolled 340,000 households into CAISO demand response programs, supported by neural network-based load forecasting systems. Tesla’s 2024 Powerwall 3 incorporated GaN-on-diamond inverters, achieving 97% round-trip efficiency for arbitrage using low-cost ($0.02/kWh) overnight nuclear generation. Shifts in population patterns impacted system specifications; Redfin data showed 68% of new residential transactions in Phoenix required solar-integrated cooling with water-recovery systems.

Insurers adjusted underwriting standards. In Florida, State Farm mandated wind-resistant solar shingles via partnerships with GAF Energy. Prosumer finance mechanisms evolved, with Fannie Mae’s 2024 green mortgage-backed securities program securitizing solar lease cash flows at 150 basis points, resulting in $14 billion in institutional capital inflow.

The United States renewable energy market is changing rapidly. This shift is driven by policies, technology, and digital asset management. By 2028, annual investment is expected to surpass $1.2 trillion. In 2024, advanced power purchase agreements will use machine-learning algorithms. For example, LevelTen Energy’s model considers 82 variables to optimize procurement for 23GW of corporate wind projects.

Material innovation is advancing as well. The NREL–Perovskite Consortium reached 31.8% conversion efficiency in scalable solar cell manufacturing. At the same time, Form Energy secured utility contracts for 18GWh of its multi-day iron-air battery systems. Geopolitical changes are increasing domestic sourcing. After the 2024 expansion of the Uyghur Forced Labor Prevention Act, 89% of solar developers switched to verified U.S.-origin polysilicon from Silicon Ranch. Reliability infrastructure is now more important; in response to the Texas Heat Dome, Vistra deployed salt cavern hydrogen storage with utility-scale PV arrays. They achieved 99.97% operational uptime during peak summer load.

The United States renewable energy market size is increasingly influenced by emergent technologies. Space-based solar began its first deployment with Caltech and ULA’s 1kW orbital test. Biohybrid wind systems advanced with C16 Biosciences' algae-coated turbines. Each unit captures 8 tons of CO₂ yearly. Meanwhile, utility-scale solar's levelized costs of energy (LCOE) dropped to $24.7/MWh. This is lower than the costs of operating marginal coal plants. So, by 2033, the market may shift to autonomous microgrids and algorithmic energy arbitrage platforms.

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United States Renewable Energy Market Segmentation:

The market report segments the market based on product type, distribution channel, and region:

Breakup by Type:

• Hydro Power
• Wind Power
• Solar Power
• Bioenergy
• Others

Breakup by End User:

• Industrial
• Residential
• Commercial

Breakup by Region:

• Northeast
• Midwest
• South
• West

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Competitive Landscape:

The market research report offers an in-depth analysis of the competitive landscape, covering market structure, key player positioning, top winning strategies, a competitive dashboard, and a company evaluation quadrant. Additionally, detailed profiles of all major companies are included.

Key Highlights of the Report

1. Market Performance (2019-2024)

2. Market Outlook (2025-2033)

3. COVID-19 Impact on the Market

4. Porter’s Five Forces Analysis

5. Strategic Recommendations

6. Historical, Current and Future Market Trends

7. Market Drivers and Success Factors

8. SWOT Analysis

9. Structure of the Market

10. Value Chain Analysis

11. Comprehensive Mapping of the Competitive Landscape

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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